Transferring Sterling abroad

Doublespresso

Hi

I have seen many threads about transferring Euros and other currencies from UK.

However I would like to transfer £ Sterling to Europe (non EU country) on a regular basis, and speaking to one of the foreign exchange transfers sites, I was told that they are not permitted to tarnsfer £ due to some regulation..

Any idea what is the best way?

Last time I used HSBC and the charged me £26!

Thanks.

prenton01

doublespresso

if your going to do it on a regular occasion what about opening a lloyds international, you can have a two currency account (euro and sterling) or even three currencie account (euro,sterling,dollar) and transfer fees will be a lot cheaper plus if your in europe you can withdraw euros without paying the exchange rate and fee


tony

THRIFTY1_3

Which non-EU country are you looking to transfer to? I regularly transfer funds abroad and have never had any restrictions imposed. Try enquiring with justeuros.co.uk, I've been able to set up a standing order with my uk bank so they get the currency on a fixed date each month (avoiding any uk bank charges and saving me the hassle of initiating a transfer each time), when the funds are recived by just euros they forward on the currency and simply confirm the transfer once initiated, really quite hassle free. The rates are better and admin costs charged are half the price of the banks!!

Doublespresso

The counbtry in question is Bulgaria.

just to re-iterate, I am not interested in converting my Pounds I actually want to tarnsfer British Pounds without converting into any other currency!

Any help?

THRIFTY1_3

Sorry your thread title was quite specific about that wasn't it!! I just mis-read it. It may be worth still checking with a few online transfer companies to see if they can send sterling abroad for you cheaper than the banks. I'd be surprised if there are any regulations / restrictions stopping them from doing so, as clearly the banks are able to. It may be that they choose not to as without a currency exchange there's no profit in it for them.

wearside_2

prenton01 wrote:

doublespresso

if your going to do it on a regular occasion what about opening a lloyds international, you can have a two currency account (euro and sterling) or even three currencie account (euro,sterling,dollar) and transfer fees will be a lot cheaper plus if your in europe you can withdraw euros without paying the exchange rate and fee


tony

I have current accounts at Citibank in Euros, Sterling and US Dollars and also saving accounts in Sterling and US Dollars. It seems to be very similar to the Lloyds International Account but there is no monthly fee, providing a total of £2000 or the equivalent is kept across all of the accounts. I have Dollar and Euro cheque books but cannot transfer from either foreign currency account to other banks, I therefore have to write cheques. With regards to taking money out in cash from one of the accounts, I just phone up and ask for the debit card to be changed to the relevant account and use ATMs or as a normal debit card in shops etc after 24 hours. The exchange rate in Dollars in particular is superb. I transferred at a rate of $1.882 yesterday which is far more than any travel agency of bank and of course there is no fee.

Doublespresso

Thanks for the replies guys... but <sigh> what about transferring Pound Sterling pleaseeee?

Doublespresso

anyone..?

Celtic

I have had no problem electronicaly tranfering pounds sterling using the hsbc group.
If you send the money to a hsbc bank in your chosen country the charges are £10 otherwise it would be £21 to another bank.
Just make sure the bank you are using will allow you to keep money in a sterling account!

lillyjet

I am buying a flat in the UK and having a French mortgage. Anyone knows about doing international payment each month from sterling to euros ? The fees etc...

peter999

Doublespresso wrote: »

Thanks for the replies guys... but <sigh> what about transferring Pound Sterling pleaseeee?

That's not the problem, you can send whatever currency you want.
The problem is the account the money is transferred to.

The money you send will be converted into the currency of the receiving account.

peter999

Ps: just realised this thread is over 2 yaers old.