Best currency transfer company

[Robert]

As part of our preparations for our move to Cyprus we're trying to dot every i and cross every t before we get on the plane. Our Cyprus living costs will be met by converting £'s to EUR's and I know our bank offers derisory exchange rates. We therefore want to open a couple of currency transfer accounts as part of our preparations. Our criteria is the best exchange rate after all costs and reliability of platform. On this great site I've seen both TransferWise and CurrencyFair positively mentioned in the past.

Who do you use for your currency transfers and would you recommend them?

[PolemIan]

We used CurrencyFair for all the transfers required for our house build, so a significant amount. Rates very good and only €3 per transaction regardless of value, so with large figures that was far more cost effective than other companies who charge a %. We haven’t had to use them for a while, but I know others who do on our recommendation and they are still happy. I get the impression that TransferWise might be a bit quicker - with CF it was case of understanding cut offs and then they always met their estimated transfer periods.

Ian

Ian

[Flyer]

We use TransferWise, very quick and once setup you use the same settings each month, no need to go to your bank site and transfer money, all done on your debit card on the one TransferWise site, so easy. One site visit and its done.

[trevnhil]

Can you post the costs that transferwise charge..

[JimX]

I have used TransferWise for some years, they use a simple Debit card system transfer via your PC , the cost we find very reasonable and more to the point very fast and reliable usually same day into your bank, you would be limited to your Debit card allowance but you can do transfers daily if the need be, the cost of transfers will depend on the amount, my last transaction was for 1K and cost less than €10's.

https://transferwise.com

[Robert]

Can you post the costs that transferwise charge..

For a £2,000 transfer, transferwise using the Low Cost Transfer (send money from account) method, fees seem to be £7.77 which is about 0.4% of the transfer amount. Using the Fast and Easy Transfer (send money from debit or credit card) method, fees seem to be £11.75. Exchange rate guaranteed for next 24 hours is showing as 1.1131 which looks to be pretty close to the current spot rate so unlike banks they don't seem to be gouging on the actual exchange rate.

They are also authorised (vs registered) by the UK FCA which I believe means they are required to keep your money separate from the company’s own accounts which might help if they go bust.

In contrast CurrencyFair seem to be regulated by the Central Bank of Ireland and also seems to be a Corporate Authorised Representative (No.419450) of CurrencyFair Australia Pty Ltd, regulated in Australia by ASIC. I don't know if this is better or worse protection than being UK FCA authorised.

Most transfers will be monthly type spending so if they blew up mid transfer it wouldn't be too devastating but we will also be transferring for a car and eventual home purchase in our first 12 months which would be.

[mike strand2]

Have used both CurrencyFair & Transferwise. The charges and exchange rate of CF are better than TW.

[Robert]

Looking like for PL posters it's a CurrencyFair or TransferWise story. My research also turned up OFX, FCExchange and HiFx but I've found nobody using them to recommend.

[Kili01]

I use Currency Direct who have an office in Paphos as well as in London. Cost for a £3000,00 transfer in euros to my Cyprus bank is €10, very quick and reliable. I have found it useful to have someone locally who I can ring for latest rates or any queries.

When all’s said and done you can take your pick of the different currency exchange co’s. They all offer much faster, cheaper transfers at a better rate than a bank does!

Dee

Dee

[J B]

As part of our preparations for our move to Cyprus we're trying to dot every i and cross every t before we get on the plane. Our Cyprus living costs will be met by converting £'s to EUR's and I know our bank offers derisory exchange rates. We therefore want to open a couple of currency transfer accounts as part of our preparations. Our criteria is the best exchange rate after all costs and reliability of platform. On this great site I've seen both TransferWise and CurrencyFair positively mentioned in the past.

Who do you use for your currency transfers and would you recommend them?

As you still have a UK address and it sounds like you will be maintaining a UK bank account (?) have you considered a Starling bank account?
https://www.moneysavingexpert.com/credi ... /#starling

Obviously not for moving large amounts of money, but good for cash for spending money and/or debit card for your shopping etc

For larger transfers, we use Currency Fair

[Robert]

As you still have a UK address and it sounds like you will be maintaining a UK bank account (?) have you considered a Starling bank account?
https://www.moneysavingexpert.com/credi ... /#starling

Obviously not for moving large amounts of money, but good for cash for spending money and/or debit card for your shopping etc

For larger transfers, we use Currency Fair

I currently have a Barclays account but I know they'll close that as soon as I given them a Cyprus address. I've therefore already opened a UK current account with another bank. As soon as we have a Cyprus long term rental I think we can then open a Hellenic account and from there use the transfer companies.

[trevnhil]

Hi Robert. Presumably your new UK account will be OK when you move to Cyprus, with an address here
Are you able to share the name of the bank with us..

[Robert]

Hi Robert. Presumably your new UK account will be OK when you move to Cyprus, with an address here
Are you able to share the name of the bank with us..

Sure. I went with NatWest as I couldn't find anything online about them closing accounts for Cyprus residents and their Current Account is still free.

[trevnhil]

Well done, and thanks for the answer.. We are with Nationwide and we have kept our account with a Cyprus address.

[Lincoln]

Hi Robert. Presumably your new UK account will be OK when you move to Cyprus, with an address here
Are you able to share the name of the bank with us..

Sure. I went with NatWest as I couldn't find anything online about them closing accounts for Cyprus residents and their Current Account is still free.

Like you we are with Nat West and they are most helpful. We use electronic transfers of funds on a regular basis using currency fair and at £3.00 a charge for what ever amount makes a big savings over other transfer companies

[Kili01]

I am with NatWest have been with them a long time. They accept my Paphos address. Have had no problems with them. They also have Nat West International which have off shore branches in the Channel Islands.

Dee

[J B]

Hmmm

Do the ex-pats living in CY think that the OP may be better with two UK accounts, belt and braces and all that perhaps??

[trevnhil]

Certainly if in the future one bank changes the residency rules, it would save a lot of problems..

[PolemIan]

Before we moved over, we opened additional UK current and credit card accounts as we knew, through my wife’s expertise, this would be much harder to do, if we wanted to, without being on the electoral register, getting a new account through the UK credit scoring processes is very difficult. A simple SO of £1 per month keeps the new ones active. We’ve also opened extra joint and sole accounts with 2 other local CY banks in addition to our existing one which will make getting a CY credit card easier if we ever wanted one. All bases covered I think!

Ian

[Robert]

Hmmm

Do the ex-pats living in CY think that the OP may be better with two UK accounts, belt and braces and all that perhaps??

Thought about that but then how far do you go - maybe 3 accounts or should it be 4...

I understand if it all goes a bit wrong then Bank of Cyprus UK will allow me to open an account so that's my current back-up plan.