Moneycorp

M

monquest

Guest
Hi,
I have seen links to Moneycorp from AAM. This company provides a foreign exchange service. Does anyone know if they provide a service to customers in Ireland or whether there is any company which does large foreign exchange transactions and will do so on instruction (eg when a certain rate is reached?)
Any info on this would be appreciated.
Thanks
Monquest
 
Moneycorp.com

Clubman,
no, it is moneycorp.com which seems to be a different outfit altogether, I should have made the link clear but didn't think of a .ie site. Since I posted, I sent an email enquiring whether they do business with Irish clients and have been told they do. So my question now is has anyone dealt with them and how would they rate the service etc?
Thanks
 
online currency exchange

Monquest - I need to make a euro to sterling exchange very soon and Googled online currency exchange outfits (of which there are dozens). They all claim to offer better exchange rates than the high-street banks and all claim to not charge any fees. HOWEVER there are no real details and on the ones I've found,you have to register before getting the details and the "fine print". One turned out to be HSBC on further investigation.

Anyone know if online FX exchanges provide a better deal than banks/building societies?
 
Disillusioned

I went to the bother of applying for a moneycorp account on the basis that their rates were good and you could ask to transfer at a certain rate but when I went to book a transaction the rates were worse than AIB and to book a rate I was told "we don't do too many of those, it would be better if you call in". Not impressed, I went back to AIB. Still want to make another transaction so if anyone has any good sugestions, would love to hear them.
 
Disillusioned

Monquest I'm pretty tired and disillusioned with fx transactions after today. There is lots of advice on AAM about "shopping around" but the reality is many online sites belong to the high street chains anyway and their rates are the same. You must have an account with the bank or financial institution otherwise they won't process an fx. On the telephone this a.m. to the International Business specialist centre of my own bank the deal was that their "taking price" for euro to sterling (which is different from their "giving price!!!") would be the commercial rate as the amount to be exchanged was large. HOWEVER you have to decide "on the spot"......there is no "best of three" or "best rate over 24 hours" arrangement which is what I was requesting. I was offered the option of "booking" at the rate of the telephone call. This rate would be held on a reference code number for up to 3 months. The booking constitutes a legal contract and if the euros are not deposited with them within 3 months they would charge me a "give rate" of purchasing them back from them (neat one that.......!)

I felt there was no room for manoeuvre, use judgement or have any control. It's been suggested to me one option is to put the funds into an offshore euro account. However there still has to be that moment of exchange and all the above still applies, and in addition there are transaction and management charges on euro offshore accounts.

Not very good news. Perhaps others have suggestions to get around it?
 
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