Sending Money Abroad

Grandmasu

Hello,

Not sure if this is the right place to post but would like to let people know that I have found a way to send money to the USA for a small fee, unlike the £25 my bank wanted to charge.

I have used GlobalWebPay which is not charging anything at all in December! :TThe fee I think was £4:25 normally. It seems to be going through quite smoothly and seems to be a safe way of transferring money via a debit card or other methods. They send to a long list of other countries as well. Do hope this will help some-one, I only wish I had known about it a long time ago

Olipro

what was the actual exchange rate you got? (take the final amount received in USD and divide it by the total amount sent (including any fees) in GBP)

If I compare the rate on GlobalWebPay to the exchange rate Visa give on a transaction (so we assume you're with a bank that doesn't load anything on) you're looking at 1.52315 with GWP vs 1.55091 with Visa.

Hence GWP are taking slightly less than 1.8% in commission on the exchange rate.

mcdaly

For amounts less than £1000 it often works out cheaper to send either a foreign currency draft (typical fees £10-£15) or use a non bank money transfer service such as paypal, moneygram, western union. The difference with these services is that the money does not credit into a bank account at the other end and needs to be 'collected'. Be aware that in some countries these service may charge a collection fee. For example paypal charge to move the money out of a paypal account and into a current account.

Grandmasu

Hello again,

Thanks for your replies:-

My bank was going to charge £25 however much I sent. This way I have paid nothing to send £75 by debit card which was converted to approximately $127. Seemed a good deal to me but would be delighted to hear of anything better.

Felt it was too much to risk enclosing in a card, although I have sent 10-15 dollars like this before.

benjus

Grandmasu wrote: »

Hello again,

Thanks for your replies:-

My bank was going to charge £25 however much I sent. This way I have paid nothing to send £75 by debit card which was converted to approximately $127. Seemed a good deal to me but would be delighted to hear of anything better.

Felt it was too much to risk enclosing in a card, although I have sent 10-15 dollars like this before.

You got $127 for £75...? Surely shome mishtake!

The current spot rate would give you about $116 for £75, and that would mean getting the interbank exchange rate with no charges at all.