Reply With QuoteI transfer Pounds to Euros every month and there is no clear winner for any FX service but it's better than a bank service which gives a lousy rate and then applying a charge.
I use Currencies Direct and so far they have been 100% reliable.
My employer will soon start paying me in USD into a UK HSBC USD account.
What's the best way to transform my USD to GBP?
Bank rate or FX service? If it's FX, can anyone recommend a good service?
Anyone out there with experience of this?
Last edited by Tony; 22nd May 2018 at 16:50.
I transfer Pounds to Euros every month and there is no clear winner for any FX service but it's better than a bank service which gives a lousy rate and then applying a charge.
I use Currencies Direct and so far they have been 100% reliable.
https://www.moneycorp.com/uk/about-us/
I have been doing this in both directions for a while now - my wife has an account with Moneycorp. You can deposit $ into their $ account and then they transfer the GBP to your UK account. This avoids a US bank US$ wire to GBP . Reasonable fees and a good rate. You can even buy a contract at a fixed rate that you aim to complete in a year - example lets say over the next 12 months you want to move $100k - if you think the rate will be going against you in the next 12 months then you can contract the $100k at a rate a cent or so worse than the current day rate , make an initial 10% transfer and then complete the remaining balance within 12 months at the same rate you get today.
One alternative we are just trying is an account that allows you to hold the same cash and access it in different currencies.
Spent most of last year using TorFX. Decent enough rates and convenient to make quick transfers on their app.
Sent from my iPhone using Tapatalk
Many thanks for the replies.
Looks like an FX dealer is the way to go.
I got a retrospective quote from Caxton FX(based on the rates in place on the days I transfered via RBS) - for 6 months Dollar-GBP.
I was staggered at how much I had 'given' to RBS in the period, and over the year!
(And that was without any holding in the FX account for a more favourable rate)
Caxton seem very good from my dealings with them
I have used currency solutions for the past 19 years.
Monex Europe give me a very cheap rate Vs spot
transferwise?
A revolut account sounds perfect for this.
I have just completed my first transaction using TorFx and everything was fine.
Previously I used HiFx for the last 6 years and I can recommend them even though they mysteriously closed my account with them and declined further business with me.
I use Transferwise to go from GBP to USD.
Posting Permissions
