Hi,
Does anyone know the best way to exchange currencies, please.
Thanks

Hi there.

The companies we use for shifting money for clients (EG Pension payments from the UK) are the following:

www.hifx.co.uk
www.currenciesdirect.com

We used to use www.corporatefx.co.uk also but think they may have closed down.

These companies will take any amount and usually can give you a better rate than your bank.

Regards

Alan Macdonald
OFS Spain

I used currencies direct earlier this year to exchange £40k into US$; I got a good rate and there was no hassle


The US$ were then held in a nationwide offshore (isle of man) account - they do one of these for euros as well

I have used Xchange Business - http://www.xchangebusiness.co.uk - for the last 3 years.

I've sent money to NZ, Malaysia and Sri Lanka using them and they've always offered a pretty good rate. The spread is normally around 0.5% and there is no fixed fee on transactions over £1000.

For example:

Send £50,000 to New Zealand
Mid price of GBP NZD is $2.65
Xchange Business quote is $2.635
They make $0.015 commission per pound i.e. $750 or about £283

I have had quotes from banks and Xchange Business has always come out top. They reply to emails quickly and are also quick on the phone. You need to transfer the money to their account then they transfer it to the recipient account.

That said, I would still like to find a cheaper way of sending money if anyone knows of a company that offers a narrower spread.

To trade using Xchange Business, you first need to open an account and they need to see your passport and driving license (or a certified copy) so it's a bit of a hassle and takes a few days.

What is best way to swap $ for £ ?

Take your money out of the frying pan and put it into the fire.

http://www.xe.com/fx/

What I like is you can do it all online.

For GBP to NZ$ they charge 1%.

I've found the service to be perfect.
Steve

Personally, I think Currencies Direct give a poor rate unless you're buying a LOT (i.e. £10k and over). They offer about 4% below spot rate.
Their minimum purchase is £2000 worth (plus £15 transfer fee) but you can get a better rate for this amount at the little booth in Birmingham International Train Station, think its called Euromoney? Not sure. They gave me about 3% below spot rate the last time I used them, for £500 worth.