cheapest way to transfer some money abroad

derek.gtalk

I'd like to transfer some money to my parents in China. What's the best deal available?

Thanks,
Derek

Voyager2002

Depends on how much; on whether they have their own bank account; and on how quickly they need the money.

Co-op bank (and Smile) charge a fee of about 13 pounds for telegraphic transfers, but you must bank with them to do this. Nationwide charge 20 pounds but you might get a better exchange rate. They can also sell you a draft: a piece of paper that you have to send to your parents, who can then pay it into their bank account to get the money. This is obviously slower than a transfer, but has a low fee.

Otherwise, check out the service offered by xe.com

derek.gtalk

It's only about £2000. They have their bank account which is opened specially for overseas transfer. I think they will receive money dominated in Pounds, and then they can exchange for CNY. It's not urgent, so I'd like to choose the cheapest way if possible.

Has anyone used Citibank Global Transfers? Is it good?

davetrousers

It's to a Chinese account then?

Whatabout using paypal?

derek.gtalk

> It's to a Chinese account then?
Yes.

>Whatabout using paypal?
does it charge any comission for the transfer? is it allowed to tranfer around £2k?

derek.gtalk

> paypal
not sure it's a good way.
In Paypal UK, have to pay 3.4% plus £0.20 GBP to accept credit or debit card funded payments .
In Paypal China, I think it's 1.5%.

franconormand

Halifax also charge £20 for a TT now. This is a big increase from previous charges. One to avoid now.

johnhoque

I think there should be an article done on this by Martin, as I am looking as well to send money to Bangladesh and the best so far is Western Union for £6.90. Xoom is supposed to be cheaper but doesn't do Bangladesh anymore