US Charges Leaders of White Supremacist Group for Plotting Global Attacks via Telegram

[mokwit]

Trying to circumvent the absolute gauge rates of HSBC* by using alternative transfer /exchange but blocked at every turn: I am sure there is a lot of experience here of transferring house sale sized amounts out of UK.

I thought I could open an account with a UK FX broker, change to USD at interbank rates and then ask them to remit to US account, but I apparently have to be a UK Tax payer whereas I am non domiciled – seemed clear registered for tax in UK, not UK NI number.

Can't sign up for at least some of the non bank transfer companies because I no longer have a verifiable (e.g. utility bill in my name) address in UK (still have bank and credit card statements to UK address). Also callback verification with some. Tried one electronic verification but would not accept me - maybe because not on electoral register?

Can't transfer to a relatives account and ask them to sign up as must declare “beneficial owner” of funds clause with some and my broker only accepts wire transfers from a bank or brokerage account in my name.

Would like to know how others who basically have left UK have circumvented problems.

Some alternatives are mentioned on this thread/these boards Worldwide Currencies, Global Currency Exchange Network, The FX Firm, Moneycorp

Others I have identified are Caxton FX, Currencies Direct, World First, XE, and HiFX

Would like to hear any experience with any of the above. In particular:

1) Need to know the REAL fees and in particular SPREADS i.e. markup on interbank they charge vs indicative rates maybe on home page (read the small print declaration on website rates)

2) The level of documentation and verification required.

3) Any additional drawbacks with any particular one from experience.

e.g. with XE someone identified them as cheapest and went through the hassle of providing two confirmations of ID only THEN to be told they could only transfer to US banks.

Obviously I don’t want to cut corners or make any mis-declarations as separate from ethics, this might lead me to have to spend time proving the origin of funds.

*Those of you who think a ~ GBP 12 fee is reasonable should take a look at the prices in the interbank market vs what your bank is charging you - they basically get it from you at a 3-4% discount and then make a quick 3-4% by turning around and selling at the higher price in the interbank market. With HSBC this is a hidden gauge and a massive one.

[Naam]

*Those of you who think a ~ GBP 12 fee is reasonable should take a look
at the prices in the interbank market vs what your bank is charging you -
they basically get it from you at a 3-4% discount and then make a quick
3-4% by turning around and selling at the higher price in the interbank
market. With HSBC this is a hidden gauge and a massive one.

this is not a fairy tale but absolute nonsense!

[yoshiwara]

If you are transferring money from the UK to Thailand in sterling then using your bank is appropriate.

If you are converting sterling to another currency before you send abroad to say HK then using an FX service like Moneycorp (which I have used) will save you a decent amount of money.

[mokwit]

*Those of you who think a ~ GBP 12 fee is reasonable should take a look

at the prices in the interbank market vs what your bank is charging you -

they basically get it from you at a 3-4% discount and then make a quick

3-4% by turning around and selling at the higher price in the interbank

market. With HSBC this is a hidden gauge and a massive one.

this is not a fairy tale but absolute nonsense!

*Those of you who think a ~ GBP 12 fee is reasonable should take a look

at the prices in the interbank market vs what your bank is charging you -

they basically get it from you at a 3-4% discount and then make a quick

3-4% by turning around and selling at the higher price in the interbank

market. With HSBC this is a hidden gauge and a massive one.

this is not a fairy tale but absolute nonsense!

As an ex FX dealer who has dealt in the interbank market and someone who has used HSBC while comparing what they were quoting me with the interbank rate at the time I would like to know how this is "absolute nonsense"

These were the Buy Dollar (sell GBP) rates at the time I made a small transaction to US

HSBC GBP/USD rate 1.5435

Interbank rate GBP/USD 1.5831

SO: HSBC bought from me at 1.5435 and then could sell it in the interbank at 1.5831 - this is a massive markup/Spread in this case around 396 pips or 2.5% = 5% round turn. So if someone transfers USD1m they make (TAKE) USD25,000 for a computer program to buy from you and sell higher immediately. In practice they would offer better rates on USD1m but still unlikely to be the cheapest. Online currency converters are quoting me as low as 0.2%. I am not really interested in giving HSBC that kind of money for doing effectively nothing. Even the SWIFT fee they charge GBP12 or 17 costs them pennies but the real money is made on the spread - that is why you get "no commission" transactions - I know I was a FX dealer.

[mokwit]

Thanks Yoshiwara - I should have clarified that I want to send to US and HK not Thailand as it is likely a different situation as highlighted by yourself. Thx

[yoshiwara]

With Moneycorp you have to go through a registration process before you can trade but once that is done you get a link person who then communicates with the trading desk person who is handling say HKD. The larger the amount you want to convert the better the rate. Last time they gave me a rate I said I was looking for better than that, I was then asked what I was looking for and an offer was made which I accepted (asked for 12.50 and got 12.49, original offer lower). You will of course need an HKD account at the HK end.

[breadbin]

You send the money SWIFT in GBP and your Thai bank does the exchange rate.

All you need to do is provide a reasonable explanation why your are transferring your funds.

That's all, it's not complicated.

Very easy to do.

Good luck

[breadbin]

Further, you day the funds are from a property sale. In that case the funds will be deposited with your legal representative, get them to send in via SWIFT to you.

Easy.

[Naam]

As an ex FX dealer who has dealt in the interbank market and someone who has used HSBC while comparing what they were quoting me with the interbank rate at the time I would like to know how this is "absolute nonsense"

this is not a fairy tale but absolute nonsense!

These were the Buy Dollar (sell GBP) rates at the time I made a small transaction to US

HSBC GBP/USD rate 1.5435

Interbank rate GBP/USD 1.5831

SO: HSBC bought from me at 1.5435 and then could sell it in the interbank at 1.5831 - this is a massive markup/Spread in this case around 396 pips or 2.5% = 5% round turn. So if someone transfers USD1m they make (TAKE) USD25,000 for a computer program to buy from you and sell higher immediately. In practice they would offer better rates on USD1m but still unlikely to be the cheapest. Online currency converters are quoting me as low as 0.2%. I am not really interested in giving HSBC that kind of money for doing effectively nothing. Even the SWIFT fee they charge GBP12 or 17 costs them pennies but the real money is made on the spread - that is why you get "no commission" transactions - I know I was a FX dealer.

at the time I made a small transaction

So if someone transfers USD1m they make (TAKE) USD25,000

they take these kind of amounts only from brain-amputated people.

[mokwit]

As an ex FX dealer who has dealt in the interbank market and someone who has used HSBC while comparing what they were quoting me with the interbank rate at the time I would like to know how this is "absolute nonsense"

this is not a fairy tale but absolute nonsense!

These were the Buy Dollar (sell GBP) rates at the time I made a small transaction to US

HSBC GBP/USD rate 1.5435

Interbank rate GBP/USD 1.5831

SO: HSBC bought from me at 1.5435 and then could sell it in the interbank at 1.5831 - this is a massive markup/Spread in this case around 396 pips or 2.5% = 5% round turn. So if someone transfers USD1m they make (TAKE) USD25,000 for a computer program to buy from you and sell higher immediately. In practice they would offer better rates on USD1m but still unlikely to be the cheapest. Online currency converters are quoting me as low as 0.2%. I am not really interested in giving HSBC that kind of money for doing effectively nothing. Even the SWIFT fee they charge GBP12 or 17 costs them pennies but the real money is made on the spread - that is why you get "no commission" transactions - I know I was a FX dealer.

>at the time I made a small transaction

So if someone transfers USD1m they make (TAKE) USD25,000

they take these kind of amounts only from brain-amputated people.

How do you put someone on ignore on this board? - been meaning to for quite some time after reading a few of the 22,000+ posts.

[mokwit]

Herewith the difference between HSBC and FX transfer agents on GBP.USD - about USD 17000 difference on GBP300k [as a typical house value]. USD17k worth of "absolute Nonsense. This is not 'wetting their beaks' this is outright gauging if it accurately represents their spread over interbank [rate] on this size.

http://www.fxcompared.com/Content/money-transfer-from-UK-USA-above-3000-amount-300000

SO your GBP 12 or whatever transfer fee is not the real story. Thx to whoever posted the comparison link on another thread.

Did some shopping and GCEN offered best rate and this rate on lowest size. FXfirm, Worldfirst and Currenciesdirect were similarly competitive i.e ~0.2%/20pips off interbank.

[JAS21]

I use Moneycorp ... you can also open a GBP account here and hold the GBP until you want to exchange.

[meatboy]

i to have used moneycorpe very proffesional.

[ianguygil]

To the OP

If you are serious about this send me a PM or call our branch (Bangkok Bank) in London. For this kind of amount (I am assuming several hundred thousand GBP) you can definitely get a preferred rate from our Treasury, but you will need to be clear on when you want to move it. You can then use a funds transfer from your bank to our London branch. We will definitely be competitive.

What you have to look at is the effective exchange rate. Take how many Baht you will get after all charges (end to end). Divide it by the number of GBP you paid, including all charges. That is your effective exchange rate.

So PM me so I can put you in touch with the GM in London, or contact them directly. All communication will be done via Bank channels, not on this site. Thank you

[breadbin]

Trust Ian above.

I speak from experience.