Cheapest way to send money abroad?

carolt

Asking on behalf of a Romanian student - what is the cheapest way to send money abroad? - in her case to Romania?

She is wondering about opening a bank account here with HSBC, where her employer (she's an au pair) banks, and then transferring it through the banking sysem back to her Romanian bank account?

Can she do this? Is this expensive?

Can anyone recommend the cheapest way to transfer money back to Romania for her (or other countries generally, for the relevance of any other readers of this thread)?

Many thanks!

Sam37

Yes she can make bank transfers through SWIFT from a UK account to an account overseas. When I made them they's cost around 20 pound per transfer. I think there is more advice about this on the travel thread, I hardly use this method now.

The cheapest way is to open a Nationwide flexaccount for this purpose -good exchange rate and no commision-, and withdraw money whenever back in Romania (or leave a card there maybe with her parents- if she trusts them!- who can then withdraw for her) and deposit in her local account.

I have heard Nationwide in generally friendly to costumers who have recently arrived from overseas. It can be quite challenging to open an account when you are new to this country.

carolt

Thanks - that's really helpful. Do you have any idea what documentation you would need to open an account like that as a new (EU) immigrant?

Sam37

Best to ask the bank I think.

I think generally people need two documents proving their address (e.g. utility bills -which can be difficult when you live in shared accomodation etc. or have just arrived -and it be difficult to get an account with the utilily companies until you've got a bank account or proof of address, so are in a bit of a catch 22), and proof of identity like a passport.

As a new UK resident, years ago, I needed a letter of recommendation from my bank in my country of origin (which was already in the EU then). This took a little while -also because my ''bank of origin'' did not work with a branch network.

I also needed proof of UK income. (My then employer helped me set it up, so this was relatively painless for me)

Possibly if she is a student, international office at the uni can help.

mickymellon

have a look at https://www.hifx.com who saved me lots when transferring a lump sum from europe to UK