Large International Money Transfers Discussion area

wiseadam

I believe shopping around is the best advice to sending large money transfers overseas. Get a few rates from a few brokers and see who can supply the best rate. I actually work for a currency brokerage and you would be amazed in the differing levels of exchange being offered by 'reputable' brokers.

Rowie

Has anyone used HIFX to transfer money abroad and if so are they worth using?

grumbler

Rowie wrote:

Has anyone used HIFX to transfer money abroad and if so are they worth using?

Hi and welcome.
This site has good search facilities: Search (Guide)
Search all forums for hifx* and you will get 14 results. For long threads use 'Search Thread' tool.
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Sending money overseas discussion area
international wire transfers
Best place to buy Euros to buy a property aborad??
Sending Money Abroad
where can i get the best exchange rate?
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sagara

Hello there. I need to send either:
1. £300 a month to China, or
2. £900 every three months.

This is to family so we can trust the recipient.

I am wondering firstly,
- is either of these options (1. or 2.) more cheaper?

and secondly
- am I right in thinking Nationwide would be the way to do this?

Many thanks for any help.

Sagara

grumbler

sagara wrote:

- am I right in thinking Nationwide would be the way to do this?

Yes, and this is the cheapest way. Both options will cost you nothing with NW cash card.
I think for all other means the second option is cheaper.

wiseadam

I agree with grumbler regarding sagara. Nationwide are excellent on smaller amounts, but not so fantastic on larger amounts I have found. Which is bizarre? I am an accountant for a firm which offers a currency brokerage service but for much larger volumes, more for large businesses.. Lots of firms offer regular payment plans etc. but I am not convinced these are the cheapest options when compared to Nationwide.

Rowie Regarding HIFX (https://www.hifx.co.uk ) I have heard they are worthwhile using for greater volumes. A friend of mine used these guys https://www.fcexchange.co.uk and said they were the most helpful and offered the highest rate. I would open accounts with two and compare rates.

wiseadam

Just one quick note for sagara, even if you do not use Nationwide. I would not use Western Union, the rate you end up with after charges can be terrible.

grumbler

wiseadam wrote:

... Nationwide are excellent on smaller amounts, but not so fantastic on larger amounts I have found...

Could you explain what you mean, pls? I think that the onliy problem when using NW card for larger amounts is daily withdrawal limit ...

sagara

Thanks for the help - sagara

wiseadam

Hi Grumbler. I meant the daily cash withdrawl amount as part of the issue. The other part is the actual rate of exchange offered. I believe brokerages such as the two companies mentioned above can offer higher rates of exchange. Bank wise, the only decent rates I have heard offered to friends/colleagues have been from First Direct, but still not as high as a broker.