Large International Money Transfers Discussion area

graemecarter

I am moving to Hong Kong with work, and will leave the wife, children & mortgage at home for 6 months until I have settled in (and they can enjoy the British summer). I will be paid in HK dollars, but will need to transfer money home AT LEAST once a month to pay the mortgage & bills. I will want to pay it into either my own or wifes accounts - what is the cheapest way to send approx. £1000 back a month?

Thanks in advance

grumbler

maximus78 wrote:

Currencies Direct would sell EUR 1440.00 (1.43) but I didn't really have the time to read all its T&Cs, and I don't know how quick and cheap is gonna be.

Don't they offer only international transfers of big amounts?
Currency Conversion Q&A Links > How to buy travellers cheques or foreign currency, Currency Conversion Websites

www.travelex.co.uk offer about the same rate as M&S with collection at airports. You are likely to get the same or even better rate if you just draw euros from an ATM abroad using your debit card: http://www.corporate.visa.com/pd/consumer_ex_rates.jsp .
Current Visa rate is 1.44, usual comission is 2.75%: 1.44/1.0275=1.40. Check T&C of your card(s).

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raj06

Hi everybody,

I am new to this forum and will like to ask if anyone will like to suggest any reliable currency dealers for transferring money to India.

Thanks in advance

graemecarter

I am moving to Hong Kong with work, and will leave the wife, children & mortgage at home for 6 months until I have settled in (and they can enjoy the British summer). I will be paid in HK dollars, but will need to transfer money home AT LEAST once a month to pay the mortgage & bills. I will want to pay it into either my own or wifes accounts - what is the cheapest way to send approx. £1000 back a month?

Thanks in advance

icebergx

Hi all,

I want to transfer large amount of money (£10,000) to India and was interested in finding out which is the cheapest way to do this.

Although I understand that Lloyds TSB's India banking service and the Nationwide FlexAccount do not charge fees to transfer/withdraw funds, I was wondering if there was an difference in the exchange rates that would be used to carry out the transfer/withdrawal by these two banks?

I guess the main problem with FlexAccount is the maximum withdrawal per day limit and the fact that I would have to get another cash card made for the recipient (he's trustworthy).

Can the daily withdrawal limit be increased?

Is there a maximum?

Thanks very much for any help he can give.

Regmir

Hi Raj06 and Iceburgx,

Please have a look at this site - ICICI bank which allows FREE money transfer to India from the UK!
http://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/moneytransfers_UK_directdebit.htm

Hope this helps

grumbler

icebergx wrote:

I guess the main problem with FlexAccount is the maximum withdrawal per day limit and the fact that I would have to get another cash card made for the recipient (he's trustworthy).

Can the daily withdrawal limit be increased?

I don't think that you can get another cash card if the recipient isn't a UK resident. The only way is to send your card.
I don't think that the daily limit can be increased. The only way is to open more than one accounts or a joint account. Both cards for a joint account have independent daily limits.

ICICI (Lloyds?) rate today is 77.17 that is about 1.17% worse than 78.10 Nationwide (Visa) rate. The difference is about £100 for £10K amount:
https://m2inet.icicibank.co.in/m2iNet/exchangeRate.misc
http://www.corporate.visa.com/pd/consumer_ex_rates.jsp?src=look

icebergx

Thanks Grumbler, I'll check out if the ICICI rate you mentioned applies to the transfer from the Lloyds account.
Is the visa rate the rate that applies for all overseas Nationwide Building Society transactions?

raj06

Thanks regmir for the input, ICICI is providing a good service and the advantage is that it is a all net based.
Iceburgx,http://www.currenciesdirect.com has recently started money transfer to India and there rates are competitive.
I wanted to know of anyone who has dealt with currencies direct as I am looking to transfer large sums too.
Thanks in anticipation

THRIFTY1_3

I've not used currencies direct before but have did recently get a quote from them amongst others and they compared very well to the other online providers. I ended up going with a company called Just Euros Ltd http://www.justeuros.co.uk, the rate was good and personal service was much better than I've previously experienced through my bank. Oh despite the name they appear to deal in all currencies.