Large International Money Transfers Discussion area

diana_Marshall

Hi,
Please can you help me to understand which is the best way to transfer Euros to Sterlings. The money are due to me due to an inheritance from my grandfather, I am looking at the sum of 40000 Euros; it is better to stick to reputable banks e.g. Nationwide or I need to look around?

stupendous_J

Hi, I'm starting work in Dubai shortly & they will pay electronically into my nationwide account. I have heard that some banks charge for recieving funds from abroad. any ideas or suggestions for what bank accounts are best for this?

Thanks in advance,

J

jellyfish76

I need to send a bankers draft to the USA in usa dollars- the amount is under $2000, does anyone know which bank might offer the best exchange rate out of nationwide, lloyds or first direct... I've asked in branch and on the phone but not getting much help

it looks like the actual bank charges are all pretty similar between £12-20

Bobdewey

Nationwide are good for withdrawing cash abroad but i wouldnt use them again for receiving currency, i was recently sent some dollars from the US into my flex account and the rate nationwide changed it into pounds was 3% worse than the market rate.

I'd definitely suggest looking into one of the specialist foreign exchange companies on the market as they are generally much cheaper and dont charge fees.
The Find Currency Brokers comparison site lists most the bigger companies out there and offers the option of requesting some quotes. (www.findcurrencybrokers.com)

We ended up using a broker and got a much better rate on the transfer of our dollars into pounds from the sale of our property in the US. Compared to Nationwide, we had gained almost £2400 from the better exchange rate.

buglawton

Everyone ought to use these special brokers but... while banks have real legal regulation governing them and their customers are usually insured by a government against the bank going bust, with these brokers you do not know where you are. Perhaps there ought to be the equivalent of ABTA, an association that insures the customers.

peter999

Bobdewey wrote: »

The Find Currency Brokers comparison site lists most the bigger companies out there and offers the option of requesting some quotes. (www.findcurrencybrokers.com)

All the links from this website lead to World First.
That's not a good sign.

http://findcurrencybrokers.com/directory.aspx

peter999

Bobdewey

peter999 wrote: »

http://findcurrencybrokers.com/directory.aspx

peter999

Thats strange, I just tried it and it seems to link to lots of companies. HIFX, Baydon hill etc.. Maybe a technical blip.

achtunglady

Hi, my mum has sold a property abroad and it was planned that she would put the proceeds into a bank account in my name and hers while she was out there, but she was told she cannot open the account UNLESS i am there in person and my name cannot be added after if she opened one in her name alone. Now, i cannot get over there when she is there, so would a sensible solution be to get a bankers draft made payable to both of our names, made out in sterling and for it to be banked here in the UK in a joint account??
thanks

peter999

achtunglady wrote: »

Hi, my mum has sold a property abroad and it was planned that she would put the proceeds into a bank account in my name and hers while she was out there, but she was told she cannot open the account UNLESS i am there in person and my name cannot be added after if she opened one in her name alone. Now, i cannot get over there when she is there, so would a sensible solution be to get a bankers draft made payable to both of our names, made out in sterling and for it to be banked here in the UK in a joint account??
thanks

Where is the money going to end-up ??

How about your mum opens an account in her name to pay money in.
When you get out there open a 2nd account in both your names
& transfer the money across.

peter999

MeenieMo_2

Hi

Injk - i use Moneycorp for regular payments, i shopped around and they're the best on rates and they swallow all receiving charges in Spain and they debit your account and then credit the Spanish account each month so you don't lift a finger

TLJ - if you have a US account then any money you send from the UK will arrive in USD, if you send like £500, your american bank will convert the funds automatically and credit your account in dollars. If i was you i would change it into dollars using a broker because American bank exchange rates are appaling! Especially if you are transferring a large sum of money. Call Moneycorp as above and they'll organise it all for you. I have been using them for years and they are always a great help. They swallow all receiving charges too and can get the transfer done in 24 hours for you.