Guest craighannay Posted January 13, 2011 Share Posted January 13, 2011 why would i want to do this when the tourist rate is so poor compared to these 3rd party brokers? anyone wondered or know how this works pls craig Quote Link to comment Share on other sites More sharing options...
spottydog Posted January 14, 2011 Share Posted January 14, 2011 Transferring through a bank wouldn't necessarily get you tourist rate but generally using a broker will get you a better rate Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted January 14, 2011 Share Posted January 14, 2011 I agree an fx company is going to get you a better exchange rate. Quote Link to comment Share on other sites More sharing options...
Guest craighannay Posted January 14, 2011 Share Posted January 14, 2011 I agree an fx company is going to get you a better exchange rate. now ths is getting confusing:- email from money corp this morning - which clearly states they would only be able to offer me 1.58 if i walked into NAB in australia and said ive got £70,000 in an english bank account and want it turning into dollars - they would say 1.59 as it stands at the moment - what is the point or advantage of using an fx or moneycorp as i would be $700 down - if my figures are right even if the bank charge charge me $700 (difference) i would be no better or no worse off - have i got this wrong email from moneycorp: Thank you for your enquiry, there are a number of reasons to use a broker. A broker will give you a more competitive rate of exchange than the banks, saving you on average around 1% on the rate, sometime more. We will give you expert guidance and market updates regarding the exchange rates; so you can become more knowledgeable on the FX market and be able to execute your trade at the most favourable time. Our charges are lower than the banks we charge £15 to transfer the funds to Australia, and if you are a NAB client we’ll give you free transfers as we have a special offer for their clients. The way it works is we’ll buy the currency at the interbank rate which right now is 1.5915 and then sell it to our client at a rate below that for us to make our profit margin. As we are a broker we take low margins that what the bank would offer their clients. If we didn’t then there would be no market for us. At this current interbank rate the rate we would offer you would be around 1.58. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted January 14, 2011 Share Posted January 14, 2011 Yes but check with the bank what they would give you as although they may quote 1.59 that may not be the rate you will get. Quote Link to comment Share on other sites More sharing options...
chalkyhill Posted January 14, 2011 Share Posted January 14, 2011 now ths is getting confusing:- email from money corp this morning - which clearly states they would only be able to offer me 1.58 if i walked into NAB in australia and said ive got £70,000 in an english bank account and want it turning into dollars - they would say 1.59 as it stands at the moment - what is the point or advantage of using an fx or moneycorp as i would be $700 down - if my figures are right even if the bank charge charge me $700 (difference) i would be no better or no worse off - have i got this wrong email from moneycorp: Thank you for your enquiry, there are a number of reasons to use a broker. A broker will give you a more competitive rate of exchange than the banks, saving you on average around 1% on the rate, sometime more. We will give you expert guidance and market updates regarding the exchange rates; so you can become more knowledgeable on the FX market and be able to execute your trade at the most favourable time. Our charges are lower than the banks we charge £15 to transfer the funds to Australia, and if you are a NAB client we’ll give you free transfers as we have a special offer for their clients. The way it works is we’ll buy the currency at the interbank rate which right now is 1.5915 and then sell it to our client at a rate below that for us to make our profit margin. As we are a broker we take low margins that what the bank would offer their clients. If we didn’t then there would be no market for us. At this current interbank rate the rate we would offer you would be around 1.58. Why not discuss this with moneycorp direct who would be better able to answer your question. I assume this email probably also have a confidentiality statement at the bottom and wasn't intended for distribution on an open forum. Quote Link to comment Share on other sites More sharing options...
Guest craighannay Posted January 14, 2011 Share Posted January 14, 2011 yes very true, but why hide this,if they got nothing to hide,just spoke to NAB they beasically told me to use an fx and confirmed they couldnt offer the rate at 1.59 unless i was transfering millions of pounds lol,finally sunk in,thanks guys Quote Link to comment Share on other sites More sharing options...
chalkyhill Posted January 16, 2011 Share Posted January 16, 2011 yes very true, but why hide this,if they got nothing to hide,just spoke to NAB they beasically told me to use an fx and confirmed they couldnt offer the rate at 1.59 unless i was transfering millions of pounds lol,finally sunk in,thanks guys This email and any attachments are confidential and may be privileged and are intended solely for the use of the named recipients. If you are not the intended recipient, it is prohibited and may be unlawful to use or copy this email for any purpose or disclose its contents. The views expressed may not be the views of TTT Moneycorp Ltd and should not be relied upon. If you have received this communication in error, please notify TTT at disclaimer@ttt.co.uk immediately by email or by telephone (+44 20 7823 7700) before deleting it. Please be aware that emails and attachments may contain viruses. Thank you for your co-operation. Basically out of courtesy as it is confidential information and because legally you are obliged to keep it confidential. Quote Link to comment Share on other sites More sharing options...
Guest Posted January 17, 2011 Share Posted January 17, 2011 why would i want to do this when the tourist rate is so poor compared to these 3rd party brokers? anyone wondered or know how this works pls craig Craig, one of the best I've found is HiFX. The rate they quote you is the only thing you need to worry about -take it or leave it, no more charges on top. You can get an indicative rate on their site but its not until you phone up that your rate is fixed. I'd be asking myself if I really need to bring money out right away, as the $ will weaken against the pound eventually, probably later this year. Hope that helps Ken Quote Link to comment Share on other sites More sharing options...
KazzE Posted January 17, 2011 Share Posted January 17, 2011 I keep thinking about whether it would be better to bring it (20.000 ish ) over here and have it in a short term bond at a good rate around6% rather than sat in my uk bank at less than 2% no clue when it comes to % etc so I am leaving it where it is until we need it. However I do keep dipping in to it every now and then by paying for something with my uk bank card and can't help thinking this is not a sensible thing to do???? Since I have been faffing around trying to decide whether to bring it over or not the rate has dropped and dropped and does not look like it is going anywhere any time soon. it makes my head hurt Quote Link to comment Share on other sites More sharing options...
Guest Posted January 17, 2011 Share Posted January 17, 2011 I keep thinking about whether it would be better to bring it (20.000 ish ) over here and have it in a short term bond at a good rate around6% rather than sat in my uk bank at less than 2% no clue when it comes to % etc so I am leaving it where it is until we need it. However I do keep dipping in to it every now and then by paying for something with my uk bank card and can't help thinking this is not a sensible thing to do???? Since I have been faffing around trying to decide whether to bring it over or not the rate has dropped and dropped and does not look like it is going anywhere any time soon. it makes my head hurt That's the issue - when interest rates are low the currency isn't strong and when they are high, it is! So you could get a better rate over here in a bank but the amount that you would receive after transfer would be lower than 'normal'. The reality is that we all have some money here and money there and sometimes you've got to use it!! Quote Link to comment Share on other sites More sharing options...
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