foreign currency exchange for larger sums (not cash)

Having gone a little further towards the possibility of buying a house in france I was dismayed to note that the rate of exchange for sterling when transferring from my current account to a euro account in france is usually 3 cents lower than the average buy/sell value at any one time. It seems that to make life easier the UK banks typically set a rate in the morning and this one rate is used for all the days transactions even while the money markets are lurching this way and that - hence 3 cents which is presumably seen as a safe margin. In sharp contrast there are any number of agencies advertising on the net which will transfer money at remarkably tight margins and at a rate continuously reflecting the real trading picture, e.g. 1.457 today when the rate showing up on teletext was

1.460. Of course these outfits are not regulated by the FSA and have only Customs and Excise to answer to - and that only because of potential money launderers.

Has anyone used a service like this and felt 100% comfortable about it?

Reply to
Jim
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france I was

from my current

average buy/sell

typically set a

transactions even while

presumably seen

reflecting the real

Yes. Who are you thinking of?

Reply to
tasty chicken

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Which company have you used?

Reply to
Jim

I too would be very interested to hear of any experience/recommendations/scare stories.

Reply to
Rob

Here's another UK based one. I've never used them, so no opinions

Daytona

Reply to
Daytona

Yes, a friend who is going through with a french purchase mentioned currencies4less though as he's taking out a french mortgage he will perhaps not be putting them to the test to any great extent. Since first posting a french estate agent gave me a lead to Britline -

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which I gather is a subsidiary of Credit Agricole (I don't know if this is agood or bad thing but at least I've heard of them). Yesterday they were offering 1.469 which compares very favourably with the median rate at the time - a margin of less than 1 cent - and additionally of course this will be a fully functioning french current account so I've decided to get their introducory pack and set this up.

Would be interested if anyone else has a Britline experience.

Reply to
Jim

median rate at

be a fully

pack and set

I've toyed with the idea of setting up an account with them but I haven't for a couple of reasons:-

I'm eventually going to move to the South of France somewhere, I know Credit Agricole are all over France but Britline is based in Normandy.

They do charge a monthly fee for the account (though I suspect this is common to most French banks)

Reply to
usenet

median rate at

will be a fully

pack and set

indeed and fine for me

if they all charge then it's puzzling as to why you would cite this as a reason.

Reply to
Jim

Well I'm not quite sure they do all charge. I only actually want a bank account in France which allows me to write, say, half a dozen cheques a year. If I can find an account that is quite happy to have a couple of hundred Euros in it with no interest paid but with no costs either then that is all I need at the moment. I don't need a card of any sort nor any other facilities, I just want to be able to write the occasional cheque.

I'm currently hoping that CCF (HSBC in France) may offer me what I want, I'm awaiting their account opening bumph at this very moment.

Reply to
usenet

HSBC's exchange rate is poor, typically worse than 3 cents below median and in this thread I'm trying to explore exchange for larger sums and any connected risks. Clearly for small cheques 3 cents is neither here nor there and will suit you fine.

Reply to
Jim

this thread

Clearly for small

The rate that HSBC use can be quite different in different countries. In the UK its not so good, but I also bank with them here in the Philippines and the exchange rate when I convert Sterling to local currency seems to be 1.25% less than the interbank rate, which is more reasonable.

Reply to
Chris Blunt

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