Sending Money Overseas article discussion

biscuitbob

Hi, i recently completed a transfer of over £5k with FC exchange, so I should be eligible for the £40 Amazon voucher. Does anyone know how and when this should be received?

The transfer was done on 11th May so it's been 2 weeks now. Not sure if it's FC exchange / Amazon / someone else I'd need to contact about it.

usafeer

I want to transfer money to an international bank account in Czech Republic from the UK. The bank has a GBP denominated account so I do not need to do a currency exchange.

What is the best option for me?

Archi_Bald

The usual: a specialist currency transfer service like Transferwise. Check the best deal on the day via fxcompared.com

eDicky

Archi_Bald wrote: »

The usual: a specialist currency transfer service like Transferwise. Check the best deal on the day via fxcompared.com

I'm not so sure, when there's no currency conversion involved. It may depend on the amount being sent, and which bank it is being sent from, whose charge for the outgoing GBP transfer may be less than that of any separate transfer service. Any charge made by the Czech bank for receiving the funds must also be taken into account, of course.

For example, a service such as TransferWise, whose don't derive their income from exchange rate spread, charge a percentage that may work out to be more than the bank charges you are avoiding. And that is if they will actually handle the single currency transfer.

System

I transferred about 9000 Euro to our German bank account (we have a property being overhauled) in April using Currencies Direct. It was a painless exercise and we have received the Amazon voucher by email.

The problem is that we now need to transfer a further 5000 Euro and on my personal Currencies Direct account the rate is 1.2505 yet on their Todays Rate section on their website it states the rate is 1.2744.

So my questions is this - Do these companies pull you in with a good rate and get you to open an account only to offer lower rates for subsequent transactions?

fc exchange have a rate of 1.2773 and UK Forex are showing 1.2774

eDicky

Pam17 wrote: »

fc exchange have a rate of 1.2773 and UK Forex are showing 1.2774

These two companies appear to be using the current mid-market rate, so they will be charging for their service in some way other than putting a spread on the exchange rate.

There are two factors involved - a fixed or percentage charge, and the spread or deviation from the mid-market or interbank exchange rate. Transfer services use one or the other (or both) to make their money. Presumably Currencies Direct make no charge but give you a rate that's a few percent off the mid rate. You have to take both factors into account when deciding on the cheapest way to send the required amount. Use XE.com to see the current mid-market rate.

canal_narrow_boat

I am moving to live in Tenerife this September, and I will be opening a bank account when I get over there.
I intend to keep my account open in the UK, but will I be able to send money from my account in the UK to the account in Tenerife.
Derek

jonesMUFCforever

canal_narrow_boat wrote: »

I am moving to live in Tenerife this September, and I will be opening a bank account when I get over there.
I intend to keep my account open in the UK, but will I be able to send money from my account in the UK to the account in Tenerife.
Derek

Yes.
The easiest way will to do this through internet banking (check for limits before going).

canal_narrow_boat

Thanks for that, I have to say I'm not a lover of internet banking, is that the only way to do it

grumbler

canal_narrow_boat wrote: »

Thanks for that, I have to say I'm not a lover of internet banking, is that the only way to do it

I am sure most banks allow doing this over a phone, but do you really want this (expensive calls, queues, errors easy to make, ...)? Also, a bank transfer is the most expensive option - typically ~3% plus a flat fee.

There are far better options:
https://www.fxcompared.com/money-transfer/UK-Spain?amount=1000
http://www.mycurrencytransfer.com/money-transfer-to-Spain/1000-GBP