Don't use your bank!

Thanks Guys  HIFX Looks The Best I Think

Terry

Hi,

Can anyone help,ive to transfer my first payment due on 15th jan 07 my solicitor here in dublin says it will just go through the bank ,is there a better or cheaper way.

Thanks helen bo

I WOULD NOT ADVISE YOU TO USE HIFX!!!

See the thread called "HiFX problems, delays transferring money." I am also in contact with user Leema who is currently unable to post due to technical issues. We have both suffered due to HiFX's failure to transmit funds - outcome pending. Watch that thread....

You may want to investigate  www.currencyuk.co.uk as an alternative but I would advise checking to see whether they are regulated by the FSA.

Kevin

I used to use one of my banks, either Natwest or Halifax.  It was only after a couple of transfers that I realised they were only giving the tourist rate, not the commercial rate, and charging between 30 and 50 pounds depending on how quick you wanted the transfer.

For the last two transfers, I have used moneycorps.  This was very quick and the exchange rate was 1.5 cents under the commercial rate, or 1.475 when the rate was 1.49 a couple of weeks ago.  Halifax offered 1.42 which would have meant a loss of almost 2000 euros when I transferred 38000 pounds across.

Halifax did charge me £25.00 to transfer the money to moneycorp but my Spanish bank, bankinter, have never charged me for accepting the money into my account.

Moneycorp were very good and promised the transfer would take 3 working days, in the end it was in the very next day.

There are other companies offering this exchange and would advise you to shop around.  Specifically ask if they are bound by both UK and Spanish banking rules and legislation.

In November I made lump sum payments through Hifx but they took much longer than they should have done to send them across.  They were meant to have all been transferred by the 24th but after a lot of chasing the last one went on the 27th with the money needing to be in Spain on the 30th.  The excuse given was a new computer system.  The final payment thankfully arrived on the day of signing accompanied by a few more grey hairs.

I also investigated arranging monthly payments through Hifx and although they can fix the rate for a year they could only offer me around 1.35.  Moneycorp however gave me just under 1.43 which still works out cheaper than Hifx even allowing for their £4 per transfer charge.  As it only starts this month I can't give a recommendation yet on their service.

Re paying money in with a UK cheque.  I did that for a relatively small sum, about 1500 pounds, and it took 6 weeks for the cheque to clear plus my bank, Bankinter, charged me 50 euros to do it and 15 euros on top as "commission" charges.  Transferring by moneycorps cost me £25.00 from my UK bank and was done in a day.

Hi Encanto,

You state that HiFX offered a very low rate for monthly payments fixed over a one year period?

Could you tell me roughly how much sterling this was based on per month please? as I will be looking to pay my mortgage payments in this way plus a bit extra on top every month to cover taxes, insurance etc.  My monthly amount will be approx £300 to £320 sterling per month....and by the way, I did my instalment to my lawyer through HiFX and there was no problem.

I was actually hoping that it would be nearer 1.45 if the business rate is around 1.49

Thanks

Hi Leeabby the rate will depend very much on the forward foreign exchange market. The money markets factor in what they perceive will happen to exchange rates in the future which will also be affected by perceptions on interest rates. The major investment and trading banks influence the market and just like the spot market there is an interbank market for forwards.

Hi Jencoo Currencies Direct have a deal with Halifax ES for no landing charges. Thus you will likely get a better exchange rate from CD and incur no fees as well. CD have always quoted me better than Halifax and no charges to boot.

Rgds

Hi,

We have just opened a Banco Halifax account, and before we leave for Spain will also open a current account to transfer pensions etc across.  My question is, if we put our savings into a high interest rate Halifax savings account can we also tranfer money across from that to the Spanish account without charges?

Regards

we too transfer money from our UK Halifax account to our Halifax ES account every month.

We were told the only way you can transfer the money is to ring every month so this is what we do. It sounds a pain, but after doing it a few times it becomes second nature. I have asked if it will ever be possible to do it on-line, but to date there are no plans.

lewjan

Question: hi all,can you dd from halifax spain to an other account in another bank in spain,is there charges for this?

We transfer our community fees by dd from our Halifax account in Spain to another bank in Spain and have not have any charges.

I believe to get free banking in Spain you have to keep a minimum of €700 in the account.

Hope this helps