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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4473
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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UK res. I need financial advice about regular twice

Customer Question

I live in the UK. I need financial advice about regular twice monthly transfer of about a total of 650 euro payments per month into a UK bank. And advice about transfer of a one off lumps sum of approx. 18000 euro to sterling. Thanks

Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

So far as regular monthly transfers are concerned, if you are using banks to transfer your money, the exchange rates will certainly not have major difference and all banks would offer you almost similar exchange rates on a given day.

Regarding one of transfer and also keeping in view your regular need as mentioned above, you may try out some forex broker like TOR Fx, and alikes. Learn more about them on the following link.

https://www.exchangerates.org.uk/torfx/


http://www.exchangerates.org.uk/currency/compare.html

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,
Customer: replied 2 years ago.

Hi

 

Yes I kind of knew that info....Obviously the bank rates amongst themselves are similar - but the Tor currency people are much better and don't charge.

 

What I am after is the process of doing this.

 

How would it work with a Tor fx etc? DO I set up an account and then how does that go to my ordinary bank?

 

I have a form to fill in for my pernsion provider with IBAN SwIFT or Bic codes and I know they are for my bank. if I went with Tor etc how would the process work?

 

thanks

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Colette,

Regarding the process of doing so, you will need to set up an account with them. Then you would be able to make them electronic payments which in turn would be remitted further to the designated destination bank account.

The best method to be guided would be to get in touch with them (any vendor / service provider of your choice) and their representive would help you through each of such processes involved.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 2 years ago.

Hi Rakhi


 


So it would be best to go with a company like this for both one off larger payment And regular monthly payments of a smaller amount??


 


Also I'm wondering about filling up the claim form for the payments. They have IBAN and Swift Bic etc on them - and I know I can get those from my personal high st bank - Halifax.


 


What I'm wondering is about my claim form -


 


would the Tor account number be going on there now? Do you know? Is it that I get Tor account and put that on my form and then THEY send to Halifax? Or What


 


thanks

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Colette,

Yes, for your one off amount, you have option to use the bank or services like Tor.

For your regular payments, I would suggest vendors like Tor as I said as banks would be little costly for regular use.

Yes, as per my belief, your Tor (or other such vendor's account) should appear on the claim form, I am not very sure, but it should be there.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,
Customer: replied 2 years ago.

Surely the bank would be much worse for a lump sum - their exchange rates are much worse?


 


"Yes, as per my belief, your Tor (or other such vendor's account) should appear on the claim form, I am not very sure, but it should be there"


 


Sorry but I am unclear about what you mean! How do you mean it 'should be there'???

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Colette,

Yes, in my opinion, banks would be little costlier than the rest.

I mean on your halifax form. What I mean that you might have to fill out your number on your halifax form.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,


Customer: replied 2 years ago.

 

 

I really don't feel I know anymore than when I first asked ...

 

Please verify for me:

 

ARE bank exchange rates for a lump sum much worse than one of these Tor type accounts? I mean the net result for a larger sum?

 

 

Can you please verify if the process means the money goes to the foreign currency account first? And then goes on to the bank?

 

I really wanted to know this and have this verified.

 

Its not a Halifax form. I'm talking about a government form -they are the ones I am claiming from and I need to input bank details

Thanks

 

Customer: replied 2 years ago.
Relist: Answer quality.
I almost requested a refund. I don't feel I have any more information than before. I also had to wait 18 hours for a reply and right now I have had no answer to my clarification request for an hour
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Let me opt out and see if other expert can assist you with this.

I wish you good luck.

Warm Regards
Customer: replied 2 years ago.

okay


 


I am awaiting other advice.


 


Thanks

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