Do Currenxie or WorldFirst work well for exchanging currencies?

[Sean Restling]

I'm talking about small amount like Eur 1K or 2K to convert every now and then between major currencies, it works fine with Wise and Revolut (from Premium plan and above), and wondered if it's easily doable with Currenxie and WorldFirst.
Any other platforms you may suggest? Thanks.

 

[daniels27]

Yes, but only for business. For private you can use ibkr or Amnis.

 

[EliasIT]

You also need to keep an eye on what it costs each time you exchange your currency, there is a difference, and I have noticed that Wise is one of the cheapest.

 

[EUman]

Yes, but only for business. For private you can use ibkr or Amnis.

Why AMNIS is asking for minimum 100K currency exchange on the PERSONAL account?

Is there any fee associated, if I exchange less.

 

[Sean Restling]

Yes, but only for business. For private you can use ibkr or Amnis.

Why do you say that? You mean that in the business exchanging currencies must be explicitly stated as one of the sources of the company's profits?

You also need to keep an eye on what it costs each time you exchange your currency, there is a difference, and I have noticed that Wise is one of the cheapest.

Yes Wise is convenient, Revolut seems convenient too if you have a plan with no restrictions/commissions (for that you need to pay about 10eur/month).

 

[Forester]

Yes, but only for business.

Why do you say that? You mean that in the business exchanging currencies must be explicitly stated as one of the sources of the company's profits?

I of course do not know what @daniels27 was thinking about but I think the background is the fact that both Currenxie and Worldfirst open accounts only for businesses, not for a personal use.
And I can confirm that Currenxie and Worldfirst are recommendable (for the abovementioned usage).

For a personal use, check also e.g. Moneycorp, Xe.com, Conotoxia.

Why AMNIS is asking for minimum 100K currency exchange on the PERSONAL account?

Is there any fee associated, if I exchange less.

Do you mean International Payments with the #1 Platform - fast & simple | amnis ? If so, what is the source of this information? AFAIK, they target also at businesses only, mainly at SMEs...

 

[Sean Restling]

I of course do not know what @daniels27 was thinking about but I think the background is the fact that both Currenxie and Worldfirst open accounts only for businesses, not for a personal use.
And I can confirm that Currenxie and Worldfirst are recommendable (for the abovementioned usage).

Okay got that. I have business accounts both with Currenxie and WorldFirst, and was wondering if they make a fuss if you trade in currencies (again, very small amounts) even though trading currencies it's not your core business. EMIs are getting quite pedantic lately and prefer to avoid hassles.

 

[Forester]

Okay got that. I have business accounts both with Currenxie and WorldFirst, and was wondering if they make a fuss if you trade in currencies (again, very small amounts) even though trading currencies it's not your core business. EMIs are getting quite pedantic lately and prefer to avoid hassles.

Well, if you plan to do FX trade really frequently (as it was your business, not related to transactions), I'd recommend to go for a platform that is dedicated to it, after all – at least for your comfort.
The above mentioned Moneycorp, Xe.com, Conotoxia will serve you well...

 

[daniels27]

Yes. I mean that those only open accounts for businesses, not personal accounts. Wise is not in the personal accounts.

Wise is 0.4%. If you have enough turnover, most brokers will offer you about 0.15% once you tell them Xyz give you 0.18%. Boy you will need high 6 figures.

Amnis has much better service with account managers. They typically are looking for middle 6 figures turnover per year on all accounts combined. You can do personal account with less if your business is doing well.

 

[Forester]

Amnis has much better service with account managers. They typically are looking for middle 6 figures turnover per year on all accounts combined. You can do personal account with less if your business is doing well.

You seem to have some experience with Amnis. Do you consider them reliable? And what about the fees? (At webpage they are not transparent re: fees, IIRC.)

 

[DGTLOTC]

For those amounts bro.

Stick with what you’ve got

 

[daniels27]

You seem to have some experience with Amnis. Do you consider them reliable? And what about the fees? (At webpage they are not transparent re: fees, IIRC.)

I tried many. From OFC to Wise to World First to IBAN First. Now using Amnis. The fees are on the website. I think 0.4% Forex without monthly fees, then there are plans with 0.3% and 0.2%. The wire fees are about 10 now after the free quota, used to be 5. The support is excellent for what you pay. You won't get that with wise you sure.

I like that they do not advertise high prices and then you have to negotiate long to get to 0.2%. They start with useable prices from scratch. If you have volume, PM me, I may be able to help with pricing.

 

[uplana]

I like that they do not advertise high prices and then you have to negotiate long to get to 0.2%. They start with useable prices from scratch. If you have volume, PM me, I may be able to help with pricing.

how can you help with that ?