GBP/EUR transfers - favourable rate

Blog
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If you have money in the UK that you are looking to move across to France, then today you’ll achieve the best exchange rates in almost 2 years as GBP broke through €1.23


Get a free quote here from our foreign currency partners at TorFX


Thanks


James


Also worth a read on this subject 'Why my laziness cost me a small fortune!'

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Thanks for the note Pam.

On our previous experiences with clients using online platforms similar to that mentioned they have found that they seem not to price according to currency volume, which means that they’re competitive on small amounts but not on larger volumes which is our speciality, and where we save customers the most money.

We are of course happy to continue offering you comparative quotes.

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Thank's for that Pam.

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John, each month i email torfx and ask for a quote to change x amount, usually a couple of thousand pounds. the rate they quoted me yesterday afternoon was 1.2033, at the same time i logged into my xe account as the rate you get is always less than what they show on the website, in my account all details entered & ready to trade they offered 1.2177, a difference of about 35 euro's in total, which is better in my bank account than there's. That has been the same story for the last few months. you have to sign up & go through the usual security things to get an account but it's easy to use and well worth it once you do.

Just google xe.com.

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Thanks Ian and Colin for the clarifications.

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Morning all,

I can happily clarify a couple of the points arising.

TorFX are authorised and regulated by the Financial Services Authority under the Payment Service Regulations 2009 (FRN 517320) for the provision of payment services. Under this regulation one of the requirements is that a currency broker like TorFX holds client segragated accounts which we do with Barclays Bank, safeguarding your funds as they are seperate from company accounts. So in a nut shell your funds are effectively as secure as sending money with Barclays.

TorFX have assisted over 40,000 individuals and 5,000 business move their money around the world successfully and securely.

As Colin stated, unfortunately Crown Currency did not operate segregated accounts, nor were they authorised or regulated by the FSA which unfortunatelty lead to their substantial losses.

For more information on our security please see here http://www.torfx.com/content/about-us-security.htm

Or I'd be happy to speak to you direct ian.cragg@torfx.com

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For all the members who ask if Currency dealers are protected by Government guarantees, the answer is NO! You take a risk every time you send money and you can only ask the question as for proof that your money is held in a separate clients account and not part of the company's funds. I, and 13,000 others, 'lost' a total of £20m, that's 20 million pounds, when Crown Currency collapsed in October 2010 and whilst all currency dealers will say things have changed, there is still no government intervention if all goes pear shaped.

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Hi John,

I will wait for Ian Cragg to respond to your question in detail, I expect that might not be until Wednesday now due to the bank holiday.

Thanks

James

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Thanks James. I have signed up with TorFX and they seem very efficient. I presume that they are covered by a Government bank guarantee scheme but to be completely safe with a large transfer I suppose one should split it into tranches each under the guarantee limit?

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XE use the interbank rate of exchange as a guide, you’ll see this rate on BBC, Yahoo etc – the person on the street won’t be able to get that rate.

Only banks are able to achieve that rate themselves as that is the rate they exchange at when buying and selling currency.

Banks tend to add anything up to 5% on the interbank rate of exchange, brokers such as TorFX take much less of a margin and spread and therefore provide better rates than the banks.

Thanks

James

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Pam, What sort of difference was there and could you point me to the xe website please. I presume one's cash is safe using these firms or is there an upper limit covered by Government guarantee?

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Sad to say i started to use torfx but the last few months they have been well behind xe in the rate they are offering.

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1000 GBP is the minimum amount by the way

Thanks

James