Day Trading & Forex Forum

zoo

I wondered if anyone recommended a reputable company for transfering and sending money abroad? Banks offer the worst rates by the looks of it.

hfods

I've been using moneygram which can do it in ten minutes to almost any country. For smaller amounts you can use paypal which is cheaper but the receiver must have an paypal account as well.

NetTecture

Hm, I can not complain about my banks handling.

Now, exchange rates did suck for quite some time with them.... then I complained one day loudly, and the gav me a signed agreement for negotiable rates.

Now when I have to exchange sizable amounts of money (around 10000 USD in value), I call their forex dealing desk and exchange that thorugh their forex dealers. Even with the really high spread they give me for that (delivery etc.), I am really satisfied with them. Now, happens I also run a business and we get a lot of foreign money in.... so, I have plenty of cash reserve, and just call them every two months or so to move some funds into local currency. Works like a charm, and I get quotes a spread based on the forex rate THAT PARTICULAR MOMENT. VERY convenient when the market is in strong moves, and the "official exchange rates" the bank has to quote daily have insane spreads due to the volatility. Mine stays low. (and that is how it started - in a market loosing 4%-5% exchange rate I got a spread lower than what I could exchange in cash on exchange shops - because the banks only create that daily).

Sending money - simple SWIFT transfer at the bank. Not that expensive - a LOT cheaper than Moneygram. Plus it is what broekers expect. You wont get a brokerage accept Paypal. Or a MoneyGra. They want incoming bank transfer FROM THE OWNDER OF THE BROKER ACCOUNT (same account name).

zoo

Wow, what bank do you use?? HSBC offered to convert GBP to USD at 1.57 and convert USD to GBP at 1.77...!?!? What a joke.

NetTecture

Well, I am based in Poland and use Nordea.

Note that this spread is not unnormal. If you change normally (i.e. regular way, just wiring etc.)

Talk to your bank about accessing their FOREX desk for exchanges and things change. If you make regular / big enough changes that will work. Like always... small investors are not target of that Iwould not get that wihtout a business account (and I run my trading through my business) and the fact that I do a lot of regular changes (we basically earn 100% of our normal revenue (except trading) at the moment in EUR, so I change quite a lot).

Directional

I have used Mercury FX boutique currency shop in London for bulk cash currency conversion over the last few years, recommended by another T2Wer - wire funds in, they wire out in the currency of choice to the account you designate. 20 pip spread over interbank spot at the time of conversion: mercury-fx.com ask for Alastair Constance.

__________________
"I guess I should warn you: If I turn out to be particularly clear, you've probably misunderstood what I said." - Alan Greenspan

zoo

I must say I've nevr heard of them, but you say they are very reliable? How do you find out their credentials? thanks

pete80

I also get a 20 PIP spread with Hargreaves Lansdown & Citibank (current customer) when sending equivalent of $50,000 or more. Probably a slightly larger spread below these amounts.