Sending money overseas discussion area

nannu02

How abt going through the curency brokers (HIFx, Currency direct etc) .Will they give a better rate .

inmypocketnottheirs

nannu02 wrote: »

How abt going through the curency brokers (HIFx, Currency direct etc) .Will they give a better rate .

Ask them and then you will know.

mazzerman

Hello
I am brand new to this forum so please bear with me, i have looked through the posts but cant find an answer to my specific question.
Here goes.
I am going to rent my house out in the UK and live in Spain.
The money will go into my UK bank account but i need access to it monthly in Spain.
I dont want to get stung on the exchange between stirling and euro if i can help it.
Is there a way of successfully doing a transfer without to much loss?
Thanks in advance
Mazzer

inmypocketnottheirs

Open a stirling and euro account with citibank in the UK.. You can then transfer funds across and withdraw using your visa debit card by switching the card between accounts. www.citibank.co.uk

mazzerman

inmypocketnottheirs wrote: »

Open a stirling and euro account with citibank in the UK.. You can then transfer funds across and withdraw using your visa debit card by switching the card between accounts. www.citibank.co.uk

Would it stil not have to be exchanged from Stirling to Euros and then a charge for withdrawing with debit card?
Sorry quite nieve

Biggles

mazzerman wrote: »

Would it stil not have to be exchanged from Stirling to Euros and then a charge for withdrawing with debit card?

Absolutely. Your best bet is to open a Nationwide Flexaccount, set up your rent payments to go there, and withdraw with your Nationwide debit card. Zero fees, zero exchange rate charges.

inmypocketnottheirs

Biggles wrote: »

Absolutely. Your best bet is to open a Nationwide Flexaccount, set up your rent payments to go there, and withdraw with your Nationwide debit card. Zero fees, zero exchange rate charges.

A much better idea!

TinaH_3

Just a quick question to amdunn's excellent posts re Paypal - is there a limit to the amount you can send via this system from UK to French accounts?

TinaH_3

grumbler wrote: »

Martin mentions Paypal only with regard to sending small amounts (Sending money to friends and family overseas). For big amounts he suggests using banks and currency brokers (Transferring much larger amounts abroad).

I'm struggling here... what qualifies as "big amounts"? If, for example, I want to send anything up to £5k is a broker going to be interested in handling this amount? Or should I stick with the extortionate fees being quoted by my bank (Halifax - who recently sent me an email advertising their new special "promotion" - an overseas handling fee of £19.50!! Not bad seeing that I make regular small transfers from France to Spain at a cost of only £2 a throw!!). Or switch to using Paypal (in which case, is there a limit?)

TinaH_3

Firstly, just want to say many thanks to everyone on this forum for the information provided.

I have tried unsuccessfully to set up a RBS TAPs account - no joy at all from the phone call and no reply from an email query!

Also, before anyone steams in and sets up the method described to use Paypal (as I have just spent the last two weeks doing!), it is not as simple as it appears. Paypal have just refused to handle a €1000 transaction citing it as being a high risk transaction! Given that the money was being sent from a UK account "owned" by myself to a French account "owned" by myself, their full explanation of how they make their "risk assessment" was quite pathetic!

Ho hum, guess its back to paying the OTT bank charges... and hoping that the UK government will bounce into the 21st Century and join the EURO!!!!!