Sending money overseas discussion area

airforce_beret

i can't name any company but there is other companies out there that give you a better exchange rate and less charges...one of my bosses is in the process of moving from england to aus and moving his pension and everything with him

digerati

There are loads of cheaper ways to send money to Aussie than HSBC or other banks. Read these postings for more solutions.

Large International Money Transfers Discussion area

Sending Money Overseas article

Another thing to consider is whether to send GBP or AUD depending on which end offers the best exchange rate. It can make a difference on large transfers.

Hope this helps!

bandraoi

I need to send about £700 to Ireland in the next week or two.

I've looked at the article but with a 2.5% exchange rate loading and a 3.5% recieving fee, (roughly £42) that can't be the cheapest way to move the money.

Before I've used IBAN transfers, does anyone know which bank does the cheapest IBAN transfers?

Does anyone have any other recommendations?

My own bank halifax
http://www.halifax.co.uk/bankaccounts/internationalpaymentservices.asp
seem to want charge me £17.50 no matter what currency I do it in, is this legal?

Also, is handing my friend a cheque likely to be the cheapest of all?

jonesMUFCforever

Yes any bank can charge what they want as long as they advise you before the transaction is made. It is up to you to decide whether you want to pay their fee or not.
Does Halifax not do any kind of Economy Moneymover like most banks where the fee is about £10?

bandraoi

You see my understanding of this:
http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/03/140&format=HTML&aged=1&language=EN&guiLanguage=en
is that if I have the money in Euros (done in the bank for instance) and transfer that via an IBAN, it should be the same price as transfering it to any domestic account.

Biggles

bandraoi wrote: »

You see my understanding of this:
http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/03/140&format=HTML&aged=1&language=EN&guiLanguage=en
is that if I have the money in Euros (done in the bank for instance) and transfer that via an IBAN, it should be the same price as transfering it to any domestic account.

Only if, like it says, the payment is made in euros between two euro accounts. Not many UK banks offer euro accounts.

jonesMUFCforever

Like Biggles says that is for countries signed up to the Euro. We are not, and therefore those rules do not apply.

dogsbodyorg

Thank you

bandraoi

Even if I change the money into Euro, hand it to them and send it that way?

Anyway, tis beside the point, what's the cheapest way of sending it?

Biggles

bandraoi wrote: »

Even if I change the money into Euro, hand it to them and send it that way?

You'll pay £40 or more in (hidden) exchange rate charges just to change sterling into euros at, say the Post Office, much more than that on the High Street.

I should go with Halifax's option, either that or ask your friend to see what his bank would charge to bank a sterling cheque, you never know till you ask, it might be less than you think.