Forex broker for Euro(200k) to GBP - any recommendations?

**DimPrawn** · 11 March 2013, 17:44

I've used MoneyCorp when buying and selling a villa, no probs. Whether they are the most competitive broker, no idea.

**PharmaContractor** · 12 March 2013, 21:49

Thanks DimPrawn, Moneycorp seem to be offering one of the better rates so will give them a call.

**aussielong** · 12 March 2013, 22:11

I use HIFX. Always got a good rate- you are transferring a lot so you should be able to negotiate direct with a trader. You will pay no commission on that.

You might be up for tax depending on how often you are transferring cash back and forth. If you do it regularly they will think you are trading and you could be up for tax. How often is deemed regular I don't know. A trader told me this info ...it's a "grey area". The tax office know about large cashflows in and out of the banks.

Also if you have had cash outside of your tax residence, it will have accrued interest while it was overseas- don't forget that on your tax return.

**suityou01** · 12 March 2013, 22:52

Originally posted by PharmaContractor View Post

Hi All,

I'm sure there's a fair few on here that have transferred their euros to GBP using a forex broker rather than using lousy banks and their pathetic rates.

I'm looking at transferring approx 200k into GBP and obviously on this amount a few pence difference between brokers has a big impact. I've previously been happy with my current broker ('Ozforex'/'UKforex Ltd'), but have noticed that they're not the best recently.

Has anyone used Moneycorp? They're offering a better rate at the moment than other brokers:

Transfer

Obviously I'm not going through all the paperwork and hassle of opening up an account with some other broker if it's just a difference of 50 pounds. But if anyone's got a recommendation that consistently offers better rates, then I'd be interested in knowing. Happy for you to get any referal $$!

More UK economic gloom ahead for the next few months so I can only see sterling go down hill, but i'd like to be in a ready position to hit 'submit' on my 200k deal!

Anything I should look out for on such a big forex deal from a HMRC perspective? Are they likely to put their nose in? It's all above board from contracts worked and taxed for in Euroland, but is their any declaration I need to make to the HMRC? My previous deals have gone through without any knocks at the door from the HMRC Offshore Coordinations Unit!

PC

<slur>

Got any spare change please mister?

</slur>

**Andy2** · 13 March 2013, 10:20

On a similar note , how to convert couple of thousand pounds to US dollars
it's not a transfer just an insurance in case pound tanks, can I use moneycorp ?

**DimPrawn** · 13 March 2013, 10:37

Originally posted by Andy2 View Post

On a similar note , how to convert couple of thousand pounds to US dollars
it's not a transfer just an insurance in case pound tanks, can I use moneycorp ?

Instead you could buy some gold (priced in USD) and some rock solid US equities like McDonalds and Johnson & Johnson?

If the pound tanks further these should protect you.

Just a thought.

Forex broker for Euro(200k) to GBP - any recommendations?