Moneycorp??

[Rho]

Hi again

Not been for a while. Just a quick question to see if anyone has used Moneycorp for transferring their sterling.

I have done a search on the forum but it didn't bring anything up.

I've previously just used the bank, but their rates are awful. Are Moneycorp ok - just worried about sending them large sums of money and never seeing it again?!

Any advice welcome.
Thank you
Rho.x

[zummerzet_lou]

Hiya,

Sorry I can't answer your question. Just wanted to add that PSS recommend Moenycorp, so guess they can't be too bad?

We also spoke to them at the London Expo last year, and seemed to know their stuff but there was no mention of fees, and I couldn't find anything in their literature nor their website.

Would be interest in any replies you get to this, and we'll be wanting to transfer our money in the near future.

Lou

[ebianca]

I don't think they charge you a fee but they keep hold of your money for a certain amount of time (about 5 days i think) and they make the interest on that. also they give you the fixed rate on the day you give them the money so if exchange rate goes up before they actually transfer it i guess they make money there too.

I have'nt used them but they have been recommended a few times along our way- we just use the bank transfers.

[Taffy]

Most people we know used World First, because they guarantee to beat anyone elses rate. Makes sense when the exchange rate is on the floor as it is now

[keeweegal]

We used HiFX and they were fine. We even managed to negotiate a bit even though it was only £5k.

[kokopeli]

It's much better to use an FX broker even for small amounts because you'll get close to the inter-bank rate and not the crappy tourist rates.

I've used MoneyCorp, HiFX and World First a few times. No problems with security and they are usually pretty even on exchange rates. HiFX usually make the fastest transfers and don't charge a fee, but then you have to trade a minimum of £5,000 GBP.

I haven't used MoneyCorp since the put me on hold and asked my broker if he wanted to speak with me. The fool on the phone didn't press the mute button, had a lengthy chat with my broker then came back on and told me my man was out of the office. Other to that, they were ok and let me trade smaller amounts without a fee.

Hannah, Ailsa and Giles at World First are by far the nicest money people to deal with. They don't have a minimum trade, but they charge a flat £15 fee for trades less than £5,000GBP. Unfortunately, transfers with WF seem to take a bit longer than the others. I usually arrange a deal on Monday (NZ time). The money leaves my UK bank account at close of business on Monday (UK time) and clears with World First in the UK by close of business on Friday (UK time). By that time, the NZ office has shut, so I have to wait until the following Monday for the NZ office to make the payment to my NZ bank. The funds don't clear until last thing Tuesday or first thing Wednesday (NZ). I've been told that things would be faster if I banked with Barclays in the UK because that's who World First use.

[zummerzet_lou]

Can I ask a really daft question about this money transfer malarky

We will eventually be moving about 100K UKP, and obviously want a good exchange rate, and minimal fees.

Do these companies, do as they suggest, and only transfer your funds when the rate meets your conditions? and how long can they wait .. months? weeks?

So, for instance, say the rate goes up to 2.8NZD to the UKP .. would we get the full rate?

Presumably they don't do this for nowt, so what sort of fees do they all charge?

Sorry - am only just researching this aspect of our move.

Lou

[Taffy]

You have to be careful with transfers on hold, as some companies will insist the money sits with them until the conditions are met. This, of course, will lose you so much in interest that the better rate wont make up for it (unless they pay you interest, but you can be certain it will be puny!). You'll never get the true inter-bank rate, so just keep an eye on the rate yourself and pick whoever can offer you the best rate when you choose to do the transfer.

[kokopeli]

Don't apologise Lou, these things are important for all of us not yet lucky enough to win Big Wednesday!!!

When you're bringing over money to buy a house, even a small fluctuation in the exchange rates can save - or cost- you several hundred, if not thousands of dollars.

If you have the money to fund it, you could set up a regular transfer where you arrange to bring across a fixed sum every month for up to 12 months in advance. When you sign the contract, the foreign exchange broker buys the foreign money and agrees to sell it to you in fixed installments at the exchange rate on the day you do the deal. There is always an element of risk when you fix a price in advance. It's a bit like fixed rate mortgages. You save if interest rates go up, but lose if they go down.

I watch the markets like a hawk and try to pick when I bring money across. The rate moves about quite a bit. Last week, for example, it ranged from $2.45 and $2.55 against the Pound. If only I'd taken that fixed deal when the rate soared to $3.00 last September...........

[Taffy]

Tell you what Lou, when you get here I'll take you to meet Ailsa and Giles at World First. They are great people and are really very helpful, so they can talk over any concerns and whats best to do (whether you use their services or not!).