Large International Money Transfers Discussion area

chateaux

I was quite interested to read the article on moneysaving expert: http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1114428796,22175,#Top

There are more choices much better than paypal (which I personally feel is a rip off - although convenient if you are an ebay user).

One such company making headway is: https://www.oz-pay.com. This is a relativly new company started by a bunch of guys !!!!!! off with rip-off high street ex rates offers (yes I am one of the guys who was sick of being treated like a tourist!).

We now have 18 countries we can receive payments in:

United Kingdom
Australia
New Zealand
Spain
Hong Kong
Ireland
Canada
Isle of Man
Jersey
Belgium
Egypt
India
Indonesia
Netherlands
Philippines
Slovak Republic
Sri Lanka
Vietnam

Once a payment has been lodged to your oz-pay account you are able to convert it into one of many currencies for a low fee (UK this is 6 pounds). Local payments cost 1 pound or the equivelant. The exchange rate we offer is very good and as our turnover increases its only getting better (our rates are better than the companies mentioned in the above article).

The account acts like a normal internet bank account and you make payments to countries by entering the BSB (bank codes) and the account numbers of whoever it is you are paying. So in effect you can make local payments in any country we service...

visit the site and drop us a line if you have any queries.

- Brendan

PS: If anyone needs exchange advice etc. feel free to email me: brendan@oz-pay.com

LondonCanuck

I am looking for the best way to send money to Canada. I have a bank account in Canada so no problem to receive money there. I find a lot of banks offer UK£ - US$ accounts but no Canadian ones (without huge fees).

Am looking into some of these money transfer companies but would like to know if anyone has had any personal experience with transfering cash to Canada.

Thanks for your help!

rrobbo

I've used a company called TRANZFERS for money movements between the UK and Oz and New Zealand. I've done a number of transfers totalling about £130k without any problems. It's all done quite easily over the internet. There's a fixed £7 for each transfer. It works out better value for larger transfers. They recently added Canada to their list of countries so it may be worth checking them out - you get an immediate quote online.

http://www.tranzfers.com/

THRIFTY1_3

As previously posted I regulary use Just Euros Ltd as my foreign transfer provider https://www.justeuros.co.uk and have recommended them to others without hesitation. After shopping around for rates I found them to be very competitive and to be fair it was their speed and level of service which won me over. I do know that they transfer to Canada and noticed they offer Canadian Dollars on their site so it may well be worth giving them a shout for a quote. As far as alternatives go I'm led to believe that xe.com are a Canadian based exchange firm, but I have to admit I'm not all that familier with their operations (I do know that the rates quoted on their site are interbank rates not the commercial rates you'd actually acheive, not unlike many of the foreign transfer websites, I always recommend speaking to a human for a realistic and acheivable quote!!)

All the best with your transfer dilemma, hope I've helped a little.

:beer:

LondonCanuck

Thanks Thrifty1.

https://www.xe.com/fx/ are based out of Toronto, however, they wont give me any quotes until I open an account. As it's free, I'm in the process of opening an account anyway so at least I can shop around. So far, the best rate I've been quoted is through http://www.hifx.co.uk/ but I'm still looking at other options.

I did check Tranzfers as recommended by rrobbo but still wasn't as good as HiFX.

THRIFTY1_3

I 've heard quite a few good reports about hifx, so you might be on the right track there!! I'd be interested to know how their rates compared to Just Euros actually (i read before that they offer to match or better rates quoted), whilst I like their service it doesn't do any harm to shop around, maybe play all these off against each other. (Every penny counts so to speak!!) I assume you managed a quote from hifx without having to open an account? Seems a little off for xe.com to insist on taking personal details just to provide an initial/indicative quote, which I'm sure wouldn't be fixed anyway!!

LondonCanuck

HiFX also offers to beat any quotes received as well as I told them I've been in contact with other brokers. The interbank rate at the time of inquiry was 2.136 and they quoted me 2.126 which doesn't seem too bad.
xe.com say they don't want to give any information due to money laundering regulations - which is understandable but you think they could give you a rate and clearly state they cannot make any trades with you until you have met the requirements.
Good thing it's not too busy at work today!!

THRIFTY1_3

Hehe nice to hear you're not too busy at work!! Fairly quiet this end too, hence me checking back on this site and various others just to pass the time etc!!

A 100 basis points on the interbank rate sounds pretty good as it goes, sounds about the same spread I get from just euros, they seem to get better with larger value transactions (get about 75 points on interbank when moving in excess of 10k, having said that they seem to offer better rates on US dollar and euros, got about 100 points on market rate for large aussie transfer which seemed competitive at the time!)

Another company you may want to try is onlinefx, they do good currency rates for hard cash, did previously use them for transfers before just euros.

Have a good afternoon and good luck with whomever you eventually transfer through!! :cool:

Graham1

Nobody has yet mentioned this firm in this thread:

http://www.voltrex.com/

You might want to check them out as well. Probably suitable only for larger transactions.

a2lette

so, looking at the moneybookers website as a way of doing somewhat frequent although not regular, transfers from my UK bank account to my US bank account.

the rates all are based on the european bank, so everything they quote is in relation to euros. to calculate £ to $, do i just take the ratios of these, or is there another commission or formula that applies? for example, they quote the dollar at 1.28 and the pound at .67, so we worked out the £ to $ rate as £1= $1.88. does that seem right? if so, seems like a pretty decent rate...

also, this company seems to have slightly better rates, but nobody seems to have mentioned them, anyone know anything about them?
http://www.worldfirst.com/individual/index.htm