james
5 February 2018 17:48
44
Everyone has their favourite, I always use TORFX for sums over £1000
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Over the course of my many years of living in France, despite considering myself to be quite frugal and always on the lookout for a good deal, my laziness has cost me a small fortune. I am not exaggerating. Let me explain.
I live and work in France and I generate income from my business activities in the UK too. As such I frequently make currency transfers between the two countries. Previously, most of those transactions would be made via my own bank in the UK or France. I stopped doing that a long time ago and here’s why.
If I were to transfer a small sum today, for example, perhaps to cover living expenses and I need to make a Sterling to Euro transfer, previously I would have called my bank in the UK, established the rate for the Euro and made the transfer. The problem with that approach is that the rate offered by your bank will very likely be significantly less than that offered by a broker.
So I don’t do it like that any longer - the reason is simple,…
TransferWise for the rest
Always on the look out, as I am, for money saving tips, my radar started pinging when this particular service was brought to my attention. For those of you who make foreign currency (forex) transfers, read on. Their model is remarkably simple and transparent, instead of giving you a poor rate of exchange and potentially also charging you a fee for the transaction as many banks will, Transferwise will almost certainly give you the best rate you will find, they make their money by charging you a small fee which is clearly stated before you do the deal. The system is based upon a peer to peer model whereby your requirements are paired with other businesses and individuals, using the mid market rate of exchange to swap the money between local bank accounts so you'll never occur bank charges. Make a transfer now Not only will you be saving money on the rate it is super simple to use. Using their website I was able to setup the transfer in under ten minutes, I received an email confirmation…
I would like to mention that if you use either of them we receive a commission, it does not cost you any more than approaching them directly and helps us run the site and keep it free for you
