Sending Money Overseas article discussion

JayKayPol

Ahhhh, I see. Thank you! I didn't understand that bit about the wholesale rate - not sure if that is clear in the article, or if I just missed it........................

_Chris__2

Have any of you got experience of sending money from a Spanish bank to a UK bank please? I need to transfer about £100 from my Spanish bank Sabadell to my friends bank account in the UK, I would need to do this at various times throughout the year, if you wanted to do it the cheapest way possible, what way would you choose please?

Consumerist

_Chris_ wrote: »

Have any of you got experience of sending money from a Spanish bank to a UK bank please? I need to transfer about £100 from my Spanish bank Sabadell to my friends bank account in the UK, I would need to do this at various times throughout the year, if you wanted to do it the cheapest way possible, what way would you choose please?

The cheapest way is almost certainly to use one of the agencies. We regularly send that sort of amount from the UK to the Euro zone but haven't used them from abroad.

You can compare the costs involved from the various agencies at the monito comparison site (link in earlier post #441, above)

eDicky

_Chris_ wrote: »

Have any of you got experience of sending money from a Spanish bank to a UK bank please? I need to transfer about £100 from my Spanish bank Sabadell to my friends bank account in the UK, I would need to do this at various times throughout the year, if you wanted to do it the cheapest way possible, what way would you choose please?

The cheapest way would be to use Revolut, zero fees and interbank exchange rate (weekdays). Sign up for an account on their smartphone app and if your friend does the same you can transmit to him/her instantly, otherwise takes a few days. https://revolut.com/

_Chris__2

Thank you very much, so for revolut, does the recipient need to have an account with them as well?

Chino

eDicky wrote: »

The cheapest way would be to use Revolut, zero fees and interbank exchange rate (weekdays).

You say "zero fees" yet Revolut says:
"Please note, if you transfer money to a bank account which holds a different currency (for example, if you transfer CAD to an account which holds GBP), a conversion fee will be applied."
https://www.revolut.com/help/exploring-revolut/sending-money/sending-money-to-a-bank-account/where-can-i-transfer-money

So, when _Chris_ presumably wants to send funds from an EUR account to a GBP account, why do you claim that Revolut charges zero fees?

Consumerist

_Chris_ wrote: »

. . . so for revolut, does the recipient need to have an account with them as well?

I can't speak to revolute but with Transferwise you give your local office, (where you sign up for an account), your recipient's bank account number (IBAN/SWIFT) to which to make transfers at your request. The recipient does NOT need an account with the agency.

eDicky

Chino wrote: »

You say "zero fees" yet Revolut says:
"Please note, if you transfer money to a bank account which holds a different currency (for example, if you transfer CAD to an account which holds GBP), a conversion fee will be applied."
https://www.revolut.com/help/exploring-revolut/sending-money/sending-money-to-a-bank-account/where-can-i-transfer-money

So, when _Chris_ presumably wants to send funds from an EUR account to a GBP account, why do you claim that Revolut charges zero fees?

If you make the mistake of sending EUR to a GBP account, of course there will be fees and adverse exchange rate imposed by the receiving bank (not Revolut).

With Revolut you would send GBP, already converted in the app at the perfect interbank rate, avoiding all fees. For more than £5k equ conversion per month there's a 0.5% fee, same as TransferWise (for EUR). Revolut rates are slightly off on weekends when there's no trading.

To avoid problems I advise anyone to fully verify their Revolut account and understand how it works, before going ahead with using it.

eDicky

_Chris_ wrote: »

Thank you very much, so for revolut, does the recipient need to have an account with them as well?

No, you can send directly to their bank account. It can take a few days to arrive, there's a fast option with fee. Transfer between two Revolut accounts is instant, the recipient can then do what they like with the funds.

To avoid problems I advise anyone to fully verify their Revolut account and understand how it works, before going ahead with using it.

I see that you can still get the card for free (you may have to ask for refund of fee) if you sign up via the MSE link :
https://www.moneysavingexpert.com/credit-cards/prepaid-travel-cards/

Suebee42

I did the same - registered with Currencies Direct and bought over £5000 in euros, transferred to French bank account within a month or so of registering. So met all the requirements That was last summer - never received a £40 Amazon voucher. Must chase it up and see why not.