Anybody ever used currencies.co.uk to transfer their dosh from euros?

[psychocandy]

Get paid in euros so have got euro and sterling business account. Idea is I get paid into euro one and then when I fancy phone the bank and lump it into another. Trouble is even though theres no comission fee the rate is crap.

I've been speaking to these guys and it seems the rate I can get by transferring to them, getting the trade done and then sticking it back is a fair bit better.

Only problem is sending off 1000s of Euros. I expect its Ok but I just want it to be guaranteed.

I had (nearly) a nasty experience with that currency company in Cornwall that went bust a year ago (forget the name). That'd be around for years but went bust keeping all the dosh cos it wasnt ring-fenced - Id got my holiday dollars about 5 days before it all went off!

Also, by getting a better rate I'm assuming this makes no difference to my flat rate VAT return cos the rate used to convert to sterling is quoted on invoice anyway. So its my good deal to get more?

Incidentally, at the end of the year, what figure is used to determine income/profit - my converted euro rate at invoice time or whatever I manage to get in sterling?

[SueEllen]

Your best website to look for users who use currency exchange is moneysavingexpert.com. Have a look at the forums.

Also read part of the main site as there is a guide about what to look for due to that company going bust.

No it doesn't make a difference to your VAT return.

The last question needs to be answered by the resident accountants but logically it should be the amount in your bank account.

[Greg@CapitalCity]

Incidentally, at the end of the year, what figure is used to determine income/profit - my converted euro rate at invoice time or whatever I manage to get in sterling?

Your annual accounts will be done in sterling, so;
(1) All income converted to sterling during the year will be reported at the conversion rate that was used (ie so use the actual sterling recd);
(2) All income not yet converted to sterling will be reported in sterling in your accounts at a market conversion rate (ie the rate you would actually get if you transferred to sterling);

[psychocandy]

Your annual accounts will be done in sterling, so;
(1) All income converted to sterling during the year will be reported at the conversion rate that was used (ie so use the actual sterling recd);
(2) All income not yet converted to sterling will be reported in sterling in your accounts at a market conversion rate (ie the rate you would actually get if you transferred to sterling);

Ah. OK thanks.

Just wondered if it was the same as VAT where basically you're VAT income for flat rate is based on the conversion to sterling at whatever rate you use.

[ribble]

Have a look at EUR and GBP transfer - TransferWise

Been getting some great rates from there....

D

[Bagpuss]

I have used currencies4 less in the past and they were very good, they have now rebranded as

Currency Exchange - International Mortgage Brokers

[psychocandy]

I will try some of these others too. I tried other big names but some of them were really crap!

[psychocandy]

Have a look at EUR and GBP transfer - TransferWise

Been getting some great rates from there....

D

Yeh. They look good....

[psychocandy]

Bummer. Phoned my bank - Cater Allen. 33E fee to make transfer out of euro account. Sort of cuts into my saving somewhat!

Or free to convert into my sterling account (at their crap rate!)

[mooshld]

Bummer. Phoned my bank - Cater Allen. 33E fee to make transfer out of euro account. Sort of cuts into my saving somewhat!

Or free to convert into my sterling account (at their crap rate!)

I am with the same bank and if you are making small transfers then there is nothing to save due to the cost of doing the transfer, strangely for you its 33 and for me its 29, unless they have increased it this month.

I am very interested in transferwire, but has anyone tried to match a reasonably large exchange with them, say in excess of 20K as it seems like people mostly getting a good rate on some holiday currency to me. Which would make sense as matching it would be much simpler. While you may have to wait a while to get a match for a larger amount.