Foreign Currency Transfer

[akeithj]

Hi All,

Thought those of you who may have bought and sold cars abroad may have come across this. I want to buy something in Europe (not Euros) and the merchant wants to be paid in local currency, does anyone know the safest and most cost effective method of doing this.

Regards

Keith

[stevieturbo]

You can get the bank to do a transfer.

They will charge an extortionate fee for this....and the receiver will also incur charges for receiving the funds, unless you specify to cover these costs at time of transfer.
These arent as bad though.

You will need their IBAN and Swift codes of the account you wish to transfer to. Name and address also...


The actual transfer is safe, being within the banking system. As to what the other party does with the money once he gets it, is of course a risk.

I cant see anything other than a credit card giving some form of pretection. I'd have thought your card company could transfer a balnce/funds into their bank account too on your request though ? Not sure what protection that would offer ?

[Tadek]

Use a foreign exchange company here in the UK, such as HiFx Intelligent financial Services.
I did when it came to making by overseas purchase and they were very professional, with a good exchange rate.

[ATM]

Tadek said:

Use a foreign exchange company here in the UK, such as HiFx Intelligent financial Services.
I did when it came to making by overseas purchase and they were very professional, with a good exchange rate.

Yes these will give you a better rate than a bank BUT will not wire the money to someone else. You need the £ and [foreign] money accounts to be both in your name or HIFX wont deal. Which is why I now have a Euro account along with my usual £ account.

[mickcorvette580]

Hi I also used a foreign excange company when buying my 2004 C5 from Germany I used Money Corp, as my car was being built to order and I did not know when it would arrive in Germany I bought a forward contract for 3 months and gave a 10% depoist to the bank that way the rate was set, one small problem they were a little late sending the money I asked for them to pay the day before I arrived in Germany but they did not they did not pay till midday when I arrived but I was staying over night any way so no problem.

[roughrider]

The guy from France that just bought my car, made a direct bank transfer, and said they took a 30 euro charge, and gave him the official exchange rate at the time!
When i enquired with Natwest about importing a Z06 from USA, they said they would give me the official rate on a transfer [as currently displayed on Bloomberg or CNBC].
I think the banks are generally dealing between themselves a lot better on an international level lately.
Maybe it is still difficult with some currencies?

[akeithj]

Thanks guys, that's very useful.