Large International Money Transfers Discussion area

jonesMUFCforever

Turning_into_scrooge wrote:

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

Did he get a copy of the transaction to take home?
If so there should be terms and conditions on the back of the form.If after reading these you require further help please post again.
Eric

Turning_into_scrooge

ejones999 wrote:

Did he get a copy of the transaction to take home?
If so there should be terms and conditions on the back of the form.If after reading these you require further help please post again.
Eric

Thank you for your help. All he was given was a print out of the transaction, nothing with T&C on. I'm going to go down to the branch with him on Friday and find out exactly what is what here and a full breakdown of the charges involved.

e-tims

I have just read the article about transfering money abroad and cannot believe that moneybookers is not mentioned.

https://www.moneybookers.com/app/?rid=156766 is the cheapest and efficient method of transfering money across borders. The system is similar to paypal, in that it can be used to send payments between people but it can also be used to transfer monies between your own international accounts.

I have been using their service for well over two years to fund my account(s) in spain. There is a limit to the amount of transations per 90 days of 15000 Euros and it is fully FSA regulated.

Fund moneybookers account via Internet Banking, withdraw monies to spanish account. Transaction from UK bank to Spanish account takes approx. 1 week.

The cost is negligible (approx £2.40 per transaction) and the exchange rate of the european central bank is taken with a spread of .8%

Mon269

Natelle wrote:

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!!!!

In keeping with the buying/selling a property in Spain. I am Spanish but a British Tax Payer and I am in the process of buying a property in Spain. After all the paperwork and diposits payed, the seller wants me to pay about 70% of the property price in cash to avoid the suits. The signed contract does not mention any of that ru**ish and I am an honest person and I have been informed that there is no reason why I should do that.

The problem is, when I go to Spain in 2-3 weeks time, we will go to the solicitors and I will say that I have all the money and that is what the papework have to say. I can predict that the seller will say "NO, I am not selling you the house under these conditinos".

What I need is a way to be able to produce the money (in the form of a check I guess) to give it to him, but I may have to bring it back with me if he decides not to sell it to me. Therefore, I will need to cash it in UK again. All that can be very expensive.

Can anyone suggest the best way (best almost synonimous of cheap) to do this?

Thanks in advance.

Ian_Shearer

I send money to Thailand regularly. My wife is Thai and the other end of our rubber export business is there. Actually £26 for a quick transfer is not a bad charge, though of course irritating if you thought you would pay only £12 to £14. Ejones is right about the telex charge. Banks still use telexes for security on telegraphic transfers.

There are two, sometimes three, banks involved. The sender's bank, receiver's bank and possibly a US intermediary. Also if you sent Sterling and the receiver is getting Baht it is normal for the money to be exhanged
Sterling>Dollars>Baht with two banks turns on the rate.

Turning_into_scrooge

Thanks for the info. My son actually lives between the U.K. and Bangkok but has never sent money over before. It looks like for the future he is going to open a nationwide account with an extra card holder so she can use it in Bangkok for when she needs to buy a flight. Thanks for explaing the Thai system

af335

This is known as a Suspicious Transaction Report which your Bank is obliged to submit based on your your previous banking history and the size of the deposit. Clearly, any transaction of 5 figures and being transferred from abroad would trigger a report. However, the report is submitted to absolve the Bank for complicity in money laundering but if the Bank originally arranged the transfer abroad, there is nothing wrong with consulting them to advise that the transaction was being reversed. On this basis, the Bank may have no fears of money laundering and therefore, a report may or may not be submitted

Dfc_3

e-mail Helen.Scott@4xcurrency.com

for better rates and no charges and same day settlement

https://www.4xcurrency.com

Dave

Ian_Shearer

Many thanks to Dave (Dfc) for the link to this company.
I have now used them twice for Euros to dollars and sterling to dollars. Their rates are very competitive, and Helen Scott is a pleasure to deal with.

ioscorpio

https://www.ruesch.com
I've looked on their website and you can set up an e-debit, so they can deduct the your payment to them by direct debit.
Will this eliminate the necessity to send the money by same day electronic payment usually costing £30 in order to meet the 2 day contract of currency exchange companies?
When I used ISX FX they waited until my payment had been sent by internet transfer, therefore no charge.