The Wholesale Forums

[unknown_101]

Afternoon all,

I am after some advice with regards money and currency transfers. I'm a relativly new buisness and am starting to expand across to the states and within the euro zone but want to make sure I am not missing a trick. Currenclty I use my bank for transfers but have come across currency brokers that state they can save me money.

Is this true?
Are they easy to use as a buisness?
Are there any in perticular that anyone would recommend over another?

I've done a bit of research and have come up with:

HiFx,
Foreign Currency Direct,
and MoneyCorp,

Any thoughts??

[Anthony]

Some of our members use Interchange FX who are also advertisers here. We've heard good things about their service. There are of course plenty of other companies out there, all competing for your business, so do compare deals.

[FashionCraze]

Banks do tend to charge more for currency transfers and don't give the best exchange rates. It can be easier at first to use your bank for small transactions but when you are established and transfering higher sums their charges can add up and eat into your profit.

[Pete]

Look into PayPal Mass Pay. It is instant, it is FREE for the receiver and costs the sender a maximum of $1 USD. You can use any currency the seller accepts, but you MUST have the funds in your PayPal account.

I have people use it all the time. Some will even have me hold the order until they transfer the funds into their account, but is definitely worth it.

Most sellers have some sort of PayPal account, all you need is their PP email address and you're in business. There is a limit, but it's like $25,000 or $30,000 per transaction. I get 4 digit payments all the time.

[uhafmail]

Using paypal masspay is convinent for cashflow but not for saving money. They give you an awful exchange rate even compared to what your bank will give you on a personal account!

[Pete]

Well, in my case I take USD, GBP and EUR, so many do not need to exchange anything. I try to accommodate my customers as best I can.

Some in Eastern Europe, out of the Euro zone, or elsewhere may have a problem, but even so, $1 plus exchange with PayPal is still probably less than T/T rates plus exchange in many cases.

Of course, it's always good to compare, but for me and many of my buyers it works quite well.
.

[FashionCraze]

Pete,

Even if you accept several currencies you still have to convert them back into your currency for you to be able to use them and paypal are one of the most expensive for this.

[Pete]

I pass them on, not convert. Down the line someone may have to, but I don't.

[mre2mpo]

I have used HiFx and they offer a good service, but they're not always the cheapest currency dealer. As has been said before currency dealers are only worth using for higher amounts.

[The Werks]

I am in the middle of registering on the UKforex/OzForex, they tend to have a minimum of £1000 transfer, but they have a sub site called http://www.tranzfers.com/ they have a fixed fee of £7, it's around £20 if I use a bank. And the exchange rate is much better.

I'll let you know how I get on.