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Can anyone recommend a foreign exchange broker?

(7 Posts)
franke Tue 14-Jun-05 14:53:58

That's it really. I may need to transfer a large amount (about £150K) into euros to buy a property abroad. There are plenty of companies on the web, but I would prefer a recommendation. Anyone?

Prufrock Tue 14-Jun-05 15:13:51

I'm afraid that to a fx broker that wouldn't be considered a large amount - it's retail not commercial. You are probably best going through your own bank - they should be able to offer you a rate with a smaller spread than the tourist rate, even though you won't get proper money market rates on a one off deal of that size

chenin Tue 14-Jun-05 15:33:45

Hi franke. We have done this and used a company called FX Solutions. It is free of charge for amounts over £20,000. Their website is www.fxsolutions.co.uk and their telephone number is 01689 601111. It is very easy to do and quite painless!

chenin Tue 14-Jun-05 15:34:56

Also, they beat any rate that a high street bank can offer you and you can also do it in stages and pre-book your rate.

Prufrock Tue 14-Jun-05 15:50:56

Oops - I stand corrected. But it still may beworth talking to your bank - remember to take into account any interest you may lose on the money whilst you are transferring it.

chenin Tue 14-Jun-05 16:03:14

Yes you're right Prufrock - there is the possibility of losing interest. We always did it by cheque and it took about 5 days or, of course, we could have done it by bankers draft, but the Bank charge £20 for that! I have to say, the rate FX offered was way better than the Bank so definitely worth it!

franke Tue 14-Jun-05 17:32:34

Thanks for the replies - exactly what I was looking for. I'll try both our bank and fxsolutions when/if the time comes.

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