Sending Money Overseas article discussion



  • Solarjunkie
    Solarjunkie Forumite Posts: 385
    Part of the Furniture 100 Posts
    I would like to send some money to a relative in Canada, without it going to her bank account. What is the best way to do this? She does not have internet access.
    Deal with things as they are, not as they should be.
  • bttrans
    bttrans Forumite Posts: 1 Newbie
    Have sold my property abroad and would like to transfer the money to my bank account here. Any ideas, what is the best transfer option?

    Thanks for the advise,
  • Kallisti
    Kallisti Forumite Posts: 43 Forumite
    I'm transferring quite a lot of cash to the states and thought I'd put in my $0.02 (ahem). The brokers typically seem to use either pips or percentage to work out how far off the inter-bank rate they'll give you. In order to get a real quote 'spot' rate, you have to have an account set up, but to be honest, this is dead easy - sometimes a form to fill in, sometimes an email of your passport and a utiltity bill.

    Once they've done that, call around and see what rates each is offering, and also what pips. Pips are the smallest unit the currency exchange can move at. For instance, £:$, a pip is $0.0001 eg, 100th of a cent.

    So far I've been quoted anywhere from 120pips (1.2c below the inter-bank rate) from Moneycorp and as good as 50pips by Foreign Currency Direct. HIFX came in the middle at about 80pips.

    When you're talking about small amounts, that's pretty trivial, but when talking about $100k, it works out at almost £300 difference on the transfer. Moral of the story, as ever, shop around. To me, pips seem to be a good way of sorting the wheat from the chaff, but the advice on the front page is important too, "After all fees and charges, how much X currency will I end up with?".

    Especially well hidden charges could include your bank charging to receive the deposit. My US account charges $15 for incoming international, no idea if this is going to count as one though!?
    :: No Links in signatures please - FM ::
  • Ronney
    Ronney Forumite Posts: 2 Newbie
    Building up your own business or perhaps paying debts these days are too way easy since we now have the industry of money transfer, prepaid debit cards and the commercial loans which supply and sustain our daily needs. If you’re planning to have your own business but still you don’t have sufficient budget in establishing it, the commercial loans is one of the best options that can help work out your predicaments.
  • alexjmreynolds
    alexjmreynolds Forumite Posts: 2 Newbie
    For those travelling to Europe or the US this summer, it may be worth looking at a pre-paid currency Mastercard. Moneycorp is currently offering ne and the details can be found by googling moneycorpcard.

    The benefits are:-

    1st & 2nd card - Free
    Great exchange rates
    Chip & PIN secured
    No fees on overseas purchases

    Have a look. I've just received mine and will be using it in late July so will update everyone again then.

  • henmania
    henmania Forumite Posts: 11 Forumite
    Just joined, so pls be kind...:D

    I need to make a payment in Euros + may need to make more in the future + was wondering if anyone had availed of the Barclays Euro Account which gives you a chq bk. You have to have a Barclays Sterling Current Account to apply, but apart from that, it appears to be a gd deal.

    Does anyone have/recommend this account?

    Another alternative I was looking at was a bankers draft, but apparently that can get messy if lost in the post....

  • 97trophy
    97trophy Forumite Posts: 915 Forumite
    check out citibank euro account.
  • henmania
    henmania Forumite Posts: 11 Forumite
    There doesn't appear to be a cheque book on offer with Citibank's euro account though :confused:
  • paul_zxz
    paul_zxz Forumite Posts: 5 Forumite
    Good advice here; although i'm very very supprised No1 Currency hasn't been mentioned.

    Their overseas money transfer is second to none (I have experience using both their individual and business facilities), and they also offer a Bureau de Change service which beats 99% of all other high street alternatives.

    No1 Currency also opperates nationwide so they are very accessable.

    I recommend these guys very strongly!

  • xiomara_mayoral
    xiomara_mayoral Forumite Posts: 6 Forumite
    Hi, does anyone know what would be the best way to transfer the money monthly (not more than 100 GBP) to a person living in Cuba ? The web companies I have found don't even seem to have Cuba on their country list :((( The speed of the transfer is not the main thing - the fees associated are...

    Please help & many thanks in advance !
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