Large International Money Transfers Discussion area

Natelle_2

InjK.
We've not used them for regular monthly transfers, only lump sums but "Global Currency Exchange Network" might be of help to you.

lic

Currencies Driect, will charge you £5 per month for a standing order. They will charge £15 for a lump sum. So it might be better to send 4 months mortgage repayments at the same time, thereby saving you £5

Barginna_Boy

Go easy on me guys I'm new to this ! Great stuff on getting larger amounts from the Uk to EU etc...what if I want to do the reverse? Can I still use HIFX etc and do I need to keep sums below a certain level as they hit my UK bank account to avoid inquiries from the suits about where it comes from etc? Don't worry it's all legitamate, from a property sale in Spain but whats the clever way to re patriate the money? Any advice greatly appreciated. :rolleyes:

mr218

hunter_gatherer wrote:

Foreign Exchange Transfers

We use a company called Ruesch International to pay our suppliers overseas. The rates were far more competative than the bank (the world's local bank) and the service is brilliant. You get your own account manager and if there's any problems you can speak to them over the phone without having to get pushed through to a call centre in India.

what is wrong with india? seems like you must be one of the few who must be getting great service with call centres before they went to india.

remember it is your "british" company which decided to cut costs and go to india. if things are not satisfactory blame them not the call centres in india.
it is amazing how you can generalise without any sense of irony.

Natelle_2

Barginna_Boy wrote:

Go easy on me guys I'm new to this ! Great stuff on getting larger amounts from the Uk to EU etc...what if I want to do the reverse? Can I still use HIFX etc and do I need to keep sums below a certain level as they hit my UK bank account to avoid inquiries from the suits about where it comes from etc? Don't worry it's all legitamate, from a property sale in Spain but whats the clever way to re patriate the money? Any advice greatly appreciated. :rolleyes:

Surely if the funds are from a property sale in spain your spanish solicitor is required to deduct any tax due in Spain, as your fiscal representative, such as capital gains tax, before releasing the full net amount of funds to you. As there is a double tax agreement between Spain & the UK, you would not have to pay tax in both countries on the same sale transaction, so would it matter if the suits picked up the transfer.

The alternative is do what the Spanish do with unofficial funds, as you will be aware of as a property owner there , keep it in cash, away from the banks, so there's no chance of the suits knowing. The economy in Spain thrives on this practice. Not that I'm suggesting this is the proper course of action for a British Tax payer!!!!

lighter_2

Check out a company called onlinefx ( https://www.onlinefx.co.uk ) for transfers large and small; I've used them several times and give what I believe to be the best rates.
And they're not a big bank, so you get personal service.
If you aren't in a tearing hurry, you can send them a cheque for the sum to be transferred, so you don't pay UK bank money transfer fees.

Barginna_Boy

Natelle, many thanks for your helpful comments. Yes, our Spanish solicitor has deducted CGT etc so we are fully "paid up" in Spain. My concern was more of just not wanting to "provoke" any kind of investigation. Someone told me that when it comes to deposits in UK banks from overseas that there is a threshold (unknown!) above which the bank is obliged to inform IR/C&E etc to be in line with the latest regs on the prevention of money laundering activities?
As to cash, yes I agree, that seems to be the way of things in Spain. Unfortunately if I repatriate Euros as cash I get skinned alive on the exchange rate in the UK. I saw a buying rate of 1.603 yesterday for Euros !! Any tips on the best places to change cash?
Barginna Boy

Barginna_Boy

Can anyone help me? Is there a notional limit, above which a bank has to inform Inland Rvenue/C&E when it comes to deposits from a foreign (EU) bank into a UK account?

TLJester

Some simple help needed :

Could someone explain to me exactly what happens when you transfer money. Let me explain :
My scenario is that I want to transfer a large sum to the US. I already have a US bank acount (though I dont know if its a good acount for doing this money transfer) they have said that they dont charge for the transfer from overseas (but I am not too sure what that means). However how does the money arrive there - would it be in pounds or dollars? Where would be better to do the conversion? - here so it arrives in $'s or there where it would arive in £'s?

Basicly I am trying to spend the least money on the transfer (as we all are )

Thanks in advance

Robin00

Tips and hidden charges...

.. to answer a few questions in this thread.

1. There are many currency brokers who will help you move money to/from overseas accounts. Do beware though as this is a booming industry there may be some that are more reputable and better established than others - do some homework!

2. Sending money to Spain sometimes incurs a receiving charge the other end, up to 0.5% of transaction amount, so check with your Spanish bank before sending. Some brokers will be able to help you get round this charge, while some won't, and the banks will simply charge you this end instead.

In summary there are actually 3 things to bear in mind when sending abroad:
1. What exchange rate you are getting
2. What charges you are incurring in the UK
3. What charges you may incur at the receiving bank

Most overseas transfers will lose about £10 worth of currency on the way through as a 'routing charge' if they go via a 3rd party bank. This is luck of the draw and separate to the point raised above.

Good luck!