Cheapest way of transfering money from Italy to the UK

cebs

Hi everyone.
I have a Classic Current Account with Lloyds. Once in a while my parents transfer some money from their Italian account to mine.
They get charged quite a lot of money, so I was wondering if there was a cheaper way to transfer money.
Thanks.

grumbler

See this recent similar thread: Money gift from France

IMO, sending you an Italian debit/prepaid card that they can topup and you can use for spending in UK would be the cheapest option, especially if there are some good cards over there for overseas spending (like there are here in UK: Cheap Travel Money: Top cards for spending abroad )

cebs

Thanks for the reply.

We actually thought of that and I do have an Italian debit card called "Postepay"; a VISA Electron card.
It would be much cheaper as they charge 1.50€ to put the money in the account + 5€ when withdrawing cash, at that point I could take the cash money and put it into my English bank account.
Problem is I can't withdraw money with it, it just gives an error (something about the card can't complete the operation, can't remember exactly) at the cashpoint.

grumbler

Can't you just use the card for purchases?

cebs

grumbler wrote: »

Can't you just use the card for purchases?

Yes, it should work but I need cash money anyway.
Also if I bought always with that Italian card, I would end up spending more because of the conversion I think.

grumbler

You will get hit by the same conversion when withdrawing. Plus the fixed fee on the top.

UsetheFORCE

Any idea what the actual charges are for sending you the money?

noh

Use Tansferwise or Currencyfair or similar.

cebs

grumbler wrote: »

You will get hit by the same conversion when withdrawing. Plus the fixed fee on the top.

Yeah I guess.

UsetheFORCE wrote: »

Any idea what the actual charges are for sending you the money?

Well for example my parents sent me in November 2011 400€ and I got £334.11.

noh wrote: »

Use Tansferwise or Currencyfair or similar.

Thanks, I'll have a look.