Large International Money Transfers Discussion area

icebergx

What are their rates like?
Currencies Direct's rates seem good. Anyone used them?

THRIFTY1_3

Their rates were the best i found when shopping around before, best to phone or email for a quote. Be careful when checking rates, some sites quote the interbank rate (this being the rate at which banks and governments trade at in massive quantities (millions). XE.com and Currencies Direct quote these rates, but you should contact them direct for a quote based on the amount you wish to trade, it will be less than quoted on the site. Basic rule - the more you wish to trade the better the rate will be.
Hope this helps.

mrken30

I have read most of this thread and found no mention of Citibank. I have a dollar account with them , free of charge, and am able to write and send personal cheques to the US from my dollar account. There are no fees and really good exchange rates.

ear9mrn

Can anyone help ?

I need to send about £3000 pounds to a US $ account on a monthly basis and I want to minimise the cost. I have heard the best way to do this is via a nationwide visa debit card as you only get charged the visa exchange rate. Is this correct and has anyone had any experience with this. IS there any other cheap or cheaper alternative ?


Thanks.

grumbler

ear9mrn wrote:

...I have heard the best way to do this is via a nationwide visa debit card as you only get charged the visa exchange rate. Is this correct and has anyone had any experience with this.

This is correct and is mentioned in the article (Sending Money Overseas: Moving money large or small) being discussed in this thread. As this is more suitable for small transfers (the recipient needs 10-15 days to withdraw £3000), this was also discussed in the second thread related to small amounts: Sending money overseas discussion area

IS there any other cheap or cheaper alternative ?

The above way is the cheapest. You will find other ways in the above article and two threads one of which is this (did you read all this?).

ear9mrn

The above way is the cheapest. You will find other ways in the above article and two threads one of which is this (did you read all this?).

Yep sure did !

(the recipient needs 10-15 days to withdraw £3000)

Does this mean you have to take money from a cash machine in say £200 daily amounts ? Can you not just hand you card over to the chashier and say pay £3000 (or dollar equivilant) into a US account ?

Thanks.

Leonard_Graham

THRIFTY1 wrote:

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.

We have been told that Sterling Exchange is very good, does anyone have experience of them?

joe67

Has anyone heard of a company called crown currency exchange, I am new to moving money abroad and would value any feedback on this company

Thanks Joe 67

IFA-Steve

I am getting more and more enquiries about selling a house in Spain (at a profit) paying tax and then transferring the cash back to the UK.
Whats the most efficient way?

Horror Story - 1 client bought for €55,000 (artificially low - grey money) and has now sold for €120,000 - giving what seems to be a large taxable profit in 18 months. Saved the equivalent of stamp duty and will lose 10x that amont in capital gains tax?
THEN - transferred €60,000 with the Halifax and lost £1800 in the process - seems to have been a "hidden" charge. She is taking this up with the Halifax and I await the outcome.

Any guidance would be appreciated.

issybell

having read the article regarding regular transfer of money from uk to, in our case spain, i researched companies on the list and chose TTTmoneycorp. I write now as a warning to others. Things they "forgot" to mention when i set up a Regular Transfer Plan were: A, twice the amount you require is taken out of your uk account on the first month (in our case £2,000 when transfer was for £1,000). this is then held by moneycorp as payment for your 6th month transfer (earning them 6 months interest !!). B, "forgot" to mentioned money is only sent from their bank on 3 days a month (11th, 21st and 31st).
C, told money arrives in spanish bank 2 to 3 working days after leaving moneycorp's bank but "forgot" to say that if first working day is a friday the process doesn't get activated till the Monday which then becomes the first working day... confussed ? well don't worry because you won't be told the same story twice by moneycorp when you ask why your Euros have not arrived in your bank account. sad part is i recommended using moneycorp to friends and relatives who also live in spain. So so sorry...