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best currency service?

best currency service?

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Hi. I have a new client who uses Smart to make around £10k a month to Euro or dollar suppliers. It seems quite time consuming going back and forth on emails to get rate/authorise etc. Any good online ones out there??

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By cruz
20th Jan 2016 11:31

open euro account with bank

Could your client open a euro account with their bank then use say Amercian Express foreign exchange to agree/negotiate rates.  They send sterling to AE via chaps, euro arrive in their account next day.  The rate can be done at spot rate or a forward agreement entered into for say 3/6 or 12months.

In another business i operate (completely unrelated to the accountancy practice) i use them for dollars and find them more competitive than the banks rates offered whilst still providing comfort of service etc.

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By tracy.sammy23.freeserve.c
20th Jan 2016 11:40

Thanks Cruz

One of my other clients has a euro and a dollar bank account and it works well. I shall compare your way to the Smart way and see how it compares. It doesn't cost the usual £25 CHAPS fee each time does it?

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By ANGELAW
20th Jan 2016 12:03

World First

We pay suppliers & receive money from customers in USD and EUR.  We hold bank accounts in those currencies, but use World First to convert into GBP and to pay overseas suppliers due to the rates offered and bank charges associated with the trade. We conduct comparisons with other FX Providers but World First comes out most competitive every time.  We conduct all trades online, and customer service is second to none.  I would highly recommend getting in touch with them. 

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By cruz
20th Jan 2016 12:10

Good info

Angelaw so will look at World First also.

Our charges are £30 per quarter for having he dollar account.

Each trade with AE has a £10 fee.  The bank fees for the payment are low given they are all done online.

With AE they have a platform for spot rates but if you call them they normally reduce their margin providing enhanced rates  Typially we will do this for all transactions over $25k.

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By jon_1984
20th Jan 2016 12:25

Afex have an online platform that allows you to save beneficiaries and then enter transactions against them.

You can choose to have funds taken by direct debit two days later or send a bank transfer with the funds.

You can have one person login to setup the payment and another to authorise them if required.

 

 

 

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Replying to K81:
Red Leader
By Red Leader
20th Jan 2016 14:04

Transferwise

I've used these people a few times. You get the mid market rate minus a very small fee.

https://transferwise.com/

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