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Money Transfers (house purchase)
Re: Money Transfers (house purchase)
by Lynne1 » Sat Jul 04, 2020 10:20 am
I just completed and used Moneycorp - absolutely first class, quick , simple efficient. You get a dedicated person you can phone almost anytime for advice or to answer questions. Made one of the others look totally incompetent.
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Re: Money Transfers (house purchase)
by elchedave » Sat Jul 04, 2020 10:45 am
Lynne1 wrote:I just completed and used Moneycorp - absolutely first class, quick , simple efficient. You get a dedicated person you can phone almost anytime for advice or to answer questions. Made one of the others look totally incompetent.
Moneycorp's exchange rate is terrible, i changed from them to Transferwise & get much better rates & service.
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Re: Money Transfers (house purchase)
by jpeg » Sat Jul 04, 2020 10:54 am
Lynne1 wrote:I just completed and used Moneycorp - absolutely first class, quick , simple efficient. You get a dedicated person you can phone almost anytime for advice or to answer questions. Made one of the others look totally incompetent.
Which one of the others please
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Re: Money Transfers (house purchase)
by Bloxy » Sat Jul 04, 2020 11:18 am
Transferwise is a brilliant concept. I guess there must be others now but this was the first one I heard of and have been using for a while.
The idea is that they never actually transfer money cross border. They receive and hold in local currency in a local bank (e.g. GPB held in UK, maybe in London), and pay out, locally, in another currency elsewhere (e.g. EUR in Spain, from a bank perhaps in Madrid) so you/they don't pay international transfer fees and get an instant rate, and instant, local transfer. No money leaves or enters another country.
You do pay a commission for using the service but it's very small in comparison. Can't comment on security delays as never had any, even with large amounts.
The back story is also interesting. In summary - 2 colleagues being paid in different currencies and both needing the other currency, now and then agreeing to pay equivalent amounts into each others foreign accounts up to the 'now' exchange rate - thus avoiding international money transfers and the associated charges/delays. Commercialised the idea and struck gold.
And no, I don't work for them, just love a good idea and success story.
The idea is that they never actually transfer money cross border. They receive and hold in local currency in a local bank (e.g. GPB held in UK, maybe in London), and pay out, locally, in another currency elsewhere (e.g. EUR in Spain, from a bank perhaps in Madrid) so you/they don't pay international transfer fees and get an instant rate, and instant, local transfer. No money leaves or enters another country.
You do pay a commission for using the service but it's very small in comparison. Can't comment on security delays as never had any, even with large amounts.
The back story is also interesting. In summary - 2 colleagues being paid in different currencies and both needing the other currency, now and then agreeing to pay equivalent amounts into each others foreign accounts up to the 'now' exchange rate - thus avoiding international money transfers and the associated charges/delays. Commercialised the idea and struck gold.
And no, I don't work for them, just love a good idea and success story.
- Bloxy
- Posts: 93
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- Which part of Spain are you from?: quesada
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Re: Money Transfers (house purchase)
by cheflady » Sat Jul 04, 2020 12:23 pm
TransferWise for sure absolutely brilliant I wouldn't use anybody else
- cheflady
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Re: Money Transfers (house purchase)
by TonTri » Sat Jul 04, 2020 1:25 pm
We transferred ours in stages as we had heard that if you send over a certain amount in one go you incur bank charges. I think we sent a maximum of 20000 euros each time.
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TonTri - Posts: 2631
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