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    • cha73
    • By cha73 7th Jul 17, 8:12 PM
    • 10 Posts
    • 0 Thanks
    cha73
    Hi,

    I'm new to the thread so apologies if this has been covered already.

    I need to send a few hundred pounds to Ireland, I checked with my banks and they have fees ranging from £12 to £25 so I was looking at PayPal as an option. From looking at their site, the fee would be only 0.4% as long as the account has enough funds to cover the transfer amount.

    However I'm not sure how competitive their exchange rates are, does anyone know if they are competitive? If they are competitive then Paypal would seem to be a decent option?

    EDIT: on further investigation it would seem that Paypal also has a fixed fee of €0.35 and a currency conversion fee of 2.5% (the 0.4% I mentioned above is a cross border fee). So based on this new information, these fees combined would seem to make Paypal a bad option!

    So I've been looking at Azimo, Western Union, OFX etc. Comparing with mycurrencytransfer.com Western Union & TransferWise seem competitive, does anyone here have experience of these companies - are there any hidden fees or will I get what they promise?

    Any thoughts or other suggestions welcome.

    Thanks
    Last edited by cha73; 07-07-2017 at 9:32 PM.
    • Consumerist
    • By Consumerist 7th Jul 17, 9:49 PM
    • 4,584 Posts
    • 2,259 Thanks
    Consumerist
    Any thoughts or other suggestions welcome.
    Originally posted by cha73
    We've been using Transferwise for a few months now for modest amounts to family in the euro-zone. No problems so far. A fixed fee of £2.00 for transfers under £400 and 0.5% for higher amounts. We are well pleased by comparison with what banks offer. Delivery abroad next day in most cases.

    Edit
    Exchanges at mid-market wholesale rate.
    Last edited by Consumerist; 07-07-2017 at 9:51 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • cha73
    • By cha73 7th Jul 17, 10:06 PM
    • 10 Posts
    • 0 Thanks
    cha73
    Thanks for the information Consumerist.

    Do Transferwise make the transfer directly to the recipients bank account?
    • Consumerist
    • By Consumerist 7th Jul 17, 10:11 PM
    • 4,584 Posts
    • 2,259 Thanks
    Consumerist
    . . . Do Transferwise make the transfer directly to the recipients bank account?
    Originally posted by cha73
    Yep. You may need the recipient banks SWIFT and definitely the recipient's IBAN - but you probably knew that already.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • badger09
    • By badger09 8th Jul 17, 11:45 AM
    • 5,112 Posts
    • 4,325 Thanks
    badger09
    I've used CurrencyFair in the Eurozone and was very happy with the service & exchange rate - fee €3.

    I'm sending you a PM.
    • cha73
    • By cha73 8th Jul 17, 2:04 PM
    • 10 Posts
    • 0 Thanks
    cha73
    Ok to give an update:

    I made the transfer this morning with TransferWise, the fee was just over £3 and I added a further £3 to the sterling amount in order to bring the recipients amount of euros in line with the current conversion rate. So you could say it cost me just over £6 which is certainly better than the banks.

    Also, being a first time user, I was able to get cash back through topcashback.co.uk

    badger09 - thanks for your PM, I've sent you a reply
    Last edited by cha73; 08-07-2017 at 2:06 PM.
    • eaustin
    • By eaustin 24th Jul 17, 9:04 PM
    • 457 Posts
    • 92 Thanks
    eaustin
    I wish to transfer a significant sum to a US$ account held in Hong Kong. I have previously used Transferwise to transfer funds overseas but they don't allow a transfer to a dollar account held in Hong Kong.

    Someone has suggested Azimo but i have not heard of this site. Would my funds be protected using this service. Anyone had any experience and willing to recommend?
    • badger09
    • By badger09 25th Jul 17, 10:45 AM
    • 5,112 Posts
    • 4,325 Thanks
    badger09
    I wish to transfer a significant sum to a US$ account held in Hong Kong. I have previously used Transferwise to transfer funds overseas but they don't allow a transfer to a dollar account held in Hong Kong.

    Someone has suggested Azimo but i have not heard of this site. Would my funds be protected using this service. Anyone had any experience and willing to recommend?
    Originally posted by eaustin
    No personal experience, but the quote an FCA registration number so not a scam site, but you should check.

    https://azimo.com/en/send-money-to-hong-kong
    • snipsnip07
    • By snipsnip07 7th Aug 17, 10:15 PM
    • 9 Posts
    • 219 Thanks
    snipsnip07
    Hi,

    I need to transfer money to a company in the US who stipulate that the funds must come from a bank account in my own name. Unfortunately this therefore rules out companies like Xendpay or Transferwise.

    At present i use Barclays, however besides their high charge for the transfer, they really sting me on their exchange rate.

    Can anyone recommend an alternate UK bank which has reasonable transfer rates as well as exchange rates?

    TIA
    • hxm
    • By hxm 7th Aug 17, 10:55 PM
    • 268 Posts
    • 139 Thanks
    hxm
    azimo
    Sorry, I didn't see this query when it was first posted, but I have used azimo a lot for sending money to friends in Kenya over the last 2 years. Their fees are really low and the exchange rate pretty good, I have found them to be much cheaper than using Western Union or moneygram. I've only had one failed transaction, and they refunded my money including the fee a few days later. I would definitely recommend them.
    • Consumerist
    • By Consumerist 8th Aug 17, 1:36 AM
    • 4,584 Posts
    • 2,259 Thanks
    Consumerist
    Hi, I need to transfer money to a company in the US who stipulate that the funds must come from a bank account in my own name. Unfortunately this therefore rules out companies like Xendpay or Transferwise. . .
    Originally posted by snipsnip07
    If the source account must be in your own name then that seriously restricts your options.

    <Halifax> charges £9.50 for all currencies plus the usual ca. 3% bank exchange rate charge. When I used banks for international transfers it was one of the lower-cost options at the time - it might still be. Good luck.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • eDicky
    • By eDicky 8th Aug 17, 9:48 AM
    • 2,686 Posts
    • 1,157 Thanks
    eDicky
    Hi,

    I need to transfer money to a company in the US who stipulate that the funds must come from a bank account in my own name. Unfortunately this therefore rules out companies like Xendpay or Transferwise.

    At present i use Barclays, however besides their high charge for the transfer, they really sting me on their exchange rate.

    Can anyone recommend an alternate UK bank which has reasonable transfer rates as well as exchange rates?
    Originally posted by snipsnip07
    If you open and use a Fineco Bank multi-currency account it will be sent from an account in your name. I'm not sure of the fee but exchange rate is close to the Interbank rate, there are promo codes around for signing up.

    The TransferWise 'Borderless Account' is not actually a bank account but may have the right characteristics if you look into it.
    • snipsnip07
    • By snipsnip07 8th Aug 17, 10:56 AM
    • 9 Posts
    • 219 Thanks
    snipsnip07
    Thanks for the suggestions, all very useful.
    from £1.00
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