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  • #159
    Anonymous
        • Topics: 410
        • Replies: 3735
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        • Practcally Cretan
        • ★★★★★★
        Member since: 1st January 1970

        Hello all
        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!)

        #643
        Sally
            • Topics: 5
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            • BIC Junior Member
            • ★★★
            Member since: 28th November 2005

            Hi Jack
            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
            Sally

            #1030
            Jo
                • Topics: 1
                • Replies: 4
                • Total: 5
                • A True BIC'er
                • ★★
                Member since: 15th December 2005

                We used Moneycorp. It was very easy to set up the account and I have found their staff very helpful. Their rates also compare favourably with our local banks.

                Good Luck

                Jo

                #1352
                Anonymous
                    • Topics: 410
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                    • Practcally Cretan
                    • ★★★★★★
                    Member since: 1st January 1970

                    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.

                    Alex and Chris

                    #1630
                    returned
                        • Topics: 11
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                        • Total: 61
                        • BIC Old Hand
                        • ★★★★
                        Member since: 28th December 2011

                        You will also find some information on this link

                        http://www.britsincrete.co.uk/cgi-bin/bicforum/YaBB.pl?num=1137756409/2#2

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