best way to exchange a large (to me at least!) amount of currency

**Mikee** · 21st September 2014, 07:49

So...

I have a lot of dollars (couple of hundred thousand) that I want to move over to pounds. It's in a bank account at the minute and the rate they have offered is a fair way from where i'd expect it to be having looked online and the spot rates.

Clearly I'm not going to go with the local money exchange booth but does anyone know the best way to get closest to the spot rates?

I've never done anything like this before so don't want to be "had"

cheers

**Enda** · 21st September 2014, 08:02

Currency Fair or a similar company if you have a bank account in both currencies. I've found that sometimes the best way to get the best rate with them is convert in the lots you see open, they list from the best rate down, so if you do it all at once, you might not get the best conversion available. The pound is quite strong at the minute too, so bear that in mind.

Edit: I should have said, you can transfer the full amount of dollars in one go and then do the GBP exchange in pieces as you see fit.

https://www.currencyfair.com

**quoll** · 21st September 2014, 08:34

For that scale of dosh it will be worth using a specialist currency trader. There are plenty if you Google 'currency services' or currency exchange'. You can usually negotiate the rate and you should be able to get within a few points of the bank rates. Obviously the firm still has to make some money on the deal but you'll get a way better rate than just accepting the exchange rate offered by your bank.

**Dave O'Sullivan** · 21st September 2014, 08:48

No idea but the most fun would be to buy a nice Patek or something in the states. Then sell it over here. Problem solved!

Sort of.

**swisstony** · 21st September 2014, 08:49

Interested to see the advice here.
I was intending to use www.xe.com based on a recommendation.
I made the application and they followed up with a phone call asking for documents signed by notaires - not surprising i guess for relatively large amounts of money..
.. I still need to get around to completing this step!

**a13x** · 21st September 2014, 08:52

Have just transferred a relatively large sum of gbp to euro and used 'Smart currency exchange' who got the best rate.

How is the USD to sterling now? Was pretty poor as of late

**langdalematt** · 21st September 2014, 08:52

I use World First. Give them a call and they will usually beat any quote you have and they are brilliant.

**Enda** · 21st September 2014, 09:01

Another thing to consider is if you will be liable for any tax on moving the money to the UK (assuming it is currently in a non uk/eu account)

**a13x** · 21st September 2014, 09:09

Originally Posted by Enda

Another thing to consider is if you will be liable for any tax on moving the money to the UK (assuming it is currently in a non uk/eu account)

Why would you be taxed on a money transfer?

**Enda** · 21st September 2014, 09:11

Originally Posted by a13x

Why would you be taxed on a money transfer?

If it is income from outside the UK there may be tax payable.

**Kingstepper** · 21st September 2014, 09:16

Originally Posted by Enda

If it is income from outside the UK there may be tax payable.

Wouldn't it already be taxable?

**Enda** · 21st September 2014, 09:19

Originally Posted by Kingstepper

Wouldn't it already be taxable?

Depends on residence

**Passenger** · 21st September 2014, 09:20

PM sent.

**a13x** · 21st September 2014, 09:24

Originally Posted by Enda

Depends on residence

You would have to find yourself in the most complicated of positions to find yourself liable for tax on money transfer.

**Enda** · 21st September 2014, 09:34

Originally Posted by a13x

You would have to find yourself in the most complicated of positions to find yourself liable for tax on money transfer.

Sorry I might not have been clear in my original post. It is more the source of funds side of it rather than the money transfer. If for example the source of funds was the result of a sale of a holiday home in the US there may be local as well as UK tax payable on the transaction. It's all speculation as there isn't any such info in the OP, but I was just throwing it out there as something to be considered.

**burnsey66** · 21st September 2014, 09:37

Originally Posted by Passenger

PM sent.

It’s not for sale you know

**igorRIJEKA** · 21st September 2014, 09:40

Maybe investment advice :D

**Passenger** · 21st September 2014, 09:41

Originally Posted by burnsey66

It’s not for sale you know

Hehe, I just wanted to alert the OP that I´d sent him contact details for the currency exchange specialist that I use. :)

**Kingstepper** · 21st September 2014, 09:45

Originally Posted by Passenger

Hehe, I just wanted to alert the OP that I´d sent him contact details for the currency exchange specialist that I use. :)

Why a secret?

**a13x** · 21st September 2014, 09:47

Can you share that specialist? As above, have transferred a good chunk to euros a few days ago and have further to transfer as well as usd to sterling. The amount is significant and so if I can better my rates currently then will be a happy bunny.

**SimonK** · 21st September 2014, 09:54

Originally Posted by burnsey66

It’s not for sale you know

He wants to sell 200,000 dollars and the buyer to pay in sterling. Sounds like a sale to me.

**Passenger** · 21st September 2014, 10:09

Originally Posted by a13x

Can you share that specialist? As above, have transferred a good chunk to euros a few days ago and have further to transfer as well as usd to sterling. The amount is significant and so if I can better my rates currently then will be a happy bunny.

See if Nick Hyde at SGM FX can help , Tel; 0207 220 1740.

**Dave+63** · 21st September 2014, 10:13

A bit left field but you may find that buying bit coin in dollars and selling in sterling could work.

I know nothing about this, just throwing it out there as an idea.

Otherwise, try as many exchange companies as possible and negotiate a better rate than they offer.

I've used HIFX and Moneycorp in the past.

**JP28** · 21st September 2014, 11:17

I have used the following a few times. All worked very well.

http://www.fcexchange.co.uk

**Omegamanic** · 21st September 2014, 11:31

Originally Posted by langdalematt

I use World First. Give them a call and they will usually beat any quote you have and they are brilliant.

I have an an account with them too, and use them for work fx transfers too.

**xdonolix** · 21st September 2014, 11:50

If you get a referral on transferwise.com you will get spot rate on your first transaction, usually it's 0.5%. I have used them for 10k gbp into euros without issue, if you want a referral pm me.

**noTAGlove** · 21st September 2014, 12:55

Make sure whoever you choose come under FSA protection. Details are on the FSA website. I wouldn't want a currency firm going belly up in the middle of my transfer.

Best to do it in chunks, not only to spread risk, but can even out rates if things are bobbing around.

**craig1912** · 21st September 2014, 13:43

Originally Posted by noTAGlove

Make sure whoever you choose come under FSA protection. Details are on the FSA website. I wouldn't want a currency firm going belly up in the middle of my transfer.

Best to do it in chunks, not only to spread risk, but can even out rates if things are bobbing around.

It's the FCA now and you can search here

http://www.fsa.gov.uk/register/psdFirmSearchForm.do

(website URL still states FSA)

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