Sending Money Overseas article discussion

grumbler

If you mean the flat fee, UK banks clearly state this in their list of charges.
However, sometimes intermediary banks take their cut that is difficult to predict.

For regular transfers it makes sense to use a currency broker instead of banks. For some other brokers see http://www.mycurrencytransfer.com/money-transfer-to-Malaysia/1000-GBP as well.

bonniedingo

In approx. five weeks I will need to send a large (£500k) money transfer to Australia. There seems to be a lot of currency companies out there offering the same thing and most seem to be FCA authorised. I need to get the best rate I can. Can anyone give me a recommendation based on past experience of a large transfer ?


Thanks you




Michael

grumbler

bonniedingo wrote: »

I need to get the best rate I can. Can anyone give me a recommendation based on past experience of a large transfer ?

How can anyone give you recommendation about the best rate?
Why not just check fxcompared.com and mycurrencytransfer.com mentioned in two posts above yours?

bonniedingo

Well I've been checking three currency companies, HIFX, Currencies Direct and Fair FX and believe you me the difference in rates on that amount of money is considerable! So I was really just wanting a heads up from someone who had already done their due diligence and found , after comparison, which company had given them ' the best rate'.


Thanks for your response.

grumbler

Well, if some company offered the best rate in the past, this doesn't mean that they offer the best rate ATM or will offer in five weeks.
That said Currencyfair and Transferwise mentioned on every page of this thread are usually difficult to beat - as mycurrencytransfer clearly shows ATM (for Currencyfair you have click through to View Live Rates.)

BenBoyd

I am a UK citizen living in Australia and I need to send quite large (£10,000 - £25,000) transfers of money from the UK to Australia. I can see that there are several companies which specialise in these transfers but can anyone recommend a company that they have used which provides the best rates, most reliable, etc.

grumbler

'Best rates' and 'most reliable' are contradicting requirements, but if you check a few posts above yours you'll find the companies that give the best rates.
Then you can search the thread and the board for some particular company if you are concerned about the reliability. You'll find loads of feedback.

nottned

Be very careful !! Travelex Uk Forex took 28 days to transfer a large sum of mine from UK to S Korea and we only managed to establish that it had not been lost and found where it had been sequestered by our own efforts. I had to send the amount again by Natwest bank which arrived in 24 hrs at a comparable rate and a fee of 24 £! Unless you love risk taking stick with your Bank!

mgdavid

nottned wrote: »

Be very careful !! Travelex Uk Forex took 28 days to transfer a large sum of mine from UK to S Korea and we only managed to establish that it had not been lost and found where it had been sequestered by our own efforts. I had to send the amount again by Natwest bank which arrived in 24 hrs at a comparable rate and a fee of 24 £! Unless you love risk taking stick with your Bank!

I don't know Travelex (never used them) but as general advice I think nottned is totally OTT.
I've moved large sums to EU countries and Oz recently using currencyfair.com with no delays and no problems at all. As have many many other people.

thelawnet

Hi, I need to send around £1,000 per month to Indonesia. The money is in the UK as GB £, but needs to be converted into Indonesian rupiah, either here or there.

I can send money as cash to Indonesia using Western Union, this costs me 2.5% overall, including the currency cost + the transfer fee. Is there a cheaper way?