Where to "buy" lots of € (1 Viewer)

[funflair]

We are going to Polch to the N+B factory open weekend, if we were tempted to spend lots of cash where and how do people buy Euro's for this sort of transaction, when we travel we just buy from Ramsdens in town as they usually have the best rate BUT for £100k is there a better way of doing things and for sure we don't want 100k in cash.

Martin

 

[Alistair33]

We use The Times Currency Service

 

[tonka]

When buying "tonka towers" I was put on to and used worldwidecurrencies.com
There are many similar ones operating that group cash together and get a trading rate.

https://worldwidecurrencies.com/

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[Gellyneck]

Just take your

with you!

 

[Riverbankannie]

Have a look at moneycorp.

 

[rosalan]

On a search I came across Torfx who seem to arrange fast transfer fees but perhaps your best bet would be to contact the dealer to ask what their preferred form of payment is.

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[tacr2man]

Money laundering restrictions may limit your cash carrying !!

 

[OldAgeTravellers]

When we were buying our French house we used Currencies Direct and for large amounts you can actually talk to the Dealer on the trading floor (computer) and haggle. I set up a few feeds online so I could see the various market prices and got a very good rate.
Steve

 

[Coastal Cruiser.]

You could try your bank first,
About 6 years ago I imported a car from Florida and when I looked at the rates my bank (Lloyds) were it was not that far off of the others and It was easy to do..
Might be different now as they have lost so much money they don’t seem to give much away...

Do they sell direct from Polch then Martin?

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[OldAgeTravellers]

Currencies direct will transfer on the same day into the dealers account. So If you know that you are going to buy abroad it is worth forward buying the amount you want to spend when the rate is good. Just 0.5 pence difference is quite a lot when spending 70k. Even more when buying a house at 300k.
Steve

 

[OldAgeTravellers]

Be very careful buying from your bank. They usually quote the mid rate and don't do the transaction immediately. So you get what you get rather than what they told you.
Steve

 

[Lenny HB]

Last time I did a big transaction I used Easy FX. All these currency firms you need to ring them to haggle a better rate than the online one. Don't forget it can take upto a week or more to set up an account. Banks are hopeless nowdays they try to fob you off with the tourist rate, first time we bought abroad we used the bank and haggled a good deal those days are long gone.

Heres a comparison site for FX's.

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[funflair]

You could try your bank first,
About 6 years ago I imported a car from Florida and when I looked at the rates my bank (Lloyds) were it was not that far off of the others and It was easy to do..
Might be different now as they have lost so much money they don’t seem to give much away...

Do they sell direct from Polch then Martin?

They have some used vans that they will sell direct, but I believe that if you want new you have to go through one of their dealers.

Martin

 

[funflair]

Just take your
View attachment 193574
with you!

Don't want to carry that much in loose change though.

Martin

 

[funflair]

So you just register one of these accounts and then do you have to transfer in £ to have ready to buy €.

You can tell I have not done this before can't you

Martin

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[Theonlysue]

Hifx will hold euros for you. You xan open an account online and they will buy on your instruction then pay it out when you want to.

 

[funflair]

Hifx will hold euros for you. You xan open an account online and they will buy on your instruction then pay it out when you want to.

So at what point does £ come out of your UK bank?

Martin

 

[Theonlysue]

When you instruct the euro purchase so you choose a day when you're happy with the rate.

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[buttons]

My question would be what ever are you going to do with a van that has cost you 100k.

 

[bellabee]

We used HiFX for our recent European purchase. I don't know how their exchange rates stack up against other FX companies, but they're very efficient and easy to deal with. All I had to do in order to set up my account, was to email them photos of my passport and driving licence.
I just transferred money into the HiFX account via internet banking. You may have to speak to your bank if you want to transfer a large amount, because most banks seem to have a maximum amount per internet transaction of £20,000. With some banks it's £10,000. Hi FX allow you a couple of days to pay the money in, so you can do it over successive days if you need to.
They're very helpful. You could phone an ask their advice.

 

[gus-lopez]

If you 'forward buy' they gtee the rate for up to 2 years with a 10% deposit. rest is paid when actual amount is required.

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[funflair]

When you instruct the euro purchase so you choose a day when you're happy with the rate.

Thanks Sue.

Martin

My question would be what ever are you going to do with a van that has cost you 100k.

Same as a van that cost a lot more or a lot less, it's just a home on wheels at the end of the day.

Martin

 

[Ridgeway]

Ask if they sell it to you in USD, they probably will. £ to USD is in your favour and USD to € is in their favour.

Believe it or not i have UK customers preferring to pay in USD over € in the last few months for this reason, values around £500 - 600k.

 

[Ridgeway]

And buying a forward rate is certainly a sensible approach if the build time is >12wks.

Finally don't forget that FOREX rates can be negotiated but you'll get little joy at specialist currency provider, better at a main branch of bank.

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[lorger]

We used Moneycrop when buying our van from Germany, we gave them a 5% deposit and they kept the rate locked glad i did as we locked it at 1.39 and by the time we picked up it was 1.24. The transaction went very smoothly and the agent that dealt with our account couldn't have been more helpful

 

[funflair]

And buying a forward rate is certainly a sensible approach if the build time is >12wks.

Finally don't forget that FOREX rates can be negotiated but you'll get little joy at specialist currency provider, better at a main branch of bank.

Thanks but if we do anything I think it will be private sale.

Martin

 

[jollyrodger]

Have used tor Fx and Hi fx in the past with good results Stirling in euros out simples but check the rates

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[BreweryDave]

I have used TransferWise for several years now. Always a better rate than the banks, and best of all very simple to use via an app. Use it every month!

https://transferwise.com/i/davidh806

 

[gerry mcg]

Hifx will hold euros for you. You xan open an account online and they will buy on your instruction then pay it out when you want to.

I used HiFx to buy our van. Good rate and I was able to forward buy (hedge) my euro buy at an agreed rate that was guaranteed 9 months ahead, for a 10% deposit
So i paid £4k up front to reserve £40k worth of euros at 1.30. It saved me a packet as the £/€ rate dropped to 1.12 at the time I had to pay for the van

 

[Jenben]

When we bought our van in Belgium we used Currency Solutions setting up an online account. We dealt with them on the phone regarding buying the euros and transferring them , it was a very straightforward process.

I will admit it did feel uncomfortable transferring a lot of money from our bank to an online currency dealer ! However we had done a good amount of research eg. trustpilot reviews plus practical experience of others.

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