Sending Money Overseas article discussion

Archi_Bald

OyzterShell wrote: »

if you were open minded about currency transfers you wouldn't be taking the attitude you are.

I shall ignore your insults but not your ignorance.

Specialist currency transfer firms have been discussed on MSE for a long time and the concept of the firm you are promoting isn't new. Apart, perhaps, from the fact that they seem to rely on donations to stay afloat.

OyzterShell

OK, since you seem to be lacking clue who should I speak to at MSE ?

mgdavid

OyzterShell wrote: »

In reply to mgdavid

Xendpay and RationalFX are the same org, .......

so why have two names? what are they hiding? or who are they trying to confuse?
If they are half the fee and I currently pay €3 per transaction, it is not worth my while setting up a new account for the odd €1.50

AislingB

I posted in this thread a while ago about problems with transferring money to the USA to pay course fees - I needed to pay a specific amount but $20 was deducted at some point in the transfer process so there was a shortfall in the amount that reached the college. For my next two payments to the college I used Transferwise. I found their customer service very helpful. They replied very quickly to my emailed questions and helped me sort out a problem with a number that I needed to make the transfer. In addition, the correct amounts arrived in the college bank account. I would definitely recommend them to anyone who needs to be sure that a specific amount reaches an overseas payee.

Forumnewbie

I have to send £50 to the US. Any ideas? MSE says Transferwise is the best option. Is this still the case? Sorry to be so ignorant. I used to use CurrencyFair but they made £100 a minimum and started charging more. Thanks for any advice.

grumbler

https://www.fxcompared.com/money-transfer/UK-USA?amount=50&bType=1&aDir=0&ref=filter suggests that Transferwise is even better - unless there is some hidden limit too.

That said, for £50 even Paypal can do the job.

eaustin

I regularly transfer amounts (circa £1,000) to Malaysia. I use my Halifax account which charges me £9.50 for the transfer. The amount the recipient received in Malaysian Ringgit (MYR) was less than I expected given the prevailing exchange rate.

Is there be a more efficient way of doing this? Should I be sending MYR rather than GBP?

grumbler

eaustin wrote: »

I regularly transfer amounts (circa £1,000) to Malaysia. I use my Halifax account which charges me £9.50 for the transfer. The amount the recipient received in Malaysian Ringgit (MYR) was less than I expected given the prevailing exchange rate.

What's 'prevailing'? Typically banks charge ~3% for conversion incorporating this into the exchange rate.

Is there be a more efficient way of doing this?

Reportedly, HSBC charge £4 for online internatioal transfers.

Should I be sending MYR rather than GBP?

This is unlikely to make a noticeable difference, but you could have used the link in the post above yours for checking other options with smaller fees and better exchange rates: https://www.fxcompared.com/money-transfer/UK-Malaysia?amount=1000&aDir=0&bType=1&ref=filter

mgdavid

Forumnewbie wrote: »

I have to send £50 to the US. Any ideas? MSE says Transferwise is the best option. Is this still the case? Sorry to be so ignorant. I used to use CurrencyFair but they made £100 a minimum and started charging more. Thanks for any advice.

Hi, can you provide a source for your assertions?

Currencyfair transaction fee has always been - and still is - 3 Euros.
I made a transfer of less than £50 in February this year and cannot find any notice of minimum transfer amounts since then.

eaustin

grumbler wrote: »

What's 'prevailing'? Typically banks charge ~3% for conversion incorporating this into the exchange rate.
Reportedly, HSBC charge £4 for online internatioal transfers.
This is unlikely to make a noticeable difference, but you could have used the link in the post above yours for checking other options with smaller fees and better exchange rates: https://www.fxcompared.com/money-transfer/UK-Malaysia?amount=1000&aDir=0&bType=1&ref=filter

Prevailing rate, I meant the inter-bank rate similar to that applied when using their Clarity Credit Card.

HSBC - thanks, looks worthy of investigation.


Is there a way of finding out which banks charge for receiving international payments and what those charges are?