Best exchange rates -£100000 sterling

C

cumbie

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not sure if this is the correct place to post this, hopefully it is. just wondering where you get the best exchange rates. I need to lodge a cheque for 100000.00 sterling and was wondering if I should just go to the bank or is there somewhere else I could get a better rate?
 
I had a similar cheque to lodge about 2 years ago. Not sure if my circumstances were similar... Living and working in UK. Sold home.. I was in no rush to bring the cash back to Ireland.. so I went with a company based in the UK called HIFX. I basically told them what exchange rate I was looking for.. and then it was just a matter of waiting it out... in the meantime I left the cash in a Halifax online savings account earning 5.5% interest... (this was a few years ago so im sure you could get better rates now). HIFX works by waiting until the exchange rate hits the rate you have requested plus its commission and then does the transaction. So effectively you get what it was you requested... I then transferred the amount to their account.. furnished my account details in Ireland and within 24 hours the money was in my account.
Hope this helps..
 
the key here is understanding the market, specilist brokers like hifx can be good if you know how to deal with them, if your are ignorant they can make a lot of money on your transaction. for that amount I would expect a resonable Ex rate of 0.3% below the Interbank rates, you can find these quoted live on the BBC news website. Remember nobody can predict exchange rates so dont gamble if you have a budget
 
deviant goof said:
the key here is understanding the market, specilist brokers like hifx can be good if you know how to deal with them, if your are ignorant they can make a lot of money on your transaction. for that amount I would expect a resonable Ex rate of 0.3% below the Interbank rates, you can find these quoted live on the BBC news website. Remember nobody can predict exchange rates so dont gamble if you have a budget
Click to expand...


Not an expert on fx but why would you expect 30bp below the market rate on 100,000?? Where's the bid-offer margin for the bank gone?
 
if your a good negotiator thats the minimum im suggesting a broker will settle for, they will cover their costs and retain enough profit to get them interested - some banks will also give you a similar deal but you need to get through to the right department, not always easy! Bank spreads to big brokers are very small.
 
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