Sending Money Overseas article discussion

Paul_Varjak

I recently discovered a very good website that compares the major money transfer services in terms of cost, speed etc. The service make it money via affiliate links and is free to use, so you do not get charged any extra by using the service...

https://www.tawipay.com/

jdl4225

I've got a question about International Transfers.

I transferred money from my UK bank account to my American bank account- printed off the confirmation with the agreed amount/ exchange rate/ fees. I've just noticed in my American bank account that it's $30 less than what was agreed, and this is taking into account the fees. I phoned my UK bank and they claimed they transferred the GBP amount which they say added up to the amount agreed, but my American bank account says the UK bank didn't transfer the correct amount. The U.K. Bank account then says it could be charges from the middle man. Can I be charged for something which I'm unaware of? I have no receipt/ confirmation to say somebody else is going to be taking my money? Has anyone else experienced this? I've been transferring money for 7years now and this has never happened. I'm pretty sure my UK bank account messed up and sent the wrong amount. Any advice is greatly appreciated....

grumbler

Many banks routinely charge for incoming foreign transfers.
Also, pretty often intermediary banks take their cut.
Both charges are beyond your bank's control, although they could predict the latter fee (if any) and warn you.

You should have read the article and the thread before sending money, not after, - and saved a lot on the fees and charges.

A recent thread: Help preventing Bank Rip-off When Sending money Overseas ?

eDicky

jdl4225 wrote: »

I've just noticed in my American bank account that it's $30 less than what was agreed, and this is taking into account the fees. I've been transferring money for 7years now and this has never happened.

$30 is a typical amount deducted by a US receiving bank or an intermediary bank, so of you're sure it's not the former it will be the latter. But it's probably insignificant compared to what you could have saved by using a transfer service instead of bank to bank transfers for seven years..!

Paul_Spencer-White

Currencies Direct - beware the hidden charges!

I recently transferred some money to a family member in the USA (Bank of America). Not only did they take some money for receiving the transfer but Currencies Directs' intermediary bank took a slice too. This was not made clear at the time of transfer and Currencies Direct said they did not know if any intermediary bank they use will make a charge. not good enough in my books!!

lexia

There might be intermediaries banks but also some banks charge for incoming transfers. You need to do your research even with the brokerage firms, and ensure there are no fees. It took me a while to realize that, but I did manage to find a currency firm that does intl transfers + currency conversion and fees are very transparent - what they quote is what you get.

But, these brokers have their own business accounts with banks in both countries (in my case Canada and UK) - and especially on the Canadian side, that is important, as many Canadian banks charge for incoming and outgoing transfers (they call them wire transfers).

azzoug

Hello
I do not speak English well (sorry)
My question
Is it true that the company : TransferWise
Canceled the option: Pay by card?
I hope that the information is not correct.

Alt

azzoug wrote: »

Hello
I do not speak English well (sorry)
My question
Is it true that the company : TransferWise
Canceled the option: Pay by card?
I hope that the information is not correct.

The card payment option was available yesterday so unless it has happened since then then I would say no


Alt

azzoug

Unfortunately, the news is true.
Now I tried
It remained the only option: bank transfer.

grumbler

https://transferwise.com/help/article/2031881/creating-a-transfer/paying-for-your-transfer

For most of the currencies we offer bank transfer and debit card payment options.