Sending money overseas discussion area

richt71

Tizzi wrote: »

Hi,

There's been a bereavement in my husband's family, and my husband is the executor of the will.

One of the close family members due a bequest of under £5k lives in Australia and doesn't have a UK bank account.

Has anyone any knowledge of the best way to send the money securely to them in Australia, incurring the smallest fees/charges etc?

As it's such a comparatively small amount, we're trying to ensure the family member receives as much of the money as possible.

Any help or advice would be much appreciated.

Thanks!

Easiest way is a bank wire which as already said will cost anywhere from £20 to £28 to do. However banks don't always transfer at the best rates. There are a number of large currency transfer bureau's around. They may well give a better rate for the transfer. Try googleing them. Obviously usual checks need to be done before going down this route.

shocks

Try this link - i found it quite useful.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1114428796,22175,

mrkip

Hi. I wonder if any one could please help me with this one as im a bit stuck.

I'm needing to get some money to a friend of mine who lives in Bulgaria.
I'm just wondering whats the cheapest and best way to go about this?

A friend of mine told me i may struggle getting him the money due to him having an account with a Bulgarian bank. Is this true?

The amount i need to get him is only small (around 30 pounds) so what should i do?

Many thanks
James

richt71

mrkip wrote: »

Hi. I wonder if any one could please help me with this one as im a bit stuck.

I'm needing to get some money to a friend of mine who lives in Bulgaria.
I'm just wondering whats the cheapest and best way to go about this?

A friend of mine told me i may struggle getting him the money due to him having an account with a Bulgarian bank. Is this true?

The amount i need to get him is only small (around 30 pounds) so what should i do?

Many thanks
James

Tough one. Which ever way you do it you're gonna lose money. The quickest way is a bank transfer but your bank will charge you anything from £15-£28 for the transfer which seems crazy. I'd suggest western union don't have any outlets in bulgaria. Do the Bulgarian bank have a larger uk corresponding bank maybe you could pay the money into in the UK? What about paypal - not sure if they allow bulgarian banks to be linked to them and of course the reciever would lose 2% in fees but it would be easy if both of you have paypal accounts linked to bank accounts.

bsquiggle

nutothis wrote: »

Hi all first post, but I thought some of you may like to benefit from a company called TT Moneycorp. They charge £4 for MOH to transfer £400 per month over to his French account. It is a good exchange rate and I think they offer this facility all over the world. The money goes out on a specific date each month and we have always had good service from them. We have used this for over 12 months now with no problems.

Hope this helps we got caught up in the expensive bank charges from over here and found it was the cheapest optio

just ot let people know, it's TTT Moneycorp (I believe it's the same one) and the minimum amount is £250 per month.

shame, it looked good for the £50 a month I need to transfer from (me in) Australia to (me in) UK otherwise

Dee123_2

I'm no expert but I was intrigued by your title as Bulgaria is now in the EU (as of 1st January). Can you not send Euros?

mrkip

Cheers for the fast reply's everyone.

Dee123 wrote: »

I'm no expert but I was intrigued by your title as Bulgaria is now in the EU (as of 1st January). Can you not send Euros?

TBH i never even thought of asking him. Its just that i was there a few weeks ago and we were using leves (dont know if thats the correct spelling, but i mean Bulgarias old currency) to pay for everything. Because of this i assumed Bulgaria hadn't joined the EU.

If i can pay with euro's whats the cheapest and safest way of getting the money to him? I mean really dont fancy trying to send him cash through the post so what are my alternatives?

Cheers

chica_fi

Bulgaria have joined the EU (European Union) but - like Britain! - not the monetary union. So not Euros. Your other alternative would be a foreign draft, which is like a banker's draft or counter cheque, but in a foreign currency. Most banks will charge between £12-£20 for this, but probably as you're sending a smaller amount it'll be the lower end of this. These are produced centrally by most banks rather than in branch, so it might take a little longer. Then you just need to send the cheque to your Bulgarian friend and he won't have any charges as he'll be paying in to an account in Bulgarian currency.

mrkip

chica_fi wrote: »

Bulgaria have joined the EU (European Union) but - like Britain! - not the monetary union. So not Euros. Your other alternative would be a foreign draft, which is like a banker's draft or counter cheque, but in a foreign currency. Most banks will charge between £12-£20 for this, but probably as you're sending a smaller amount it'll be the lower end of this. These are produced centrally by most banks rather than in branch, so it might take a little longer. Then you just need to send the cheque to your Bulgarian friend and he won't have any charges as he'll be paying in to an account in Bulgarian currency.

This is just the answer i was looking for. Thankyou. And thanks to everyone else for the help:D

All the best
James

chica_fi

See, working in a bank is useful for something! But ssshhh, don't tell anyone, i think i might get lynched in this place if they find out