Easy, professional & painless FX transfer

“Easy, professional and painless FX transfer”

Written on: 20/09/2012 by rahulmassey (1 review written)

I needed to buy Indian rupees to make some investments in the Indian market. For those of you that don;t know, INR is an exotic currency with some serious regulatory red tape to purchase. This was my first time using UK Forex, and they made the process quick and easy. To start of with, the rate I was quoted was only 1-odd INR below the mid-market rate...a massive saving compared to the 4-odd INR my bank was asking (for a 10k transfer, the difference would gave been about £40+!)Secondly, there was no fee - banks typically charge £20 plus VAT. Once I'd booked the deal, a UK Forex agent called me up to confirm, and once that was done, all I had to do was make a transfer from my internet banking for the amount stated. Within three days, the money was in the beneficiary account in India, and the final amount stated was exactly the amount credited to the beneficiary! Most bank transfers usually eat some of the capital as 'correspondent bank charges', so I'm rather awestruck as to how UK Forex managed to avoid those. For those that think 3 days is a while, remember I was buying an exotic currency - I've known it to take a lot longer. All in all, a brilliant experience! Thank you, UKForex :)