Key Post The best way to transfer large amounts in euro to and from other currencies

Discussion in 'Banking, credit cards, etc' started by Brendan Burgess, Mar 11, 2008.

  1. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,272
    Since my first post things have evolved to the blood test stage. I have asked for the name of someone to complain to.

    I will look at Currency Fair. Thanks for the suggestion.

    Brendan
     
  2. Palerider

    Palerider Frequent Poster

    Posts:
    1,052

    Imo if you ever have to complain to a higher authority then what's the point, exchange business should be easier to do and it is, elsewhere but fair play to you, for me I'm with Ronseal all the time, every time, I just want it to do what it says on the tin, if it doesn't or if I'm made run around then I take my business elsewhere, let us know how you get along.
     
  3. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,272
    Last edited: Jun 21, 2018
    OK, here is my experience with Currency Fair

    https://www.currencyfair.com/

    1) Set up an account on their website - very straightforward.
    2) Uploaded passport and bank statement for ID purposes - no problem
    3) Filled in the bank account details to which I wanted the euro to be paid ( my own euro bank account in Dublin)
    4) They texted me with a code as I was entering bank account details and I entered this to confirm it was correct.
    5) They gave me their bank account details into which I was to transfer the money.
    6) Went to my Ulster Bank Sterling account and transferred the Sterling to them.

    This has taken about 10 minutes in total. Every "form" was filled in online. I haven't spoken to anyone. The only offline event was the code to my phone to verify the bank account.

    Got an email from them

    "We have received your identity documents and our Customer Activation Team will review them shortly. This should take no longer than one business day. If we require any additional documentation from you, we will contact you via email.

    Once we receive the money, we will automatically exchange it at the best available rate and transfer the money to Brendan Burgess (Account number ending in 7000). If you have already sent in the money, please disregard this email."

    Of course, they might still come back to me asking me what I had for my breakfast and to do a blood test.

    By comparison, this is where I got to with Transfermate (with whom I already had an account which had lapsed!)

    1) I had to fill in a PDF application form, print it off and sign it.
    2) I had to scan the form and email it to them.
    3) They said that they would call me when Compliance was happy
    4) They called me to know the source of the funds so I sent them a copy of the stockbrokers dealing note and my Ulster Bank statement.
    5)They then emailed me to say that this was not satisfactory
    • I had put my AIB bank account on the form and not the Ulster Bank account (this makes no sense to me - they just asked me for one bank account details)
    • They said my name was not on the Ulster Bank statement - it was.
    • They said that the Ulster Bank statement did not show me to have enough funds - it did, but they would have had to have added the lodgment which had not cleared to the balance to see that. (Anyway that is irrelevant, if I could not pay the money, they would not have paid me the euros)
    6) I asked for the contact details of the person to whom I could complain.
    7) I got an email back with the name of my account manager but he can't call me today
    8) Someone else left a voicemail asking me to fill in the form again with the Ulster Bank details.

    Brendan
     
    Last edited: Jun 21, 2018
  4. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,272
    Just got an email from them:

    "Your GBP has been exchanged to EUR at the rate of 1.1392 and we have instructed our bank to transfer the money to Brendan Burgess (Account number ending in 7000).

    We estimate that Brendan Burgess will receive the money on Monday, 25th of June."

    I didn't even check the rates. The service is very good. Astonishing that Transfermate interpret the Money Laundering rules so differently.

    Brendan
     
  5. Palerider

    Palerider Frequent Poster

    Posts:
    1,052

    Completely agree, I had a similar experience that swallowed a load of my time after I got the account opened, as I went to use them shortly after the account was opened they started requesting additional supporting paperwork and wanted a copy of the originating bank account statements which I was not prepared to give as it would have taken me days to get these and circle back meantime the rates keep moving, I got onto CurrenyFair and did the transaction that day, no more fuss.

    Very unfriendly and distrusting actually, perhaps a training matter, in any event look how you got sorted today, an easy to follow customer focused system unlike the other.
     
  6. Ravima

    Ravima Frequent Poster

    Posts:
    2,352
    Glad to have been of some use to you, Brendan!
     
  7. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,272
    Just checked my AIB account and the money is in there overnight.


    Just to remind you that Transfermate raised the following difficulties:

    They left a voicemail yesterday morning to say that Compliance was now happy enough with the Ulster Bank statements and so all I have to do is fill in the form again and they will do the deal. Their account manager is on holidays today, so he can't ring me about my complaint.

    They rang again yesterday afternoon to tell me that the Account Manager was getting married and would I just fill in a new form and send it in. I reminded her that I had asked for the name of the person to who I could complain. She said she would send that on to me.

    Then I got another call from someone asking me to call them back.

    So I think I have now asked three times for the contact details of someone to complain to, and they have not given it to me.

    They have wasted so much of my time.

    Brendan
     
  8. josoap

    josoap Frequent Poster

    Posts:
    46
    Just want to let you know, some months ago I asked for advice about transferring money to U.K. Got some recommendations on this site and chose Currency Fair.
    They were excellent. Thank you.
     
  9. sahd

    sahd Frequent Poster

    Posts:
    748
    Could it be that CurrencyFair are not complying with Money Laundering rules?
    Why did they not ask for details of the source of funds? I understand that any transaction over €15k will require proof . (I could be wrong)
    https://www.currencyfair.com/support/en/sending-in/information-about-my-deposit