Sending Money Overseas article discussion

Consumerist

cha73 wrote: »

Any thoughts or other suggestions welcome.

We've been using Transferwise for a few months now for modest amounts to family in the euro-zone. No problems so far. A fixed fee of £2.00 for transfers under £400 and 0.5% for higher amounts. We are well pleased by comparison with what banks offer. Delivery abroad next day in most cases.

Edit
Exchanges at mid-market wholesale rate.

cha73

Thanks for the information Consumerist.

Do Transferwise make the transfer directly to the recipients bank account?

Consumerist

cha73 wrote: »

. . . Do Transferwise make the transfer directly to the recipients bank account?

Yep. You may need the recipient banks SWIFT and definitely the recipient's IBAN - but you probably knew that already.

badger09

I've used CurrencyFair in the Eurozone and was very happy with the service & exchange rate - fee €3.

I'm sending you a PM.

cha73

Ok to give an update:

I made the transfer this morning with TransferWise, the fee was just over £3 and I added a further £3 to the sterling amount in order to bring the recipients amount of euros in line with the current conversion rate. So you could say it cost me just over £6 which is certainly better than the banks.

Also, being a first time user, I was able to get cash back through topcashback.co.uk :beer:

badger09 - thanks for your PM, I've sent you a reply

eaustin

I wish to transfer a significant sum to a US$ account held in Hong Kong. I have previously used Transferwise to transfer funds overseas but they don't allow a transfer to a dollar account held in Hong Kong.

Someone has suggested Azimo but i have not heard of this site. Would my funds be protected using this service. Anyone had any experience and willing to recommend?

badger09

eaustin wrote: »

I wish to transfer a significant sum to a US$ account held in Hong Kong. I have previously used Transferwise to transfer funds overseas but they don't allow a transfer to a dollar account held in Hong Kong.

Someone has suggested Azimo but i have not heard of this site. Would my funds be protected using this service. Anyone had any experience and willing to recommend?

No personal experience, but the quote an FCA registration number so not a scam site, but you should check.

https://azimo.com/en/send-money-to-hong-kong

snipsnip07

Hi,

I need to transfer money to a company in the US who stipulate that the funds must come from a bank account in my own name. Unfortunately this therefore rules out companies like Xendpay or Transferwise.

At present i use Barclays, however besides their high charge for the transfer, they really sting me on their exchange rate.

Can anyone recommend an alternate UK bank which has reasonable transfer rates as well as exchange rates?

TIA

hxm

Sorry, I didn't see this query when it was first posted, but I have used azimo a lot for sending money to friends in Kenya over the last 2 years. Their fees are really low and the exchange rate pretty good, I have found them to be much cheaper than using Western Union or moneygram. I've only had one failed transaction, and they refunded my money including the fee a few days later. I would definitely recommend them.

Consumerist

snipsnip07 wrote: »

Hi, I need to transfer money to a company in the US who stipulate that the funds must come from a bank account in my own name. Unfortunately this therefore rules out companies like Xendpay or Transferwise. . .

If the source account must be in your own name then that seriously restricts your options.

<Halifax> charges £9.50 for all currencies plus the usual ca. 3% bank exchange rate charge. When I used banks for international transfers it was one of the lower-cost options at the time - it might still be. Good luck.