Large International Money Transfers Discussion area

THRIFTY1_3

Hi a2lette,

As advised in my previous responses on this thread, be careful when takin quotes from the websites alone - they usually quote interbank rates (only acheivable if you are intendin to convert millions!!) Many sites have currency convertors which are linked to such rates but in no way indicate the true reate of exchange you'd acheive when exchanging your funds through them. I always recommend contacting them albeit by email (a good way of checking their customer service response!!) or by phone for a true indication of exchange rate acheivable.

I had a look at the link you quoted and there currency convertor will do a direct quote between pounds and dollars (just to save the maths between euro - pound -dollar) and they do indeed quote interbank rates. (xe.com is a good point of reference for internbank rates, if a web quote is close to that be sceptical! Speak to a live dealer and then take a proper quote, baring in mind the more you are transferring the closer you'll get to it).

It's well worth shopping around, find a few sites you trust (chances are they'll all be better than the banks - but that's just the greed of banks for you!!)

I make regular payments abroad through my business and personally in varying amounts and to various countries. I've recommended a few transfer companies previously; currencies direct, onlinefx are well worth obtaining qutes from (onlinefx offer true rates too), but the one i do favour and remain to use regularly now is justeuros.co.uk, I do have to say I'm yet to be let down by them (touch wood!!).

Anyway best advise - shop around and get a realistic quote other than those obtainable from a site currency convertor.

Hope I have helped a little and good luck.

pbal31

Transfer a serious amount of dosh

Hello, I wonder if anyone could help. I have had a search around the boards for a related query, but have had no luck. I am looking to transfer $38000 from a bank account in Ecuador to a current account in England. What is the most sensible way of carrying out such a procedure? in terms of small fee paid or decent exchange rate. My girlfriend (Ecuadorian) has finally agreed to get married and need to transfer her savings over, for an eventual deposit on a house.

Regards
Peter

Debt_Free_Chick

To be honest, you would probably be better off exploring this from the Ecuador end of the transaction. But .... try Western Union

HTH

pbal31

yeah a few people have recomended Western Union, but that seems a bit high street to me. I thought someone might have another service they could recommend a smaller bank etc? may be i need to try a different thread?

THRIFTY1_3

I would strongly suggest against using Western Union - You will get better rates from alternative Money Transfer companies. I'd suggest checking out justeuros.co.uk they receive money in for conversion as well as transferring out of the UK. I regularly use them and the rates given are the best I've come across. Shop around though, there are many companies online and I bet they beat the banks hands down!! See what rate you get offered in Ecuador too, then compare the costs/exchange rates. Don't forget that your UK bank will more than likely charge you for recieving funds in from abroad should you exchange and credit your account from ecuador in sterling. You will have to pay at one end or the other!!
I'm guessin it may work out cheaper to instruct the ecuadorian bank to send the currency to a UK based company for conversion to sterling, they shouldnt charge you for crediting your UK account (I know Just Euros doesn't) and at least then your bank wont charge for recieving sterling domestically.

pbal31

cheers Thrifty1 i will do a bit of digging both ends of the wire so to speak. if anyone else can recomend someone online to use i would be very grateful.

wibblewobbler

We are soon to receive a large cheque in euros. My bank Smile wants 0.25% to transfer, their exchange rate is terrible and it will take 6-8 weeks! Does anyone know of a better way, the cheque is made out to me.
Thanks

THRIFTY1_3

Instead of taking payment by cheque, can you not request payment via bank transfer? If so you will acheive a better rate of exchange from a specialist currency broker and it would certainly a lot quicker than your bank are quoting. I'm guessing that even if the payee says it will cost (should only be a very small amount) to transmit the funds bank to bank, you will save on the exchange rate, compared to encashing your cheque via your bank. I have previously recommended a couple of online currency brokers who can beat the banks regarding service, rates, and all round general customer service. I regularly use justeuros.co.uk, but also onlinefx.co.uk have been useful in the past too. There are many others to check out too, do a quick search online and shop about for the best rates if a bank transfer is feasible.

Robin00

Do not cash a Euro cheque in the UK! There is no clearing system for these cheques so they have to be individually negotiated between the banks which means DELAYS and CHARGES. Much better to cash the cheque in the country it was issued in and then transfer electronically. Most currency brokers will advise you of how to do this without incurring ANY transfer costs from most countries.

merlin41

I wish to transfer about 80k dollars to the Russian Federation to purchase a property in St Petersburg. As the purchase itself will involve cash I need a bank account in StPetersburg to transfer this cash to in order for my Russian friend to be able to withdraw it for the purchase. Does anyone know how to go about this as my friend like most Russians doesn't have a bank account nor trust them.

Many thanks