Sending Money Overseas article discussion

Lulu58

Hi

Interesting article and posts, but I feel a bit anxious and wanted to 'talk' to people to see what they would do.

I need to transfer somewhere between £125-£150 to a Japanese bank for goods which I would like to purchase from a Japanese company. They have asked for a TT remittance to their bank account in Japanese Yen.

My bank, First Direct charge a flat £25 for money transfers.

Anyone have any thoughts on the safest way to transfer the money within a reasonable timeframe.

Many thanks
Lulu

Lulu58

ashleyingle wrote: »

You should be able to negiotiate with first direct their charges sightly anyway to make international payments cheaper by mentioning payement would be cheaper through another bank.

Thanks for your reply. I'll try and negotiate with First Direct, although I don't find them terribly flexible.

I have been thinking of using something like Moneygram or Western Union, but feel strangely apprehensive. I guess it's because I rarely transfer money in this way.

Lulu

Lulu58

ashleyingle wrote: »

You should be able to negiotiate with first direct their charges sightly anyway to make international payments cheaper by mentioning payement would be cheaper through another bank.

I tried negotiating with FD and got nowhere. It's a flat rate regardless of the amount you send.

Lulu58

Just a quick update to this. I used a company called Smart Currency Exchange (http://www.smartcurrencyexchange.com) and was very impressed. There's a fixed rate fee of £10 for transfers of up to £3000, after that there is no charge. The rate I received was ok.

The money was transferred the same day and their communication was fast and efficient.

:T

unbelievable

A Japanese friend of mind just attempted to transfer money from the sale of a property from the UK to Japan in Pounds (no conversion fee/exchange rate) from Alliance & Leicester to the Japanese Post Office bank.

For some reason we cannot find out yet. The transfer did not go through and on top of the £25 fee ... more than £1,400 was removed from her account without explanation.

No one in the Alliance & Leicester can tell her why this has happened nor what it is for, except that to tell her that she was warned that 3rd parties might remove fees as she dialled in and this was beyond A&L's control.

£1,400 is not a fee. It is an incredible robbery. It bears no resemblance to any real cost of what is, after all, a couple of clicks on a computer.

Unfortunately, although my friend speak good English, she is almost completely unable to understand the thick Liverpool accents of the Bootle customer service department and because I am in the UK, we are unable to get past the usual "insecurity" to allow me to handle the enquiry for her. They say they cannot offer anyone who speaks a more neutral accent ... despite her have been royally ••••• over without warning by them.

Has anyone had any experience of such a situation?
What would be the legalities of it?

I would have thought her legal relationship was with A&L and they would be bound to reasonable charges, or warnings of such charges.

At present they cannot even tell us who, what or why the money was taken!

Oh, and joy or joys, they want to be paid £50 in advance to investigate what has happened.

Presumably, if we attempt the transfer again, we risk the crap shoot of losing a similar sum again!?!

Have A&L been bought out by a bunch of Nigerians scammer, or something? I am disgusted by their customer service.

What I don't understand is that Santander also see to operate a cheap 'www internationalpayments co.uk' service and if so, why did they not recommend to use that rather than sending off to be mugged?

There is a chance that there is an intermediary bank involved, my guess it is Mitsui Sumitomo, which leaves us lost as who and where to complain to. But A&L just want us to ••• off and stop bother them. Their attitude is nothing more than a tough luck and they can give us no more information than to say, "well it could be that much".

Yes ... but for what and why!??!

It is unbelievable. It is faceless piracy via the internet.


The cost ... fee ... charge ... theft rate appears to be 4%.

£1,400 charge for having a transfer refused.

I could have flown over there business class myself, with a bag of £20 notes cheaper.

WHY IN THIS DAY AND AGE!?!
WHO THE HELL DO THESE CROOKS THINK THEY ARE?

Toe-Jam

Whats wrong with caxtonfx fastpay, its free and the rates quite good.

unbelievable

I am not asking for ads for other services. I know there are many.

I am asking if anyone has been able to challenge and get back the exorbitant "fees" Alliance & Leicester and their partners have ripped off ... or even know what they are!

This was meant to be a reputable company making a simple transfer to a Post Office bank ... then ripping off £1,400 without warning, explanation, and without so much as an apology.

Thank you

unbelievable

Thank you. I will look into this and find out.


I am horrified to find out this is not a unique mistake but a regular event instead. It is an unbelievably audacious mugging. The A&L Santander customer service staff just claim that because there is a message on the telephone system that you might be charged fee by third parties ... 'that' constitutes as your legal warning.

No, they never warned of the size of the fee, nor gave any option/warning. This never happened when Alliance and Leicester were independent of Santander.


Yes, the Japanese account is a personal account at the Japanese Post Office bank exists etc.

My friend actually went to the Japanese PO Bank showed them her account and all the details, and was told it could go ahead.

No, nothing arrived at that other end.


It is amazing that they can take it without giving you any option first ... or just retrying ... AND that they cannot even to tell you where it went or two whom after !?!

missmiss

Dear Mr Ingle
You seem like a wise and helpful man so I wondered if I could ask you for some quick and dirty advice? I've just returned to the UK from Bermuda and want to transfer my final month's salary back to the UK. I think my HSBC bank charges a lot. I cannot use Paypal as the amount is above the limit for a single payment. Should I sign up to an FX trader account just for this one-off payment? I want to use the money to pay for a Masters and be able to survive on the left overs, together with a PT job if possible.
I'd be really grateful for your advice.

missmiss

Thank you. That's just what I wanted to hear - simple and straightforward information. Going to do just what you've said. I came to you because I'm a bit intimidated by the idea of financial advisors and afraid of being sold gobbledygook for a price.