Sending Money Overseas article discussion

OyzterShell wrote: »

Title: recent improvements

As someone that moves relatively small amounts of money involving non-major currencies a few times a year I can report that there is a new set of operators.

Previously I've used my own and other people's banks (expensive and slow) and then more recently PayPal (had to go GBP -> USD -> DestinationCurrency plus charges along the way) and last time around Xendpay which was a revelation. Or, to put it another way, this was how it should have been.

I've seen very few mentions of this in general but have helpfully been pointed here (holiday money was the other forex discussion possibility and that isn't what this is about for me).

My understanding is that companies like Xendpay who as their main business xfer large amounts in multiple currencies actually get their efficiency by summing all the trades over a day or few days and then exchanging the difference. Makes perfect sense to me when it is a few hundred pounds one way or another with a family member who isn't Euro or USD.

For those with an interest they also have a charitable bent and sometimes offer no-fee xfers if you donate what would have been the fee to charity.

I don't see why people would use another service (like the really expensive cash to cash) *unless* (I'm thinking aloud)
no bank at the other end
badly illiquid currency
something else

Anyway, I am aware I'm sounding like an advert but Xendpay (they must have competitors) have made me and people I know think again about how often and how much we xfer because the costs taken by banks or PayPal used to mean it was a bad idea to do it as needed.

Ho hum





I'm sure there must be other people around doing the same thing now but