Transferring the loot Forums

ChrisNViv

I think we've got a goer with our German import project and I'm struggling a bit to identify an efficient way of getting the dosh over the water.Options seem to be:
(a) Electronic transfer from bank. Downsides - takes 3 days and means either sitting at the dealers until the money arrives or sending it over in advance and hoping that the dealer is still there when you turn up to collect the van.
(b) Bank draft. Takes 3 days to clear in german banks. See above.
(c) Switch/Maestro card transfer but non-negotiable commission of 2.6% on euro transfers. 500 quid on a 25k van eats into your margin eh?
(c) Cash. Uncomfortable thought but looking increasingly likely. Someone mentioned thomas cook in an earlier thread but they appear now to have holiday money style upper limits. Tempting rates by some of the web brokers but looking a bit scary from where I sit. The high street banks don't seem to be awfully competitive
Anyone got a positive experience to share?
ChrisNViv

androidGB

I've just used Currencies Direct. Transfer the Euro equiv from your bank to CD(they will give you commercial exchange rates- far better than the banks)
They will hold these funds, and all you need to do is fax them an instruction from the dealers and they will do an immediate same day transfer to the benificery.

Very Happy

Andrew

bognormike · Moderator

ChrisnViv

Android's solution seems safest & most cost-effective. these types of company operate for people buying properties abroad - try the newspaper property supplements for ads or advertorials.
Be very wary about carting cash; apart from the security aspect of having a suitcase full of euros Exclamation

, because of money laundering regulations, 1) your bank may question what you're drawing it out for (an invoice from the German dealers will probably suffice), and 2) The german dealers will probably have to report the transaction to their money laundering authority, and would not be too pleased to have cash..............

JSR

Fully support androidGB's suggestion. I have just - half an hour ago - transferred a large sum of cash via Foregn Currencies Direct. Have used them several times in the past with no prob's. Charge is £27.00. If you use them make sure you haggle. I asked for a quote at 9.10am this morning and was quoted 1.4610 Euro = £1.00. Said I'd think about and then rang them back in half an hour. Told them that I'd rang my bank, HSBC, (hadn't really, but hey, all's fair in love and money!) and they would do it for charge of £21.00 at a rate of 1.4685 to £1.00. Suddenly the rate went up to 1.4710. Deal done.

Good luck.

Geo

For the very same reasons as you I wanted to pay cash, and was told by the dealer that due to EU money laundering regs no more than £12000 could be accepted and had to do it via bank transfer, so we paid in to our normal bank and used a debit card not what I wanted but he said no alternative if over the regulated limit as stated , so maybe your German dealer wont take your cash either, Strange world we live in
not so many years ago you had to see if they would take a cheque Rolling Eyes

Geo

smiler

Hi, paid cash for my 6 month old hymer 2yrs ago. Bought it in Germany from a dealer, taking cash in 500euro notes is no problem, in my case the sight of cash got me a further discount

RR

http://www.worldfirst.com/

I have just used these people for buying and transferring dollars to USA.

To say the service was 1st class is an understatement.

My dealer was stunned at the fast efficient service.

This company was in touch with me all the way

wordylad

i paid half in the form of a bank transfer and the other half in cash when i picked the van up.
I also got a discount when i produced the cash.

Just dont go in any lapdancing bars before you hand over the money.
Just afterwards. Wink

colian

If you are worried about cash and charges, open a nationwide account over here and put the money in it. Then pay with debit card they do not charge for foreign currency. Just make sure they know a large sum will be going out beforehand so they do not block it.

ian

ChrisNViv

Sage advice here and a few leads to follow up but first a couple of specifics:

Currencies Direct offer a rate that knocks spots off the high street banks. However they also issue the caveat that their international transfers go at the same rate as everyone elses. This means a 48 hour job (although they're probably a bit sharper on the trigger than natwest et al). "you might be luck and get it thru the same day but no guarantees". I'm interested in Android and JSR's experience - did you send the money in advance or just sit on the doorstep for a while?

Dealers and Cash. Our man in Frankfurt assumed that cash would be profferred: "Many of our south european customers like to work that way..."

We'll keep you posted
ChrisnViv