Transferring Pounds Abroad

bigfrank265

Hello All,

I hope someone can please help with this problem....

Our business often needs to pay overseas suppliers in UK pounds. At the moment, we have to go into a branch everytime we want to do this (can't be done via online banking) and we pay £20 for the privelege.

The money, whilst annoying isn't the big issue - it's the standing in line to do this everytime.

Does anyone know of a way to pay someone overseas with UK pounds. THe UK pounds bit is key as we can pay other overseas suppliers in foreign currency electronically already - it's the pounds bit that is the problem...

Anyone know of a way to handle this online please????????????????

missile

I can make and receive online international payments. I don't understand why you cannot? Which bank is it?

You can make payments via Paypal. Paypal charges are horrendous, but for small payments it would be less than £20.

[Deleted User]

or Moneybookers
SWIFT transfers are more expensive than standard overseas sending so see if the bank offers that

bigfrank265

missile wrote: »

I can make and receive online international payments. I don't understand why you cannot? Which bank is it?

You can make payments via Paypal. Paypal charges are horrendous, but for small payments it would be less than £20.

Hi Missile, thanks for your help. I bank with Natwest.... We do use PayPal when possible, but not everyone accepts that for invoices....

bigfrank265

vinh1000 wrote: »

or Moneybookers
SWIFT transfers are more expensive than standard overseas sending so see if the bank offers that

Thanks Vinh, I'll check into that too....

benjus

How are you making foreign currency payments at the moment?

I have accounts with several banks and I think only Halifax lets me make an online transfer directly to an international bank account. It costs about £10-£15 I think. For foreign currency payments I tend to use an FX broker as their exchange rates are better; I'm not sure how it would work with a Sterling payment.

jonesMUFCforever

OP have you asked your Nat West business manager what they can do to help you with your foreign payments?
At worst you can get a stock of forms to pre fill in and drop off at the counter - at best they might have an online system similar to Chaps which they could introduce to you.

bigfrank265

jonesMUFCforever wrote: »

OP have you asked your Nat West business manager what they can do to help you with your foreign payments?
At worst you can get a stock of forms to pre fill in and drop off at the counter - at best they might have an online system similar to Chaps which they could introduce to you.

Thanks I have already put in a call and am awaiting a response from them... Fingers crossed. Hopefully as they say themselves -"There's a Better Way"

bigfrank265

benjus wrote: »

How are you making foreign currency payments at the moment?

I have accounts with several banks and I think only Halifax lets me make an online transfer directly to an international bank account. It costs about £10-£15 I think. For foreign currency payments I tend to use an FX broker as their exchange rates are better; I'm not sure how it would work with a Sterling payment.

We use a currency broker for foreign currency payments but can't unfortunately make these sterling payments through them...

benjus

Then it might be worth asking Halifax if their service works for international Sterling payments - I can't really see why it wouldn't, and as I said above it's the only bank out of those I have accounts with that will let me send internationally directly from my account using their online banking system.

tinker15

HSBC can transfer GBP to GBP and I think their charges are around £10 per transaction. Not sure whether you will need an account with them but if you do open an account then you will be able to transfer online or telephone banking I believe. Hope this helps!