Receiving money from abroad

Sooler

Anyone got any tips on good ways to move money back into the UK from abroad?

Similar to the 2 threads on sending money abroad but in reverse.
The search on this site is not currently working - so not been able to find if there are any existing threads.

inmypocketnottheirs

Where is the money coming from, what sort of frequency and currency. How much is each transaction likely to be. This would all have a bearing on what is likely to be the best method.

innovate

I use Moneybookers but inmypocketnottheirs is right, the best option depends on the factors he listed.

Sooler

Around about the equivalent of £300 a month from Taiwan.
So roughly 17500 Taiwan New Dollars, from a Taiwan bank account in one name to a UK bank/building society account in a different name.


Any tricks to save on exchange costs. Is there say like a bank with branches there and here that would facilitate a transfer with no fees incurred?

innovate

May be Citibank?

Sooler

How does Moneybookers work? Is it like this ...

The person in Taiwan can transfer money from their bank account to Moneybookers for a € 0.50 fee
They apply their exchange rate.
I can withdraw the money for a € 1.80 fee


It would be easier if the person in Taiwan doesn't need to bother with their own Moneybooker acount. Would this make any difference?




Info from Moneybookers site:
What does it cost to send money?
1% (up to € 0.50) per Transfer

What exchange rates do you apply if I send money in another currency or to an account in another currency?
We believe in fair exchange rates. We use the daily reference rates as published by the European Central Bank. However, we apply in either direction a spread of 0.8%

What does it cost to withdraw money?
Withdraw money via bank transfer: € 1.80 flat fee

Sooler

Sooler wrote:

We believe in fair exchange rates. We use the daily reference rates as published by the European Central Bank. However, we apply in either direction a spread of 0.8%

Can't find their rate for Taiwan

innovate

Doesn't look as if they operate in Taiwan (you hadn't mentioned the originating country in your first post). You could try and ask them how someone in Taiwan can use their services, if you think they might be a possibility.

Citibank do operate in Taiwan and in the UK. There are some others that do, too - like HSBC.

Also, have you consulted Martin's article on sending money abroad?

innovate

If you went for a Citibank acount, you could also get a £60 cashback (£55 payout after the £5 annual fee) via Quidco. This could pay for your transfer fees may be?

Sooler

innovate wrote:

You could try and ask them how someone in Taiwan can use their services, if you think they might be a possibility.

Will do ..

From the website ...
Which currencies do you accept?
...New Taiwan Dollar ...

Looks like it may be OK

innovate wrote:

Citibank do operate in Taiwan and in the UK. There are some others that do, too - like HSBC.

Looked at HSBC before the person left for Taiwan - something about an 'offshore account' in which you had keep £5000 minimum

I'll check out Citibank.

innovate wrote:

Also, have you consulted Martin's article on sending money abroad?

Looked at that ... the Nationwide FlexAccount seems the best option there - but doesn't work for bringing money back.

Sooler

Citibank charge a 2% fee for moving funds from a foreign Citibank account to a UK Citibank account and changing currency (free if it was the same currency) plus a possible additional charge.


Moneybooker use the European Central bank rates.
Had to phone the 25p a minute help line to find the actual value.
Currently 0.017, better than the Post Office.
Are the European Central bank rates for all currencies online anywhere?


See if we can get Moneybooker to work.