Sending Money Overseas article discussion

eDicky

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.

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?

If you open and use a Fineco Bank multi-currency account it will be sent from an account in your name. I'm not sure of the fee but exchange rate is close to the Interbank rate, there are promo codes around for signing up.

The TransferWise 'Borderless Account' is not actually a bank account but may have the right characteristics if you look into it.

snipsnip07

Thanks for the suggestions, all very useful.

Joshua_Evans

Hi,

I'm going to be transferring from the UK office to the Chinese office near Shanghai.
I will be paid by the UK company into a UK bank account
I will be living/working in China for 10 months and working in UK for 2 months
What's the best and cheapest way to transfer money from UK to China monthly - around £1000 to £2000 a month??
Thanks, Joshua

Consumerist

Joshua_Evans wrote: »

Hi,

I'm going to be transferring from the UK office to the Chinese office near Shanghai.
I will be paid by the UK company into a UK bank account
I will be living/working in China for 10 months and working in UK for 2 months
What's the best and cheapest way to transfer money from UK to China monthly - around £1000 to £2000 a month??
Thanks, Joshua

Providing you can manage your UK bank account from Shanghai (i.e. good internet access to the UK) then I see no reason why you can't use one of the transfer services.

You could have a look at <Monito> to see which service meets your needs. As a last resort you may have to use the banks (way down the Monito list).

Hope you find something suitable. .

GedT1768

Hi,
my son is looking at Internships and after numerous searches has investigated & been successfully offered a place in SA following interview and providing references. The company recommends payment through Exchange4free and sends a comprehensive easy to follow guide in word docx. format. Exchange4free have also sent their details to progress the payment. I've used TransferWise successfully in the past but never Exchange4free. Has anyone had previous experience and is this a legitimate payment option? Kind regards

Consumerist

GedT1768 wrote: »

Hi,
my son is looking at Internships and after numerous searches has investigated & been successfully offered a place in SA following interview and providing references. The company recommends payment through Exchange4free and sends a comprehensive easy to follow guide in word docx. format. Exchange4free have also sent their details to progress the payment. I've used TransferWise successfully in the past but never Exchange4free. Has anyone had previous experience and is this a legitimate payment option? Kind regards

Well, when it comes to money, I'm a fairly cautious kind of person and I would find it a bit odd that a money transfer service which I have never contacted would contact me regarding a transaction I haven't initiated.

I haven't heard of this service but they claim to be regulated in many countries worldwide, including the UK.

I think I would be inclined, nonetheless, to use the service I was already familiar with.

Dird

Why is Revolut not in this article? It claims to do free transfers https://www.revolut.com/transfers

crunch89

Dird wrote: »

Why is Revolut not in this article? It claims to do free transfers

Second this - have been sending money over to Ireland for a forthcoming wedding, and the rate Revolut offers, on top of no fee, means it is beating Transferwise/Azimo etc.

eDicky

There's no cost for the transfer when using Revolut, and the conversion is at the interbank rate (weekdays) without fee for up to £5k per month, 0.5% fee thereafter.

moneysaverz83

Hi, I'm making a very large purchase from a reputable US company through my Nationwide debit card.

They've said:
'Our bank routing for regular bank wires (not ACH payments) is:

Swift code BOFAUS3N

routing # ABA# xxxxxxxxx

Account # xxxxx-xxxxx'

Where x were numbers blanked out.

I can use my Nationwide select credit card if it works out cheaper.

I don't want to mess up as it's a few grand.

I don't really understand their first sentence. But I've used transferwise for EU company payments. Can I use the same?