Reviews of non-bank currency exchange services

3 posts in this topic

When converting currencies to have money sent abroad (i.e., wired), even slight differences in exchange rates can result in a net difference of hundreds or thousand of dollars if the amount being exchanged is substantial.

 

Are there any statistics, ratings, reviews concerning which "foreign currency exchange" services offer the best rates and service?

 

Have any of the non-bank sources of 'global funds transfers' been compared or reviewed here -- e.g., those below (two of which advertise here)?

 

Thanks.

 

WORLD FIRST UK LIMITED

World First UK Limited

http://www.worldfirst.com/

 

FX GLOBAL TRANSFER

http://fxglobaltransfer.oanda.com/

 

XE.COM

http://www.xe.com/

 

FOREIGN CURRENCY DIRECT

Foreign Currency Direct

http://www.currencies.co.uk/

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I have to exchange USD to Euros on a monthly basis and have been researching 2 sites; XE.com and worldfirst.com

They are different, but basically do the same thing. I have completed one transaction with XE and it went OK, here are the

basic details;

 

I was able to set up the XE.com account in a day or so online, my wife & I live in the US my wife is a German citizen

"Ich bin ein Ami " Earlier about a month or so before this, we were able to set up a DKB account,

(this took some time! verification, ID Passport checking, etc) The next thing to do was to fund the XE.com account.

They would like to you do a "Wire Transfer" this would have cost me about $30-50 !!!

But it was possible to make an electronic transfer from our US bank online, to the XE.com account.

Didn't know for sure if this was going to work, but it did! It took 2 days before the funds arrived!

 

I then was able to exchange 500USD and got a quote of 361.74 Euros. (This was around Jan 8th last week)

We then waited 8 days total for the electronic transfer to the DKB account!

It finally arrived Jan 16th and there were no fees from XE.com or from DKB!!!

The total amount deposited was 361.74 Euros.

So EX.com does work:

 

  1. It does take time 10 days total?
  2. There were no fees, with this small amount, I don't know about larger amounts? (I think there is a 10K USD a month limit)
  3. I was able to make an electronic transfer from my US bank account to fund my XE.com account

 

I am still working with World First, and this is what I have found out so far; Same requirements to sign up as Xe.com, Passport, ID etc.

Once the account is set up, the only way to fund this account was.... again an expensive "Wire Transfer"

I was able to talk to my World First account person, explained to her the expense of the Wire Transfer to me on a monthly basis,

and she said it may be possible to fund this through POP Money Well, that took another account to sign up for, fairly easy since I'm here in the US.

 

Here is the POP Money FAQ webpage

 

As for the POP Money limits this is what I found out:

 

Limits depend on what method, or account you choose to debit.

At this time it appears you have only 2 choices; a Bank debit card or your Bank account.

Both have to be verified; Bank card verification is with your mobile phone.

Bank account verification is with 2 small deposits to your account, mine were like 0.30 cents each or something like that,

the next day you log on and verify these deposits. Then your accounts are verified and your good to go.

At this time I have verified both my debit card and my Bank account.

 

So these are the actual Daily & 30 Day limits;

 

Limit Debit Card Bank Account

Daily $ 500 $ 2000

30 Days $ 1000 $ 5000

 

The advantage of using the Debit card is the speed of the transaction, immediately debited from your account to your POP Money account,

and then your transaction takes place. The disadvantage is the limit.

I have transferred 100USD twice using both methods; Debit card took 3 days for the transfer, checking account took 4 days.

The fee for World First is 10 USD per currency exchange transaction. I plan on making a transfer next month with World First to our DKB account,

I will let you know in February how it works out.

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