Foreign Bank Transfers

edited 30 November -1 at 1:00AM in Overseas Holidays & Travel Planning
8 replies 1K views
Telegraph_SamTelegraph_Sam Forumite
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edited 30 November -1 at 1:00AM in Overseas Holidays & Travel Planning
Most FX advice you read relates to spending in an overseas destination. It seems to be more difficult to find out how to transfer smallish amounts into an overseas bank account unrelated to a purchase. Sure my UK bank will do this but for small amounts the charges are hefty. Is there an alternative route (such as PayPal but I don't think they do this)? The currency brokers seem to deal in much larger one-off transactions.
Telegraph Sam

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  • eslickeslick Forumite
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    paypal is your best bet, they charge a percentage but its the easiest and cheapest way to do it. Tesco do it as well but they have stopped for some reason recently.
  • Telegraph_SamTelegraph_Sam Forumite
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    I am in discussions with PayPal but whilst they appear to offer the most economical service, the system comes over as being geared to making payments to someone overseas who has a separate email and PayPal account. If this is not the case then the mechanics get very murky, if indeed it is at all possible!
    Telegraph Sam
  • eslickeslick Forumite
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    yes they need to sign up to paypal, you can pay bills, transfer to friends or do any other type of transfer. Is so easy to use anyone can do it.

    you could try this when its back up

    http://www.tesco.com/moneytransfer/
  • Telegraph_SamTelegraph_Sam Forumite
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    Tks for Tesco tip for when it's revived. Pity it doesn't include Switzerland.

    By contast I still reckon it's complicated or impossible if you want to set up a PayPal transfer facility to your own bank account overseas. Forget paying bills etc.
    Telegraph Sam
  • edited 7 August 2010 at 11:59AM
    BennybinBennybin Forumite
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    edited 7 August 2010 at 11:59AM
    Hi There
    My ex-wife is moving to Germany with my daughter. I need to pay monthly maintenance to her. While she was in the UK I obviously just used to do this by standing order, however I can't seem to find a way to do this from my UK bank to a German bank, from UK£ to Euros, and my bank (Barclays) say that I will have to do manual payments each time which will incur a £15 to £20 fee everytime I make a payment. CAn someone suggest a cheaper and more straightforward way to do this. I understand I may HAVE to do this manually every month but there must be a cheaper way ......?
    Thanks in advance, Benny
  • Telegraph_SamTelegraph_Sam Forumite
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    Given details of a foreign bank account, payee, sort code etc, I was able to make a very economical transfer by PayPal. It took a bit of figuring out but was not rocket science. They probably won't do standing orders but no doubt once you've done it a few times it will get routine. I've yet to find any other transfer system that comes near it in cost but possibly other readers have uncovered alternatives.
    Telegraph Sam
  • Bennybin wrote: »
    Hi There
    My ex-wife is moving to Germany with my daughter. I need to pay monthly maintenance to her. While she was in the UK I obviously just used to do this by standing order, however I can't seem to find a way to do this from my UK bank to a German bank, from UK£ to Euros, and my bank (Barclays) say that I will have to do manual payments each time which will incur a £15 to £20 fee everytime I make a payment. CAn someone suggest a cheaper and more straightforward way to do this. I understand I may HAVE to do this manually every month but there must be a cheaper way ......?
    Thanks in advance, Benny

    If a bank account in another person's name is to receive the funds and they have access to e-mail, check out www.moneybookers.com.
  • spirospiro Forumite
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    My friend who has a daughter living in France uses one of the prepay cards that allows you to have 2 cards. He has one here which he tops up and she has the other and withdrawals cash from an ATM in France. Money is there in hours and charges are minimal. He used to use the bank transfer route but it was costing him over £25 a time.
    IT Consultant in the utilities industry specialising in the retail electricity market.

    4 Credit Card and 1 Loan PPI claims settled for £26k, 1 rejected (Opus).
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