Transfer money overseas

Katykat

I'm visiting my sister in Vancouver. She has booked a trip for us and paid for it with her credit card. She said to pay her back when we get there. However, I have issues about this. First, its £2000 and we are stopping off in NY for 5 days on the way, so I'm uncomfortable carrying that amount of money. Second, I would hVe to draw the cash in sterling and convert it to CA$ before I go. I don't usually carry cash abroad, I use my Nationwide flex account. I've looked into bank transfer and N,wide want a whopping £25 to use SWIFT. Sister doesn't have a Paypal account so I'm a bit stumped now. Is there any safer or cheaper way to get this money to her?

noh

Yes you could use a currency transfer service such as currencyfair
Or you could draw the cash from an ATM in Canada. This would cost you 2% plus £1 per withdrawal using the flexaccount. Alternatively you could open another current account that has no charge for overseas withdrawals and use that card to withdraw cash at an atm in Canada.

Katykat

The cash withdrawl from ATM isn't worth it. I use that system for our spending money and there is a limit of £350 p day. The trip she booked is costing £2000, so drawing that amount plus our spending money would probably cost more than the £25 SWIFT transfer. I'll lokk into the currencyfair potion though

grumbler

http://www.mycurrencytransfer.com/money-transfer-to-Canada/2000-GBP

That said, with a correct card withdrawals abroad cost nothing: Cheap Travel Credit Cards

onzey

I notice the Cheap Travel Credit Card link mentions the Travelex Cash Passport (TCP) but doesn't show Canadian Dollar as one of the currencies although it is listed on
http://www.travelex.co.uk/uk/cash-passport.aspx

I've never used a TCP myself but wonder if that might be a good option for KatyKat, perhaps for spending money too, although I've not looked through all the info about it. Might all depend how exchange rates go I suppose.

lil.smartie

FairFX do fairpay used it a few times.

Kate

mgdavid

I've used Currencyfair (ref post #2) - it's cheap and it works, does what it says on the tin.

dzug1

The Travelex cash passport will have daily limits too so probably won't help in that respect

onzey

Having looked further on Internet I found a lot of negative reviews for Travelex card so not recommended by many. Might be ok for specific circumstances.

One reviewer paid for a meal and although bill and receipt showed the same amount, when checking the card balance later, a larger amount had been taken! The terms and conditions apparently allow for tips/gratuities to be added but doesn't tell you they won't show on the meal bill/receipt.

guesswho2000

This might not be an option to you, but bear with me.

Get a Halifax Clarity credit card. If accepted, this allows 50% of your limit at any one time to be used as cash. It charges no fees on cash advances, only interest (12.9%, or approx 1% per month).

If you get a £4000 limit, happy days, stroll into a bank in Canada and take a £2k cash advance - you'll be charged no fee by Halifax for this and you'll get the Mastercard exchange rate (pretty much the interbank rate, you won't beat it using any prepaid card, transfer service or forex bureau). Then log into your online banking the same day and make a faster payment to clear the balance, minimal interest (perhaps none) will be charged.

If your limit is less than £4k, you'll need to do it in several transactions, but you'll still save a fortune.