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Worldwide Currencies
Adam O'Sullivan
Posted: Wednesday, July 10, 2013 1:25 PM
Joined: 01/10/2009
Posts: 6


Your thoughts on using Worldwide Currencies as advertised here on Dockwalk to send salary home to Australia. 

Rates seem about 3.5 % better than banks, any catches to be wary of ?


Pete Brooke
Posted: Wednesday, July 10, 2013 1:48 PM
Joined: 01/12/2008
Posts: 62


Hi Adam,

I always recommend to all of my yacht crew clients (and in fact anyone with multi currency issues) that they use a currency broker to move money as this is all they do; the rates will be better than the banks, they charge no commission and most have minimal transfer fees. 

There are hundreds of them out there and so differentiating them is tricky. Always look for FCA regulation for the provision of payment services.

Personally I don't work with Worldwide Currencies but they look well regulated and appear to charge no fees etc. I do work with Currencies Direct who have always given my clients excellent service and are also correctly regulated. have a look at http://www.spectrum-ifa.com/currencyx.html if you want someone to contact you.


Whichever you go with you will definitely save significant amounts of money.

Hope this helps.

Peter


Barney Smith
Posted: Friday, July 12, 2013 10:40 PM
Joined: 06/03/2011
Posts: 5


Hi Adam, the main catch to be wary of is any business offering free transfers, which simply don't exist. Banks and brokers are all businesses, all offering a service, and all charging for it somewhere in the process. I know nothing of the other companies mentioned so won't comment. In 2011 I researched numerous options from various companies. I settled on a UK broker called Infinity International. My girlfriend and I have used them numerous times with excellent results. They are totally up-front about the amount you are sending, the amount you will get on the other end and the portion they take in between. Once registered in their system, transfers are easy, really easy. Registration is thorough due to all the laws regarding transfers, fraud, money laundering etc. I wouldn't trust brokers who aren't thorough. Good luck. Barney. PS: their rates were as good or better than every other company I investigated too. It was their honesty that won me over.
Adam O'Sullivan
Posted: Tuesday, August 20, 2013 2:50 AM
Joined: 01/10/2009
Posts: 6



In case anyone is wondering Ive used Worldwide Currencies for 3 transfers now and they have been great. Its only a few cents on the dollar but over a year it all adds up. Money is always better off in our pockets than the banks.

There are a few forms to fill out to start with, letter from the boat or management company saying its your salary , copy of your passport ect. Once thats done its easy. The guy Tyler is really helpful and replies quickly to emails

My only regret is that i didn't start doing this years ago


tylerbettsopt
Posted: Monday, March 16, 2015 12:51 PM
Joined: 27/01/2015
Posts: 1


Hi Adam, I've moved and we now sponsor the site, it would be great to catch up with you again. Kind regards, Tyler
YachtWPB
Posted: Monday, March 16, 2015 5:50 PM
Joined: 16/03/2015
Posts: 2


Transfer Wise at transferwise.com or the iPhone. .05% (half a %) and most of the time done in 3-4 days. Ive saved so much using it. UK Based company.
 
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