Sending Money Overseas article discussion

innovate

catokelly wrote: »

The cheapest way to send Sterling abroad may well be to use your bank.

That is very rarely, if ever, the case.

Compare the offers: http://www.mycurrencytransfer.com/

catokelly

innovate wrote: »

That is very rarely, if ever, the case.

Compare the offers: http://www.mycurrencytransfer.com/

If you're transferring currency abroad, yes it's cheaper to use a transfer specialist. But if you're sending GBP £ your bank is usually cheaper.

grumbler

catokelly wrote: »

... But if you're sending GBP £ your bank is usually cheaper.

...only if you ignore what the recipient bank will charge for currency conversion.

benjus

I can't comment about Serbia as a specific case, but let's not forget that not everyone is sending/receiving major currencies like EUR and USD. If the currency involved is a minor currency that is not widely traded (or if there are restrictions on trading the currency) then it is quite possible that the cheapest way (and possibly even the only way) is to transfer GBP and let the receiving bank perform the conversion. If that is the case, FX brokers are likely to be of limited use.

Moneycorp_representative

nataliemkitch wrote: »

Have seen a few new companies coming out at the moment and was just looking around at who are trusted businesses to make payments through. I have been using a good and trusted source for the past 5 years and very good and thought others may be looking for services and be confused at what's out there too. Try having a look at FTT Global.

Has anyone tried out any other new services recently?

You are right it is important to do your research. I would recommend you never base your decision on costs alone when deciding where to trade. Always consider the expertise, the security and reputation of the company when making your decision. How long have they been in business, do they hold segregated client trust accounts, what is their credit rating and are they FSA regulated and authorised? There are two types of FSA regulated entities; a registered company is simply registered with the FSA and is not required to safeguard your funds or hold capital. Companies which are registered and also authorised by the FSA are required to safeguard your funds, this means your money is kept separate from company accounts. They also have to meet stringent criteria set by the FSA in terms of financial health and risk management.

You can check a brokers status under the Payment Services Regulations on the FSA register at www.fsa.gov.uk/register. You can also review their financial accounts and credit rating.

innovate

Moneycorp_representative wrote: »

Companies which are registered and also authorised by the FSA are required to safeguard your funds, this means your money is kept separate from company accounts.

You are making some very valid comments - like with everything, it's 'value for money' people should be looking for, not just the cheapest price.

For completeness, though, I should mention that FSA authorisation does not mean customer funds are guaranteed. They might be safer than with unauthorised outfits (and definitely safer than with an outfit that isn't even FSA registered), but not 100% safe either.

Ars_Longa

Banks and money transfer companies are hiding their fees in two places – the currency exchange rates and the transaction fees. Often you are promised there will be no transaction fee, but their exchange rate will already include a large transaction fee. So, you're actually losing 5% on average that way. Check both the exchange rate and the transaction fee, and ask how much money you will receive at the end.

I am using TransferWise because their fees are low and transparent. Their exchange rate is the best in the industry. You get the mid-market rate (the interbank rate or spot rate) used in global financial markets. I am checking my transactions against finance.yahoo.com and alpari.com foreign exchange brokers. The difference is negligible. You can’t get a better deal for transfers over £200. TransferWise has been created by the guys who built Skype and PayPal. They know one or two things.


When you are good to others you are best to yourself.

markw5

I think the company I use covers all the points. The rate is very good, no additional/hidden charge, minimum transfer £100, bank to bank transfer & good communication
http://www.caxtonfx.com

for all the details

woodsey1982

Hi, I'm looking to pay a deposit on a rental property in Portugal - which will mean transferring from GBP to EUR. What's currently the cheapest way to pay into a Portuguese account? The amount is pretty small ( only 150 EUR ) but don't want to be hit with unnecessary conversion charges. Thanks!

grumbler

See the post #172 above?