doublegunshop.com - home Forums General Discussion DoubleGun BBS @ doublegunshop.com Need Foreign Exchange help

I recently opened an account with USForex to purchase a shotgun from Graham MacKinlay. They drafted my account US funds on 1/23 and as of today 2/3 Graham had not yet received my funds into his account. This was after a great deal of communication on my part with USForex in San Francisico to set up the account and a great deal of documentation as to what I was buying. Tonight I learned (only after calling them) that they have internally decided not to accept a deal that involves the purchase of a firearm. They are finally going to transfer the funds back into my account.

So, stay away from USForex.

Any advice on the best way to accomplish the transfer of funds to Scotland?

Wire transfer.

Get his bank info (including IBAN number), go to your bank, and initiate a wire transfer from your bank to his. Since this is your first experience with wire transfers go to your bank, tell them you are doing your first international wire transfer, get the form they use, and ask them to explain how to fill it out so you know what info you will need from MacKinlay to get the money transferred.

My bank charges me a flat $40 per international wire, plus a currency conversion fee if I want the funds delivered in the local currency of the destination.

As an aside I've never bought a gun in Scotland, but it works for whiskey :-)

I just had my Banker do a wire transfer from my account to the vendors in Solingen Germany. Have you spoken with your bank?

m4220

My understanding is that these foreign exchange services (which can be found online) provide a better exchange rate than does a US bank. I am not certain how much better the rates are however. What I was not told was that at least this one was skittish about firearms transactions.

It looks like I may just need to visit my banker tomorrow!

Anybody have any positive experience with a foreign exchange service?

Chris

i have only done wire transfers as well

just pick the amount in pounds not dollars- depending on the spot rate if you send dollars they may not get the desired amount

I had to settle an estate with monies in seven countries. Not that much money for the most part. The deceased was a navigator for British Airways, GPS and computers have eliminated the need for his job these days. He flew all over the world and found it easier to have accounts in several different countries. Each still had money in them when he died. I learned how to obtain a death certificate, forward it to the proper person and arrange for or have arrange for me wire transfers. Then after all the money was collected I had to send part of it back over seas. British Airways was a great deal of help when ever I hit a stumbling block. Their retired benefits person was a fountain of information as I learned and it she guided me to several "lost" accounts and greased the wheels to get Old Joe's money.

So the point is that wire transfers are the way to go. Find a banker who understands what you need. One who has done ti before can easily deal with your problem.

If you put it on the credit card, you will have the card fee to cover (usually 3% unless the seller does enough business to have negotiated a discount), but their exchange rates are what they are at the moment and no surcharge in my experience. Plus, if there is ever any problem, your credit card company is on your side.

But if you are buying your libations from Scotland, more properly "Whisky" The Scots are, by nature, a most thrifty and provident folk, they save extra printing costs on their labeling by dropping the "e" between the k and the y--

I've had good and bad experiences with my Cabela's Visa, paying my deposit on the annual driven shoot in Scotland, and the rest of the bill afterwards. The good part: excellent exchange rate. My hunting partner did a wire transfer and ended up paying a good bit more than I did. (Card fee for me was 1%.) The bad part: You not only have to tell the CC people that there's going to be a foreign charge to your account, but you need to tell them to hold your card open for the charge until it clears. If the foreign business on the other end doesn't charge your card within a couple days of the time you tell the CC company to look for the charge, it will probably kick back. I had to do that about 3 times. "But we thought it was fraudulent!" "So why didn't you call me and ask?" Finally got it straightened out, and it's in my notes for next year to give them explicit instructions on the charge. But nice to get the Cabela's points, the good exchange rate, and a low card fee.