Money transfers to Poland

EnglandPL	Mar 29, 10, 13:39 #1
Money transfers to Poland - no fee, best exchange rates, money in Poland in few hours.

tarasbullitt	Sep 27, 10, 09:55 #2
can anyone recommend a safe way to transfer pln into pounds maybe 200,000pln ie

convexThreads: 46 Posts: 7,185 Joined: Nov 25, 09 ♂	Sep 27, 10, 11:56 #3
If it's legal, go visit a bank. You can negotiate the rate on larger exchanges.

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Sep 27, 10, 11:58 #4

tarasbullitt:

can anyone recommend a safe way to transfer pln into pounds maybe 200,000pln ie

If you are exchanging more than 50,000 PLN into another currency, you can ask the bank to buy the currency on the money market, this allows you a preferential rate.The banks that I use in PL some will allow me to quote the rate "I want to buy at", in your situation PLN/GB, others I have to be at the bank at time of purchase to sign docs.
I use reuters.pl as my guide on rates, at time of purchasing currency.

Good luck.

MEMBER ♂

Sep 27, 10, 12:28 #5

tarasbullitt:

can anyone recommend a safe way to transfer pln into pounds maybe 200,000pln ie

I would open a GBP account with your Polish bank, watch the exchange rate closely for a few weeks. Once it becomes favourable (its quite good right now for PLN - GBP) exchange the cash for cash at a kantor, pay the GBP into your Polish account then transfer to your UK bank.

Polish kantors really do provide the best exchange rates for private individuals, better than banks or specialist FX companies and you can barter the rates especially with larger sums.

A FX currency trading account would be another idea but i dont know much about that at the moment. The concept being exchange currency at flat rates i.e. no commission.

If you live abroad a FX (Foreign Currency Exchange) company would probably be your best bet.

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Sep 27, 10, 13:03 #6

Wroclaw Boy:

Polish kantors really do provide the best exchange rates for private individuals, better than banks or specialist FX companies and you can barter the rates especially with larger sums.

WB, if you talk to your bank and get the preferential rates on amounts above 50,000 PLN you do not need to bother walking cash from one place to another it works out the same. Of course if you do not ask the bank, you'll end up with the tourist rate, which is normally 3-5 % lower than the no commission place. as you know. On lesser amounts WB is 100% correct, it is the best rate.

MEMBER ♂

Sep 27, 10, 16:41 #7

warszawski:

WB, if you talk to your bank and get the preferential rates on amounts above 50,000 PLN you do not need to bother walking cash from one place to another it works out the same. Of course if you do not ask the bank, you'll end up with the tourist rate, which is normally 3-5 % lower than the no commission place.

The preferential rate is the actual exchange rate, no service is going to give that without getting something in return. Banks will obviously negotiate a better rate depending on: firstly the amount and secondly how good a customer you are, even so they will not beat a kantor, like for like. To many overheads. Even specialist FX companies who almost always beat the banks dont come close to kantors.

Kantors are small extremely competitive SPECIALIST practices with hardly any overheads, banks cant compete and in any case banks have more effective methods to take money from our pockets.

♂ [Suspended]

Edited by: Harry Sep 27, 10, 17:21 #8

Wroclaw Boy:

I would open a GBP account with your Polish bank, watch the exchange rate closely for a few weeks. Once it becomes favourable (its quite good right now for PLN - GBP) exchange the cash for cash at a kantor, pay the GBP into your Polish account then transfer to your UK bank.

That's almost exactly the way to do it. The one refinement would be to get the kantor to come and meet you in the bank. Most will do that if the amount is large enough and it means you don't have to worry about walking about with a large amount of cash on you.

With that said, the last two times I wanted to exchange large (100,000zl+) amounts of cash, the bank agreed to match whatever rate the kantor was giving (because they didn't want the hassle of getting large amounts of foreign currency to the bank and counting it out only to then count money back in).

convexThreads: 46 Posts: 7,185 Joined: Nov 25, 09 ♂	Sep 27, 10, 17:33 #9
Bid/Ask for GBP/PLN in the FX market is usually a spread of less than a groszy. Commission should be less than the spread.

tarasbullitt	Sep 27, 10, 20:24 #10
thanks very much everybody, big help and the money is good from a property sale, love the idea the kantor might come to the bank. still cash in ones hand is a worry, ah well faint heart and all that

ZedThreads: - Posts: 304 Joined: May 25, 10 ♂	Sep 27, 10, 20:35 #11
I wouldn't carry that much cash to the kantor. Use a bank, negotiate with them, pay the price (spread) and enjoy the security you thus acquired.

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Sep 27, 10, 23:53 #12

Wroclaw Boy:

The preferential rate is the actual exchange rate, no service is going to give that without getting something in return

No its not, the preferential rate is the rate between currency traders (interbank). The banks rape you any chance they get, not because they are bad people, just because "Joe" don't know the rules. In reference to what Harry had to say, about getting someone to turn up to the bank with cash, a lot of messing about,get the bank to do the job for you, that is there job. Never forget the banks make more money on your money than you do, the Capitalization of a bank was previously 10%, it will go up to 20%. So all the loans and mortgages the bank gives out, it is your deposits as well as investing in other financial instruments. Its money for old rope.

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Sep 28, 10, 00:03 #13

warszawski:

If you are exchanging more than 50,000 PLN into another currency, you can ask the bank to buy the currency on the money market, this allows you a preferential rate.The banks that I use in PL some will allow me to quote the rate "I want to buy at",

If I understand correctly, and please let me know if I don't, you set the exchange rate for example 5.7 GB to PLN and when/if it gets there they exchange it?
What is the risk attached to buying a currency on the money market?

warszawski:

Of course if you do not ask the bank, you'll end up with the tourist rate, which is normally 3-5 % lower than the no commission place.

3-5% lower? that's huge.

I think I must be misunderstanding you.

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Sep 28, 10, 01:01 #14

SeanBM:

If I understand correctly, and please let me know if I don't, you set the exchange rate for example 5.7 GB to PLN and when/if it gets there they exchange it?
What is the risk attached to buying a currency on the money market?

If I want to buy a currency, lets say Euro/PLN, so looking at the currency I see a spread of 3.93 to 3.985, I tell my account manager I want to sell at Euro/PLN 3.975, he will inform the currency broker that I am a seller at 3.975 and when the euro is on the upswing he will buy my Euro for PLN of course the euro could go to 4.00 or more, but I am committed to my exit.

SeanBM:

3-5% lower? that's huge.

All Polish banks use the NBP rate + or -, which is well below the interbank rate, this is the reason you have so many kantors in Poland, because the spread is wide enough for them to operate a business. The NBP rate is set in the begging of each day, and it does not reflect what happens to the currency on that day. So it is not uncommon to get 3-5% less at the bank than what you would get at the Kantor. While we are on this note, you send Euro from Ireland to your PLN account here in Poland, you are at the mercy of the bank as far as the conversion is concerned, unless you send it Euro to Euro, that is why the first thing to do when you get off the plane is to open a multi currency account at the bank.

SeanBM, Bank x receives 10,000,000 Euro on a daily basis from incoming transfer designated for PLN accounts in Poland, the NBP rate is Euro/PLN 3.92, the bank rate is Euro/PLN 3,88, the currency trader at the bank sells the 10 million Euro at 3.98 on the intraday. Bank just made a million PLN with the click of a button and its 100% legal. Ever wondered why it takes so much time to receive your bank transfer.

SeanBMThreads: 41 Posts: 8,727 Joined: Mar 10, 08 ♂	Sep 28, 10, 20:10 #15
Thanks very much warszawski, warszawski: currency broker How do say 'currency broker' in Polish? Which banks do you recommend? If this works out, I'll owe you a pint next time you're around Krakow :)

Frozendesserts	Dec 10, 10, 06:04 #16
hii warszawski ...could you recommend a bank which would do me a good rate for exchangin about 200000 zl worth of us dollars ??? cheerz

warszawskiThreads: 60 Posts: 2,386 Joined: May 21, 10 ♂	Dec 13, 10, 23:07 #17
Frozendesserts: could you recommend a bank which would do me a good rate for exchangin about 200000 zl worth of us dollars ??? Pekao or HSBC both good banks.

Anna27	Mar 10, 11, 22:32 #18
Hi i send every month money to Poland @ low cost check website przelewy365.com - they have a good very good rates and overall cost is only 4 pounds :) Regards Anna

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Mar 11, 11, 11:07 #19

I remember exchanging large amounts of money in a kantor - yes it was nervy walking about with big sums of money in your pocket BUT the worst bit was walking through van Graaf. One day I just said "To hell with it!" and bought a snazzy jacket on impulse. The only problem was that my cash was bound up in elastic bands and I had a bit of a struggle extracting the notes. If I'd been more of a man I would have got the thick wad of notes out, paid what I had to and then invited the young girl serving me for coffee. Alas ...

Fantasia	May 12, 11, 09:44 #20
I've been using England.pl for a few years now and have always been really happy with their service - they offer free internet transfers to Poland as well as free transfers from Poland to England - find all info on their website england.pl

EduardoThreads: - Posts: 4 Joined: Sep 29, 11 ♂	Oct 14, 11, 16:22 #21
Forget about kantors or even banks, their exchange rates are highway robbery. I personally recommend using an FX specialist. The one I've used is called RationalFX, they're based in London and can do money transfers to and from Poland. cheerio

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