alibaba
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Post by alibaba on Nov 1, 2021 14:25:18 GMT
Looking for some advise from fellow travellers, I have used Currencies direct and transfer wise (now Wise) over the years. I have sold my house in France and will be returning to the UK in the next couple of months, given the amount involved I have been shopping around and come across Key Currency they seem to be all above board but it is only possible to deal over the phone i.e. no online account. I would like to know how to be absolutely sure that they are genuine. Any feedback or experience would be appreciated.
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michaelc
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Post by michaelc on Nov 1, 2021 15:00:07 GMT
Looking for some advise from fellow travellers, I have used Currencies direct and transfer wise (now Wise) over the years. I have sold my house in France and will be returning to the UK in the next couple of months, given the amount involved I have been shopping around and come across Key Currency they seem to be all above board but it is only possible to deal over the phone i.e. no online account. I would like to know how to be absolutely sure that they are genuine. Any feedback or experience would be appreciated. I used Wise to transfer a 6 figure sum from UK to Ukraine a couple of months ago. There were no problems and I was happy with the fee. However, I have read reports of some people being treated badly in relation to know your customer type check. i.e. delays and asking for more and more documentation - of course I've no idea who those people are or how they are using the account. I think some are taking payments from all over the world and I guess that would need a lot of KYC. As to Key Currency I've no idea about their rates and reliability but they would _seem_ to be legitimate given they have an entry in the FCA register. Not protected by the uk scheme though - just like Wise. register.fca.org.uk/s/firm?id=001b000003TE2JDAA1The FCA registration is a bare minimum of course and doesn't guarantee much IMO. Quite possible someone else will spot something else so please don't take this as any kind of endorsement. Practically speaking I'd mainly be worried about once they have my money how many more checks will they run, what additional documents you will need and how long will it take. I think they can only tell you that once you've moved the cash.
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IFISAcava
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Post by IFISAcava on Nov 1, 2021 15:03:53 GMT
Interactive Brokers is by far the cheapest way to exchange large amounts of money.
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michaelc
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Post by michaelc on Nov 1, 2021 15:08:42 GMT
Interactive Brokers is by far the cheapest way to exchange large amounts of money. Do they explain on their website which currencies they deal with and how it works etc? I assume they don't actually transfer - just exchange it ?
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alibaba
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Post by alibaba on Nov 1, 2021 15:30:30 GMT
Many thanks for the replies, Key Currencies do exchange and transfer the money to my UK bank account, they do all of the AML checks before hand (unlike wise) who for large amounts only do the checks when thay have your money despite the fact that I have done dozens of transfers with them. Lots of info on their web site and very helpful over the phone, great ratings on trust pilot. Was hoping to find someone who had personal experience. Once again thanks for the feedback
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james100
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Post by james100 on Nov 1, 2021 15:53:36 GMT
alibaba I have used an online account with HiFX (now XE) with positive experience. If you have an unusually large transaction (like it sounds you have) you were able to ask for your own account manager to speak with over the phone too, arrange better than the published rates of exchange and, depending on what you want to achieve, set up forward contracts etc. Top tip: make sure your receiving bank knows exactly what & how much is incoming and is given the opportunity to run money laundering checks on it prior to receipt e.g. source of funds documentation from your house sale plus your forex broker account account details and reference for the transaction.
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IFISAcava
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Post by IFISAcava on Nov 1, 2021 17:21:19 GMT
Interactive Brokers is by far the cheapest way to exchange large amounts of money. Do they explain on their website which currencies they deal with and how it works etc? I assume they don't actually transfer - just exchange it ? you transfer in currency x (they cover 17 currencies), exchange to £ (for a cost of 0.002% [min 2 USD - so 2 USD for up to £100,000] at mid-market rate) and then withdraw to your bank in £. They may be some small charges for money going in (depends on sending bank - cost me $1.05 from Wise and was free in USD [1/month] from Revolut, free in EUR [unlimited] from Starling) and out (first withdrawal per month free, then eg £1 for BACS) too. No idea what French banks would change to transfer to IB. but basically it will cost you a few pounds to transfer very large sums - and you will get a genuine mid-market rate. www.interactivebrokers.co.uk/en/index.php?f=39753&p=fxSee here for comparison of eg Wise v IB. obviousinvestor.com/exchanging-currency-moving-money/
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michaelc
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Post by michaelc on Nov 1, 2021 17:54:57 GMT
Dammit - I wish I'd read that article earlier! Seem to recall I paid maybe $300 but that is still 300 I'd rather in my pocket not theres.
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alibaba
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Post by alibaba on Nov 1, 2021 17:59:26 GMT
very informative and interesting replies, many thanks
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Post by overthehill on Nov 1, 2021 18:04:59 GMT
Everything you need to know about transferring money to/from different currencies/countries. Not something I do but I might need to if the madwoman Sturgeon gets her way. I've never had a bad steer using a link on MSE. If money is involved with anything I check there first to make sure I'm not throwing it away or paying for someone's next holiday.
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