Receiving money from abroad

Justin_Riley

Hello
I need to open an account that has zero (or very low) fees when receiving money from abroad. My current account (Santander) has a £12 deduction every time I receive payment from New Zealand from a job I do. I want to reduce this please and would really appreciate some advice

Kind regards

Mr. Riley

Highland76

If you receive regular payments from NZ (in NZD I presume) then open a Transferwise Borderless account:

https://transferwise.com/gb/borderless/

eDicky

Santander are not only charging you £12, they are converting NZD/GBP at a very unfavourable rate.

As above, TransferWise Borderless provide you with personal NZD account details to receive your payments, then you can convert at the perfect interbank rate and send the pounds with minimal fee to Santander, who will receive it as a normal FPS without charge.

PRAISETHESUN

eDicky wrote: »

Santander are not only charging you £12, they are converting NZD/GBP at a very unfavourable rate.

That may not necessarily be the case - the sending bank is most likely to be the one to convert to GBP unless you are specifically sending a NZD payment and Santander is merely charging to receive an international payment.

Either way, a specialist service such as Transferwise would be the way to go here, particularly if it is done on a regular basis. Revolut is another option that I can also recommend for sending/receiving foreign payments.

spyrogyra

Hi. I know Transferwise are good, but they are still charging fees. There's a free multi-currency account with Fineco. No fees for incoming money in 11 currencies, free exchange b/n them, best customer support I have experienced so far. During reg put UK8861423 code for a £100 singing "thank you".

Highland76

^^^ I agree Fineco multi currency account is better than Transferwise as there's no currency conversion fees (unlike Transferwise) and from my own experience, offer slightly better exchange rates than Transferwise - not much in it though. However, currently Fineco don't offer NZD as one of the currencies and until that changes, the Transferwise borderless account is the next best thing.