Im newly registered but have been keeping up with the board for a few months now, but have come to a point where I need some guidance….
I am about to enter into the ‘deposit’ phase of purchasing property near Chania and have heard all the stories about the loss of capital by using the ‘wrong’ currency exchange type companies. Does anyone who has already gone through this process have any advice please? I am thinking of perhaps using either Moneycorp or just straightforward transfers via NatWest… all comments and advice very welcome!
Thanks very much, looking forward to hearing back (and to moving to Crete!)
We used a currency trader for to buy euros for the deposit on a house. We did a ‘spot’ (immediate) trade which gave us a rate of E1.45 when High Street banks were giving E1.40. I’m told it’s worth doing for any amount over about £2,500. We had to open a client account – no cost – and the funds are transferred straight from your bank – who charge – to theirs & then they transfer the euros by SWIFT or BACS at no charge.
You can also do a ‘forward’ contract which locks the rate for the term but at a lower rate than the ‘spot’. You do have to be sure that you will want the currency at the end of the term as the rate goes down each time you defer, as we found to our cost!
We went to a company called FX solutions which was recommended by a friend & so far they have been very good. A web search on currency dealers brings up lots of others.
Hope this helps
We use Worldfirst. We’ve had excellent service from them. We’ve had a little problem with the Greek banks and Worldfirst have been more than helpfull. The exchange rate is good and you can transfer money very easily once you have an account. And you can talk to REAL people.