International money transfer in same currency?

Texpat

Hello,


I have searched the internet but I am struggling to find a company or money transfer specialist that will allow international money transfers in the same currency i.e. GBP to GBP? Is anyone aware of one?


Thanks!

eDicky

You will have to email to enquire, the ones that charge a fee (therefore not making their revenue from exchange rate spread). Or just send from your bank account, they will charge a fee but at least no adverse exchange rate. Where are you sending it?

knightstyle

Many banks have a fixed fee for this, ask yours. We pay £10.
Be aware also that the money transfer companies can go bust and you will loose your money. If transferring large sums do several transactions, wait for money to arrive before sending the next tranche.

expl0rer

To save you a bit of time: neither TransferWise nor CurrencyFair do same currency transfers.

Apparently Currencies Direct do, but registering with them is a PITA. When I first tried to register with them, they asked me several times what's the reason for the transfer (which was an online purchase) and didn't accept my answers as not specific enough. So I gave up and my account was left in limbo (incomplete registration, couldn't even log in).

Now I've made a second attempt. The reason was different - funding a forex broker account, which was denominated in GBP and so was the bank account based in Europe to send the funds to. Again, the reason was not specific enough and after exchanging several emails they said:

Unfortunately we are unable to assist with this transaction as their isn’t a specific reason for the transfer. We are able to assist if there was an exact purpose for the transfer such as bill payments or a property purchase.

As we are authorised and registered with the Financial Conduct Authority we are unable to assist with transfers that are speculating the market.

I don't see any speculation here, I'm sending GBP to a GBP account so how is that speculating???

I'm guessing the reason for the transfer is only asked on registration and once you're through that process you can send money wherever you like and for whatever purpose and they won't ask you anymore. And if you lie on registration they probably won't know either.

I've already completed my transfer using an expensive alternative, but when I need to do it again I'll try 2 different avenues:

1. Use Currencies Direct with a BS reason (e.g. buying a pair of shoes or whatever is specific enough for them).

2. If 1. fails, I'll try and exchange EUR to GBP using TransferWise and fund the transfer with my Creation card. This way GBP will be converted to EUR at the MasterCard exchange rate, and TransferWise will happy convert the EUR back to GBP at their rate. For a transfer of £500 the total cost would be £7.29, which is still better than the £15 my bank would charge me.

Cisco001

I knew someone living oversea open a foreign currency (GBP) account with their local HSBC.
It is free to transfer GBP from his UK HSBC A/C to local HSBC A/C in GBP.

skintpaul

if paying to a company, see if they have a GBP currency account.

53balham

Try Pockit. Have been using them for currency but I think it works for Gbp. Let me know and I will start using!

martindow

I've found that currency transfer companies are not interested as there is no currency conversion to provide their profit. I've always had to use a bank (typically £10-£20) to make international GBP transfers.