How do I send money abroad in Euros and not lose out or pay large charges to send i?

rainbowgold

Hi there,

I could desperately do with some help? I'm getting married in Italy this year (nope I don't need help for that bit!) , and at the moment am just signing contracts for various services; music, caterers, florists etc etc.. and there's likely to be lots more along the way.

The thing is I need to pay these people their deposits in Euros, and then pay the rest of the amount nearer the time? Some of them have given me their direct bank details, others I need to send money to them direct? They are legitimate companies, that bits all fine, what i'm stuck with is how to transfer the money to them.

Can anyone suggest the best way of doing this, or transferrring the money so that I can get the best exchange rate as this is completely new to me, but with such large sums of money I need the best rate possible.

I also want to try and avoid paying any large bank charges if there are any for transfers etc.. ?

I bank with Nationwide at the moment. Any advice you can give me would be much appreciated as this is costing enough as it is without people in the UK adding on more for the service.

Thank you.

itsakidsworld

Hi,

The exchange rate is very poor at the moment for Pounds into Euros and so with regards to the deposits, the least you can give the better. Hopefully then when you have to pay the final cash the rates may(just may!) have gone up.

Ask your bank what it will cost you to transfer each sum to each account and ask them to give you this in writing. Make sure that there are no charges at the receiving bank for these amounts and that the amount you send is the amount that will be deposited.

If you are talking thousands then it would be worth opening an acoount with a compnay such as HIFX who deal in currency transfers but read the terms and conditions!

Another option which may not sound as daft as it appears. Check flights to Italy and somewhere to stay for one or two nights night and it could be worth travelling over and doing the transactions in person! Take UK cash and exchange in Italy at a currency exchange for the best rates.

Keeping it simple means keeping the budget tight and correct!

casca

I've been very happy with 1st Contact Forex for my money transfers.

dzug

There is no cheap way of doing it.

Up to £100 cash in the (recorded delivery) mail is probably cheapest, above that you are in to bank charges of at least £10 a payment. ( £100 is the insurance limit - above that there is no cover)

Do none of them take credit cards? If they do that's the best way.

LesD

itsakidsworld wrote: »

If you are talking thousands then it would be worth opening an acoount with a compnay such as HIFX who deal in currency transfers but read the terms and conditions!

And maybe even seeing if it's possible to open an Italian euro bank account to transfer the total into and then pay from that. Exchange rates are better the larger the transfer. You'll probably need an Italian address for that though.

Or as just said, credit cards!

hartcjhart

If you are getting married in Italy do I take it you have friends or family there,if so send them a nationwide flex account card and pin number and they can draw the cash,
If not they used to do an international/european postal order via the post office

dzug

hartcjhart wrote: »

If not they used to do an international/european postal order via the post office

There isn't any more - the only service the Post Office offer is Moneygram, which is like Western Union. It's quite expensive, but quick.

Voyager2002

First choice has to be credit cards -- preferably Nationwide or Post Office.

Failing that, see if they take Paypal. Or investigate a company called XE.com

papazulu

try citibank foreign currency account, very easy to set up and they don't charge you for transfers or direct debits, so long as you provide IBAN no. etc best way I've found to buy euros and transfer money in to "mainland" europe