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Transferring money abroad cheaply...
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John_Gray
Posts: 5,843 Forumite
Can someone please suggest which board this topic best fits? Additionally, I can't see anything in Martin's money-saving tips, but perhaps that is just MY fault!
I am looking for the cheapest ways (that take less than a fortnight) to send (probably to Australia, but could be generalised) :
a) one-off large sums
b) regular medium-sized sums (like monthly pension payments)
c) fairly small "birthday presents" of money.
I am aware of several transfer methods, such as Swift (what a misnomer!), Western Union, the Post Office's method, and so on, but wonder whether anyone has done or seen a comparison table between the charges, the maximum amounts transferrable in one transaction, and so on.
All pointers welcomed!
Thanks
John
I am looking for the cheapest ways (that take less than a fortnight) to send (probably to Australia, but could be generalised) :
a) one-off large sums
b) regular medium-sized sums (like monthly pension payments)
c) fairly small "birthday presents" of money.
I am aware of several transfer methods, such as Swift (what a misnomer!), Western Union, the Post Office's method, and so on, but wonder whether anyone has done or seen a comparison table between the charges, the maximum amounts transferrable in one transaction, and so on.
All pointers welcomed!
Thanks
John
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Comments
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I'll move this up to 'Anything Else' which is in the 'Pure Money' section.I am a Senior Forum Ambassador and I support the Forum Team on the Wales, Small Biz MoneySaving, In My Home (includes DIY) MoneySaving, and Old style MoneySaving boards. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0
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If it's a person to person transfer, then I have heard you can use PayPal. I'm not sure how it works but I presume both parties open an account and then arrange a payment from one person to another.0
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To send regularly money to my relative abroad I have done the following:John_Gray wrote:a) one-off large sums
b) regular medium-sized sums (like monthly pension payments)
c) fairly small "birthday presents" of money.
1. Opened additional Nationwide account with cash card.
2. Sent the card to my relative.
3. Sent the PIN.
Now I just transfer money to my Nationwide account and the relative can withdraw it the same day from ATM. This is absolutely free and safe. The currency exchange rate is the best.
This will work fine for your (c) requirement. However, if you trust the person that you gave the card to you can develop this scheme for (b) and even (a)…0 -
I am thinking of doing a similar thing with my daughter in Mexico
Did you have to open a joint account with your relative or did you open the account in your name only?
Did you get one cash card or did they allow you to have two cash cards, so that you could send one to your relative?0 -
In my name. You cannot open a joint account with non-resident.iomexico wrote:Did you have to open a joint account with your relative or did you open the account in your name only?
Actually I have two joint accounts with my wife - first account with two debit cards and the second with two cash cards. We use debit cards and sent cash cards to relatives.Did you get one cash card or did they allow you to have two cash cards, so that you could send one to your relative?0 -
Went into Nationwide today to open a cashcard account, receptionist said that no-one was available to see me til Monday to open the account, but she said the only account whereby you can withdraw cash abroad with is the FlexAccount. So will I only be able to have a debit card? What account have you guys got that you only have a cashcard to use abroad?0
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AFAIK the only account they have for adults is Flexaccount. It can come with debit card or cash card. When I was opening my second account with cash cards I specially insisted in getting cash cards, as they wanted to issue a second set of debit cards.0
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Thanks Grumbler,
I opened an account this morning with a cash card, so I will send it to my daughter when it arrives in 5 days time, I declined the overdraft facility, not sure if that was a mistake.0 -
Thanks. This answered my question. :j
Can anyone tell me which cash machines this card can be used at in Oz?0 -
(a) use a currency broker
(b) use a currency broker or your bank if their rate is good and charges are low
(c) the cashcard method is brilliant!!No Unapproved or Personal links in signatures please - FT30
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