Sending money overseas discussion area

Milky_Mocha

grumbler wrote:

I am not expert in this, but I've heard that ebay don't recommend using other systems instead of paypal. With paypal (only) you have some protection in case something goes wrong.

I heard there were some new rules on ebay with regard to payment methods but I need to look into this further. I know Western Union cash transfers are now not permitted. I agree that paypal offers much more protection for buyers.

ROCKIEDOG_2

Mike_Power wrote:

Hi All,

Just thought I'd let you know about a new online international money transfer system which I have found. Currently it's a little limited with respect to countries, only really covers Australia, UK, Isle of Man and Ireland, but they are soon to add USA, South Africa, New Zealand and Spain.

It's kinda unique in the way which is works and has great exchange rates and really low fees. You as the user, transfers funds (in say GBP) from you personal UK bank account into Oz-Pay's UK pooled account and then you perform exchange/transfer funds online through the Oz-Pay website (into say AUD). You are then simply able to transfer your exchanged funds from Oz-Pays Australian Pooled account into your personal Australian account. Easy!

I haven't actually used the system as yet but will be in the future, seems to be the best out there on FX rates and fees charges. Can anyone that has used Oz-Pay give me advice for or against, I'd love to hear from you.

According to a news article online at their website "Oz-pay is the 'Skype' of international money transfers". So may be the next big thing in IMT.
See Oz-Pay's article here...

If international money transfers between these countries interests you check out Oz-Pay and give me your feedback on what you think.

Check out Oz-Pay now....

Thanks,
Mike.

My girlfriend and I are going to use oz-pay. We were also impressed by low fees and good fx rates. We are going to transfer a small amount just to make sure it's OK. I'll post back once it's done. They have a reassuring amount of checking to do first - proof of ID etc.

Growler

I'm about to set up another account with Nationwide to transfer funds abroad but in the meantime I need to make a transfer quickly using Paypal.

1. The money's going to my girlfriend's Norwegian Paypal account and at the moment she has a Premier Account set up to receive it. If she had a Personal Account she wouldn't have to pay the receiving fees, would she?

2. But is there is a limit on the funds that her account can receive if it's a Personal Account?

3. Are there any other costs that I should know about other than the currency conversion and loading?

I would value some advice on this...

yorica

Hi gang

My girlfriend is coming over from Japan to study at a British university. The university requires payment (£5000) via a banker's draft or similar money transfer method. This will obviously incur bank charges - Abbey told me that it is £25 in this country but it could be any amount in Japan.

Do you know of a cost effective way she can get the money to me from Japan for under approx £25. I was thinking that I could pay the university to avoid any banker's draft fees.

I thought aboout setting up 2 paypal accounts and transfer between them (if possible?) but looking at the Paypal website it seems to say it charges are 3.4% - that's huge!! I'm I reading it right?

Any advice is obviously gratefully received.

Wig

Well if it was the other way round, the best way would be a Nationwide current account with bank card, you pay the money into the account here you send the card to your friend and they withdraw the money at the other end free of charge.

Ask her to see if there is a Japanese credit card or bank account which does not charge a conversion fee from currency to currency and has no cash withdrawal fee from overseas. Unlikely I think.

Other than that she might aswell just transfer the money to a UK account, it should be fairly cheap...25 pounds is cheap enough.

grumbler

Wig wrote:

... the best way would be a Nationwide current account with bank card, you pay the money into the account here you send the card to your friend and they withdraw the money at the other end free of charge.

yorica wrote:

My girlfriend is coming over from Japan to study at a British university.... Do you know of a cost effective way she can get the money to me from Japan

........

yorica

Thanks Grumbler for your clarification of my question.

So why all this fuss from Martin about Paypal if their charge is a whopping 3.4%?

grumbler

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).

keeleyfox

I recently had to transfer $150 from my Abbey account to another persons account in Antigua.
I was told that I had to pay £25 pounds for the privilage! I was quite annoyed at the rediculous price I had to pay but it had to be done, so I did, I thought that was the end of it.

However, the recipient advised that they had only recieved $125 of the $150 they should have recieved!!!

I called Abbey and they told me that it was the intermediatery banks that they use to transfer the money that had charged me the $25!!!

I wasn't told at the time!!!

Can Abbey do this?

jonesMUFCforever

Yes.
It is standard procedure for the sending and receiving banks to take a cut.
If there's a middle bank as well you
(or your reciepiant) lose out even more.