3978 Euro exchange rate help

Kevin, this one has been discussed from time to time & you might like to try:
[LIST]
[*][url=http://www.italymag.co.uk/forums/general-chat-about-italy-italy-magazine-forums/3745-u-k-italy-money-transfers.html?highlight=money+transfer]u.k to italy money transfers[/url]
[*][url=http://www.italymag.co.uk/forums/consumer-issues-cost-living/1836-banking-money-transfer.html?highlight=money+transfer]Banking & Money Transfer[/url]
[*][url=http://www.italymag.co.uk/forums/legal/1359-taking-money-italy.html?highlight=money+transfer]taking money to italy[/url]
[*][url=http://www.italymag.co.uk/forums/general-chat-about-italy-italy-magazine-forums/831-swift-payments.html?highlight=money+transfer]SWIFT Payments[/url]
[*][url=http://www.italymag.co.uk/forums/general-chat-about-italy-italy-magazine-forums/217-transfer-funds.html?highlight=money+transfer]Transfer of funds[/url][/LIST]Good luck!

Helpful links from tuscan, as always, and you'd be wise to read the threads, but the main point can be expressed very briefly:

[I]Don't use a bank to purchase large amounts of Euros and transfer to Italy[/I].

I've so far had to pay a (fairly large) deposit and my experience of Currencies Direct was positive. The main problem was persuading my bank to transfer some of [B][I]my[/I][/B] money to the CD client account. Bear in mind that money laundering laws require all these firms to register clients in advance, so it's best to go through those formalities long before you'll need a large pile of Euros.

Al

[QUOTE=kevin][LEFT][FONT=Arial]We have just signed the interim agreement for a house in Abruzzo and wondered whether any of you on the Italy forum could recommend a currency exchange organisation to tranfer funds?[/FONT]
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[FONT=Arial]We have been using First Direct but I have been shopping around online and come across Currencies direct. Any experience or advice would be gratefully received.[/FONT]
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[FONT=Arial]regards[/FONT]
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[FONT=Arial]kevin[/FONT]
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[FONT=Arial][/FONT] [/LEFT][/QUOTE]

I've been using TTT Moneycorp and found them very efficient and once they have all the accounts set up, all can be done by phone and a real time trade. Rates are generally 5 or 6 cents per £1 or so above Tourist Rates which on a large transaction makes a big difference. Transaction fee is £15.

Transfer usually takes 2 days although depending on the Italain bank it may stay in "limbo" longer.... something to do with "clearing" which is rubblish. Just like banks all over the world, the minimum 3 day clearance is just a way to make interest on your money!

[quote=AllanMason]Helpful links from tuscan, as always, and you'd be wise to read the threads, but the main point can be expressed very briefly:

[I]Don't use a bank to purchase large amounts of Euros and transfer to Italy[/I]..............[/quote]

You're right of course Al, but some folk like to be told, others like to find out. I'm with you, but it takes all sorts..........

This time last year we used International Currency Network. Barclays were offering 1.44 euro to the £ and we got 1.49 with ICN. We had to register but now we have a contact guy when we need to sent more money over. On £50,000 we gained an extra 2.500 euro more than if we had done it through Barclays direct so it does pay to use a company like this.

I've used XEtrade in the past, and was perfectly satisfied. Took a little while to do the vetting procedure, though.

[LEFT]Thank you

It all pretty much ties in with my own thoughts.

Apologies to all for not reading the earlier threads and therefore making you

all repeat previous conversations.

Its really good to know that you are all out there for help and guidance.

Thanks

kev[/LEFT]

One additional point to mention - we have always used HIFX and been happy with their service. Found it particularly annoying however to find that our Italian bank took a cut of the [U]Euros[/U] coming [U]into[/U] our account (note these were not transfers of sterling but euros). The last time we transferred some money over, HIFX guaranteed that there would be no bank deduction at the Italian end or they would refund the deduction to us. I haven't found out if it worked as advertised yet, or if it is something the other foreign exchangers also do, but I thought that was a service worth having.

We used moneycorp they were quite good but our amount was quite small still we got a much better rate than the banks were offering. One think to note is the charges at the other end - with BancaIntesa it made a big difference if you transfered under E50,000 in that was a set fee of E12 after that threshold there was a calculation done on the amount which sent to cost soaring so we transfered smaller amounts and saved a bit that way too.

[QUOTE=Licciana]One additional point to mention - we have always used HIFX and been happy with their service. Found it particularly annoying however to find that our Italian bank took a cut of the [U]Euros[/U] coming [U]into[/U] our account (note these were not transfers of sterling but euros). The last time we transferred some money over, HIFX guaranteed that there would be no bank deduction at the Italian end or they would refund the deduction to us. I haven't found out if it worked as advertised yet, or if it is something the other foreign exchangers also do, but I thought that was a service worth having.[/QUOTE]
Hi, I use HIFX all the time and they are currently the ONLY foreign exchange service to guarantee no receipt charges on the Italian end. If the bank DOES charge you, they'll refund the charges. The receipt charges can be huge (several hundred euros or even thousands depending on the amount transferred) so if you want to pick a fx service, definitely go with HIFX until their competitors get wise and decide to offer the same guarantee.

Shame they didn't do this a few years ago when we were transferring realy large amounts :(

Hi Kevin,

I used them to buy my house and they were great. :D No problems at all. I have transfered some more cash and I have never had a problem, and the rates seem the best around when I did mine around a year ago.

PM me how you find the rates, as I need to move some more across at the end of the month for some more building work!

Regards

Rafe

[LEFT]Hi Rafey

As soon as we get the quotes through I will be in contact

regards

kev[/LEFT]

[quote=Rafey]Hi Kevin,

I used them to buy my house and they were great. :D No problems at all. I have transfered some more cash and I have never had a problem, and the rates seem the best around when I did mine around a year ago.

PM me how you find the rates, as I need to move some more across at the end of the month for some more building work!

Regards

Rafe[/quote]

Used them all the time in Spain- first class Brian

[FONT="Book Antiqua"][SIZE="3"]We used Currencies4less who were brilliant and my money was in the bank in 2 days.

Got a 1.49 ex rate in Aug last year and a charge of £10 for the transfer.

Dealt with Bruce Borrie.

Another thought has anyone used paypal to transfer funds?I have a UK paypal account that I use to pay for jewellery supplies from US,Bali etcbut I don't normally spend over £500.In theory you should be able to send funds to another paypal member in Italy?

Where in Abruzzo are you?[/SIZE][/FONT]

I used HiFX for the purchase of my house - and found them to be efficient

Efficient? What does that mean Glen? Does it mean they did a great job but charged you a fortune or they did a cr*p job but you saved a fortune? :)

I saved a lot than if I had done normal banking - I dont get charged for receiving funds into my ITalian Bank account

HIFX do have a prety good name, but they will certainly not give you the current exchange rate, for example at the moment on the BBC website the euro/pound rate is 1.502, but they will offer you just 1.481, so the loss would be approximately 1-1/2% which equates to £1500 on a £100,000 pound transfer, this rate though is only their first offer and they will certainly up the rate if you haggle (say to 1.488) which can work out to hundreds and hundreds of pounds just for one little haggle.

Hi Kevin,
I have just used "Smartcurrencyexchange" who have been very good.
They do not charge anything and I even managed to talk them up a couple of cents on the exchange rate. They can have the money in a nominated account (Italy or San Marino) depending on where your solicitor/agent etc keeps his money for tax purposes, the following day if needed.
Before using them I contacted a number of specialist brokers as I'm a retired stockbroker and know the market well. No one could even come close to the rate offered.
You have the option of a spot purchase or being able to undertake a forward purchase at today's rates. This would have been very handy a week or so ago when they were offering E 1.517 against Sterling!

I used Caxton FX to transfer funds for my original house purchase in 2004. They had good rates, and good customer service which I found reassuring in such a big fx deal. Since then I've used XEtrade, which has better rates, lower/no charges and is fully automated. You will in general be given a rate within ~2 euro cents of the live mid-market (inter-bank) rate. I don't know if the other services quoted in this thread have keener rates than that, but XE's key advantages for me are that
(a) I don't need to speak to anyone - much easier if I'm dealing with a large transfer and don't want to be discussing it on the phone at work
(b) they accept BACS & CHAPS funds transfer, so you can tailor for cost/speed accordign to your preference
(c) they have no (or at least very small) minimum transaction value - unlike Caxton, who had a £5K minimum, 3 years ago anyway.
(d) The rate offered does not appear to vary according to the transaction value - i.e. you get the same rate whether you are sending £500 or £50,000. While that may be a negative for large tranactions (suspicion that you may not be getting the top rate?) it is certainly comforting for smaller ones.
(e) their service operates real time, 24x7 - not sure whether this is the case with "live operator" type services? I can place a trade at 2am on Sunday morning if I am so inclined ...

All that said, the HIFX guarantee mentioned which refunds any charges levied by the recipient bank is very interesting .... that would seem to be the killer advantage, as I always end up having to pre-warn my Italian bank of impending transfers so that the manager can minimise the ridiculous fees they otherwise charge. I'll deffo check out HIFX for future use - can anyone advise how their rates compare to XETrade's?

[QUOTE=Licciana;34677]One additional point to mention - we have always used HIFX and been happy with their service. Found it particularly annoying however to find that our Italian bank took a cut of the [U]Euros[/U] coming [U]into[/U] our account (note these were not transfers of sterling but euros). The last time we transferred some money over, HIFX guaranteed that there would be no bank deduction at the Italian end or they would refund the deduction to us. I haven't found out if it worked as advertised yet, or if it is something the other foreign exchangers also do, but I thought that was a service worth having.[/QUOTE]

We used HIFX last summer for our house purchase and prepurchased the money at a better rate (could be a good ideea as the euro is weak at the moment). We were charged over £200 by our italian bank for the privilage of them receiving it. I copied the statements to HIFX who refunded the charges in full

Coppicer

Cant recommend HIFX enough particularly since you can get yourself a forward con for this

For this kind of thing open yourself a euro account with your bank in blighty and when the time comes draw a euro draft at your bank specifying an Italian correspondent bank. You pitch up at the notary with your draft without any pesky fees and the Notary gets stiffed with any charges on your cheque

flawless

[QUOTE=liketheroman;54581]Cant recommend HIFX enough particularly since you can get yourself a forward con for this

For this kind of thing open yourself a euro account with your bank in blighty and when the time comes draw a euro draft at your bank specifying an Italian correspondent bank. You pitch up at the notary with your draft without any pesky fees and the Notary gets stiffed with any charges on your cheque

flawless[/QUOTE]

Except most canny vendors (and notaries) won't accept an international draft even in euros, 'cause they take 30 days to clear. Or if you specify an Italian correspondent bank as you say, can you avoid this?

[QUOTE=gardahomes;54584]Except most canny vendors (and notaries) won't accept an international draft even in euros, 'cause they take 30 days to clear. Or if you specify an Italian correspondent bank as you say, can you avoid this?[/QUOTE]

I am not sure the correspondent bank is important in principle but it just looks better and costs you nothing. They normally state a correspondent and you dont want any awkwardness because it is in Belgium or something. There is usually no need for a correspondent but Italian banks can be so small that they have less direct relationships (or literally accounts with other banks)

The notary should not care about the draft since on his client account he will get immediate value with recourse and being a draft he will know there is no recourse.

My father even though he is minted is such a tightwad he does this for small amounts to save a fiver on a wirer transfer

[QUOTE=liketheroman;54621]

My father even though he is minted is such a tightwad he does this for small amounts to save a fiver on a wirer transfer[/QUOTE]

:rofl: :rofl: