[granger]

I've seen a few posts recommending different companies to exchange money. What I'm wondering is, how do you know who is giving the best deal because when you make the transfer you won't have a rate from another company to compare it with. Or will you?

[willsken]

I use XE and they have alway offered me a good rate. I suppose you could join more than one and compare on the day you want to make the transfer.

[Flo jo]

We used transglobalpayments.com who got us the best rate & they advised us on the best time to trade. We were going to be cautious & only transfer some of our capital but they warned us that the rate would not increase but is likely to dip, so we changed all our money at the same time (phew!!). I would not hesitate to use them again as they were very professional. Plus the money hit our account in NZ first time, as we had heard horror stories of peoples cash getting lost in the system & having to wait while it was being located (not good).

[granger]

I think that might be the only way to do it Nicola. I was hoping someone else might have done something like this already and could say which outfit had offered the best deal. Thanks for your answer Flo jo. I hadn't heard of that company. Same question really. How can you be sure they offered you the best rate?

[IanW99]

I think that might be the only way to do it Nicola. I was hoping someone else might have done something like this already and could say which outfit had offered the best deal. Thanks for your answer Flo jo. I hadn't heard of that company. Same question really. How can you be sure they offered you the best rate?

If you check out xe trading service they quote "We guarantee to beat every posted bank rate on every transaction. We also guarantee to beat every other competitor's rate nine times out of ten. For more details contact us." so you could contact them to ask.

What I do like about their service is that you can see the rate that they offer before you accept the transaction and it changes throughout the day so you can get keep trying until they offer a rate that you like.

Ian

[holland]

I am glad this thread has come up...we are registed with XE trade and try as we might to suss what we are doing with the site...we just can't. I have spent hours staring at the screen. I am registered...i have money I want to transfer and I don't know what I am doing???? can anyone help, I just don't know what I am doing wrong.

J x

[IanW99]

I am glad this thread has come up...we are registed with XE trade and try as we might to suss what we are doing with the site...we just can't. I have spent hours staring at the screen. I am registered...i have money I want to transfer and I don't know what I am doing???? can anyone help, I just don't know what I am doing wrong.

J x

Have you managed to work out how to use xe trade yet?

If not, have you tried going to xe trade (http://www.xe.com/fx/) and selecting Live Demonstration option on the left. This takes you through the process of placing a bid as if it was a real transaction.

When you start the demo, you would normally just select the 'basic trade' option and follow the pages from there.

Ian

[Mels]

I am glad this thread has come up...we are registed with XE trade and try as we might to suss what we are doing with the site...we just can't. I have spent hours staring at the screen. I am registered...i have money I want to transfer and I don't know what I am doing???? can anyone help, I just don't know what I am doing wrong.

J x

Glad I'm not the only one :D :D

Mels

[seagulls]

The simple way is to join two or three companies. For example, Hifx, Moneycorp and XE. Then call them all at the same time and ask for their rate. When you have them all - call back the best one. Or say to one of them - company x is offering me a rate of xxx and they will always better it.

Alternatively lie and say you have a better rate from someone else. As long as you aren't trying for too much they will always match it.

To have a quote of saying that you are always able to beat a banks fx rate isn't saying much. Bank's rates tend to be awful and for any larger amount they should never be used.

[holland]

Ian....er no!!!!!!!!!!!!!!!!!!!!!! help!

[holland]

Ill try your tip Ian!

j x

[3littlepikes]

are these companys in NZ or UK - we are looking to transfer money later on this year ( hopefully ) any recommendations from the UK to NZ . is it better to transfer sterling to NZ and hope the rate inproves . not sure what we are doing

[seagulls]

Hifx and Moneycorp are based in the UK and accounts can be opened online with just identification copies needing to be posted to them
hifx.co.uk
moneycorp.com
You just phone them up, get a rate and then verbally agree to go ahead with the exchange. If you aren't happy with the rate just tell them you'll call back later and hang up - you are under no obligation. You will then need to send the currency you are selling to their bank account. You tell them where they need to send the other currency and all should be done. If you don't get your money on the date then claim the lost interest from them. They will pay it!!! They will definitely charge you if they don't get there money in time so why should it be different the other way around.

Your guess is as good as anyone elses when it comes to where the exchange rate will be at any point in the future. Historically, the GBP to NZD rate at the moment is low. There aren't many times, maybe once, over the last ten years where the rate has been lower than 2.5
I think as other people have already said - transfer the money when you need it.