International money transfer

Ximian

I need to send money to an international account (approx £5500) and I have read a few of the existing threads as well as the article http://www.moneysavingexpert.com/banking/foreign-currency-exchange but was wondering if any of the big name companies such as HIFX, Currencies Direct, XE.com and Moneycorp are reliable and if anyone has used them before and can share comments about the transfer and the costs. I bank with NatWest and they mention that £20 is charged per transaction, not to mention that the exchange rates are not that great either
In order to cut costs, would it be better to exchange first and then transfer or transfer in Pounds and then exchange?

TIA

agrinnall

You haven't said what currency you're exchanging to so it's difficult to give any tailored advice. If it's a major currency (EUR, USD, JPY etc) then I'd expect NatWest's rate to be similar to everyone elses, the difference would come with the charge to do the transfer, which is likely to be less with the specialist companies. If it's an exotic currency then I think you'd need to shop around and take into account both rate and charge.

RetiredInThailand

If it's a major currency, ask your bank to quote a "booked" rate which will normally be a fair bit higher than the regular over-the-counter rate. Some banks also do low-cost transfers for small sums, and you dont have to be a customer to use them.

If it's a minor currency it's usually best to transfer GBP in and do the conversion locally as these currencies have little value outside their boundaries.