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Post by captainconfident on Dec 6, 2023 12:27:08 GMT
I thought I would sing the praises of the FX company Atlantic Money. This is a simple app, which asks you how much you want to transfer and displays the live median rate. Once you fill in the amount, it locks that rate and asks you to transfer the stated amount by bank transfer. My experience of this (I used it 4 times to transfer 5k) is that they receive and acknowledge the bank transfer immediately. Email confirms receipt and locked rate. You choose free transfer (takes 48 hours) or pay £1 for immediate transfer. Funds dispatch is confirmed by email. The system works smoothly. The only cost is a fee of £3 per transfer. It is the only company that does not dice the median rate and take a cut in addition to a fee. I just hope this business model is long term viable. Atlantic Money is a Belgian based entity. atlantic.money/eu/en/ |
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,875
Likes: 2,313
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Post by keitha on Dec 6, 2023 12:36:44 GMT
Was thinking the other day that a few years ago the exchanges were 5-6% between buy and sell, I looked the other day and it was 16%
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benaj
Member of DD Central
Posts: 4,880 
Likes: 1,599
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Post by benaj on Dec 6, 2023 13:11:55 GMT
I thought WU would be more expensive sending EUR to Belgium than Alantic Money, but it claims receiver will receive
1.00 GBP = 1.1676 EUR
Transfer amount1,000.00 GBP
Transfer fee2+ 0.00 GBP
Transfer total1,000.00 GBP
Total Receiver gets
1,167.63EUR
Delivery time:1, 8, 281 Business days1 Business days
With AM, receiver gets €1,164.57
With HSBC Global M, receiver gets €1,160
With Revolut, receiver gets €1,165.93
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Post by captainconfident on Dec 6, 2023 18:24:43 GMT
I thought WU would be more expensive sending EUR to Belgium than Alantic Money, but it claims receiver will receive 1.00 GBP = 1.1676 EUR Transfer amount1,000.00 GBP Transfer fee2+ 0.00 GBP Transfer total1,000.00 GBP Total Receiver gets 1,167.63EUR Delivery time:1, 8, 281 Business days1 Business days With AM, receiver gets €1,164.57 With HSBC Global M, receiver gets €1,160 With Revolut, receiver gets €1,165.93 None of these other ones give you the live interbank rate. The rates I've just seen quote +/- 5 points lower at any given moment www.finder.com/uk/atlantic-money-international-transfers
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michaelc
Member of DD Central
Posts: 4,891
Likes: 2,767
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Post by michaelc on Dec 6, 2023 19:05:25 GMT
Make take a look instead of using Wise as I have in the past. Wise worries me a bit as there are so many reports of mistaken fraud leading to accounts frozen for over a month in most cases. I transferred just into 6 figures and had no problem but its always at the back of my mind. How do I prove that the money was earned 10-30 years ago (not exactly a full set of payslips remaining) and moved between shares, p2p and other assets if ever asked ?
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Post by captainconfident on Dec 6, 2023 19:18:19 GMT
Make take a look instead of using Wise as I have in the past. Wise worries me a bit as there are so many reports of mistaken fraud leading to accounts frozen for over a month in most cases. I transferred just into 6 figures and had no problem but its always at the back of my mind. How do I prove that the money was earned 10-30 years ago (not exactly a full set of payslips remaining) and moved between shares, p2p and other assets if ever asked ? That sort of check pops up occasionally, KYC AML checks. They are a positive nightmare with some companies. "Where does the money you are transferring come from"? Unless the tooth fairy left it you as a lump sum, you are into ludicrous deeper and deeper checks which can show them nothing about where it "came from", as it is mainly compound interest beginning in the 1970s. Such checks might be appropriate for working people with a monthly salary but not for semi-retired, self employed ex-beer traders with practically no pension savings who managed all their own funds for 40 years since their mum opened a post office savings account for them. For instance.
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Post by wiseclerk on Dec 6, 2023 20:07:47 GMT
I don't do it regularly but I used Wise and Revolut most. Also Currencyfair a few years back
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Post by wiseclerk on Dec 7, 2023 11:11:14 GMT
Pro tip: If you have a Seedrs account you can convert between GBP and EUR in both directions at attractive rates provided by CurrencyCloud with no extra fees. Since usually deposits and withdrawals can be conducted without bank fees, this is a good option too, if time needed is not essential
Comes down to about 0.05% so 50ct per 1000€ converted
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benaj
Member of DD Central
Posts: 4,880
Likes: 1,599
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Post by benaj on Dec 20, 2023 8:34:49 GMT
I thought it was a good idea to test out the live exchange rates with my debit cards for spending Euros. So on the 18th, I used HSBC Global Money Visa Debit, Revolut Mastercard debit and Chase Mastercard debit.
According to transaction records, Chase gave me the best rate £1 = 1.1601 - 1.1605 eur. HSBC Global Money is the worst out of the 3, £1 = 1.152798 - 1.154296 eur. Revolut exchanged @ £1 = 1.15740
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