XE trade for converting Euro to Sterling

L

LouisCribben

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I had some money to convert from Euro to Sterling.

I didn't want to use Bank of Ireland, because of a perception I had that they would not give a competitive rate.

So I set up an XE trade account (online), I think they promise to give the best exchange rate.

After getting over the red tape of sending them my scanned passport and scanned electricity bill, and signed witness etc, my XE account was opened

So I go on the XE website, and get a quote to transfer Euros into 4'000 sterling

The cost is 4615.06 Euros

Then I try bank of Ireland Online Banking

The cost is 4612.01 Euros


Ok, nearly the same, but Bank of Ireland are cheaper !

Only problem with BOI is that the online limit per transaction is 5000 euros for foreign currency


Any other comments about XE, or ways to beat the exchange rate offered by high street banks
 
Omnisfx are regulated in the UK to deal with international clients, they are regulated by UK custom and excise and are registered with UK FSA.

Most currency brokers are able to register and deal for individuals all around the world as long they can identify the client. i.e receive a copy of a passport and home utility bill.
 
Just an update, I tried transfermate.

From 1 transaction of say €5000, I can save about €35 by using transfermate compared to using Bank of Ireland when converting to sterling.

Maybe on different days, there is no saving, I only tried it once.

Question: Isn't there a risk that a company like Transfermate would go bust ? If Transfermate went bust, would it be guaranteed, and by whom ?

As a crude, unlikely, highly improbable example, what if someone in Transfermate gets my money, withdraws it, and spends it for their own living expenses ?
 
hi louiscribben

having worked for two currency brokers such as transfer mate, what normally happens is that the client funds are kept in a client segregated account. i.e if the company goes bust it is not counted as a asset of the company and cannot be spent.

I have no experience with transfer mate but this is common practice with the firms i have delt with.
 
Boros said:
hi louiscribben

having worked for two currency brokers such as transfer mate, what normally happens is that the client funds are kept in a client segregated account. i.e if the company goes bust it is not counted as a asset of the company and cannot be spent.

I have no experience with transfer mate but this is common practice with the firms i have delt with.
Click to expand...


OK, it's a client segregated account, and is not part of the assets of the company......that's good.

Does this mean that an unscrupulous employee or director could not withraw money from the client segregated account, and use it to have a bet on a horse at the bookies ?
 
So could a bank. They have an online system that tracks all payments. You have a record of sending to their client account always and everything is tracked online
 
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