Large International Money Transfers Discussion area

grumbler

wiseadam wrote:

...The other part is the actual rate of exchange offered...

I believe that this rate does not depend on the amount and is in fact Visa exchange rate (or Mastercard rate when using cash card). From my experience Visa exchange rate can fluctuate during a day, but is very close to interbank rate. For me this means that it is very unlikely that some other companies can beat this rate.

wiseadam

Grumbler. I admire your pessimism.

using cash card

very close to interbank rate

. Firstly, I have not met many people who pay for their foreign house using a cash card. I suppose the real issue is how close to interbank. Hence the reason to compare rates.

grumbler

wiseadam wrote:

Grumbler. I admire your pessimism. . Firstly, I have not met many people who pay for their foreign house using a cash card. I suppose the real issue is how close to interbank. Hence the reason to compare rates.

Well, do you mean that people use debit or credit cards to pay for houses?
Unfortunately, I can compare NW exchange rate only with interbank daily average. In my worst case it was 0.5% below daily average for euro, but the daily drift of the average rate was about 0.4%.

wiseadam

:beer: Grumbler I hope people don't use their cashcards to buy houses! If people are buying currency 0.4% from interbank then they are acheiving good prices whether through a broker or not.

marc291

Hi I use https://www.travelex.co.uk, they offer the best price for online currency, Also if you have large amounts to transfer sign up for personal transferes.

They give you the best rate for international transfers anywhere FREE of charge. Beats all banks hands down. (min£1000)

I got quotes from all the others, HIFX, Moneycorp, Currencys4less. Told Travelex the best and they bet.

Look for the personal transfers section on the Website.

Ian_Shearer

This is not a solution to the one-off transfer, but one for the person with a regular need to swap one currency for another on a commercial basis. My business generates between 50000 and 200000 Euros per month. I need to buy nearly the equivalent in US dollars but Sterling is an alternative. Via a friend I heard of a local wine importer who needs 30000 to 50000 Euros per month, and who would swap it for Sterling. We agree the screen rate on https://www.fxstreet.com at the time of the deal and I TT him the Euros, he mails me a Sterling cheque. It costs £35 for the TT. We reckon even against Ruesh International rates the saving to us both totals 500 Euros per swap.

Of course you do need to build up mutual confidence with your partner but if you are a small businessman it is worth
trying to find somebody interested.

Turning_into_scrooge

My son has sent a sum of money over to his Thai girlfriend so she can purchase a flight to come and stay with him for 3 months. The Halifax stated the charges would be £14 but today he has a charge on his statement for an extra £12 saying ITNL Tx i take it this means it is a charge for international tax which he wasn't informed about?

grumbler

Turning_into_scrooge wrote:

a charge for international tax which he wasn't informed about?

Halifax don't give clear information about charges for international transfers on their website:
Special services: [font=Arial, Helvetica]

[font=Arial, Helvetica]Foreign currency, travellers' cheques and cross-border transfers - [/font][font=Arial, Helvetica]Please ask for details[/font]

If you are 100% sure that your son was given incorrect information you have a strong case to complain and to demand extra £12 to be refunded. Good luck![/font]

jonesMUFCforever

Turning_into_scrooge wrote:

My son has sent a sum of money over to his Thai girlfriend so she can purchase a flight to come and stay with him for 3 months. The Halifax stated the charges would be £14 but today he has a charge on his statement for an extra £12 saying ITNL Tx i take it this means it is a charge for international tax which he wasn't informed about?

I think tx in this instance relates to telex.
Alot will depend on whether he opted to pay split charges all charges or whether beneficiary was to pay all charges.
Eric

Turning_into_scrooge

ejones999 wrote:

I think tx in this instance relates to telex.
Alot will depend on whether he opted to pay split charges all charges or whether beneficiary was to pay all charges.
Eric

This is the first time he has sent money abroad. The only charges he was informed of was £14 to send the money by telegraphic transfer. Nothing was said to him about any ther charges. I can back this up as i was with him at the time. The lady in question in the Halifax sent the transfer with one number missing so after a phone call to my son on Friday asking for the correct bank number it has ended up taking 8 days to get there and on top of that due to their exchange rate £30 less has hit the account abroad. Its very confusing