Sending money overseas discussion area

Former_MSE_Dan · 25 April 2005 at 1:03PM

This discussion relates to the top section of the Sending Money Overseas article, concerning sending smaller amounts to family and friends using Paypal.

Click reply to discuss.

IMPORTANT NOTE

This is not the area for discussing shifting large amounts of currency, for that go here

michaels · 26 April 2005 at 12:52PM

I use a Nationwide Current Account and mailed the cash card to a relative in Jamaica (as per your cheapest way to spend overseas article).

I was informed by Nationwide that this account could not be taken overdrawen by using the card for cash withdrawels but this does not appear to be the case for withdrawels from international cash machines - luckily I can trust the recipient of the card not to use it unless I have told them funds are available.

meehank · 26 April 2005 at 2:45PM

Thank you Martin for your perfect timing of the article about sending money abroad. My former husband and I are trying to agree monthly maintenance payments for our two children and have been struggling with the problem of fees, commission and exchange rates, plus the restrictions on holding UK accounts while living overseas. The Paypal solution looks very promising.

moneysaving_monkey · 26 April 2005 at 2:46PM

Hi Martin

What do you make of moneybookers.com? I haven't actually used them myself but when I undertook some research in this area a while ago, they appeared to be the cheapest option.

Has anyone used the service? Is it reliable.

Cheers

Walletwatch · 26 April 2005 at 6:29PM

Martin

I don't know how Citibank would fare on your article, but I have transferred money free of cost to my Citibank India account without any charges, instantly, ready for spending. And I daresay, I've got a decent exchange rate as well.

grumbler · 26 April 2005 at 9:08PM

meehank wrote:

...monthly maintenance payments for our two children ... The Paypal solution looks very promising.

I agree with Michaels (post #2) that Nationwide cash card is the best way to send money to relatives abroad. I do the same. This is simpler and cheaper than Paypal. We have two joint accounts with NW: first with two debit cards for us and the second with two cash cards that we sent to relatives. There is no problem to open more accounts if needed. Nothing can beat this scheme!

From my experience you cannot withdraw more than available funds even abroad.

EDIT: the last statement is not absoulutely correct. Some useful information can be found in this post: Nationwide debit card. Warning! .

benjus · 27 April 2005 at 11:00AM

I'm still looking for a definitive solution for cheap transfers between Bolivia and the UK. Paypal can't be used in Bolivia so that's out of the question.

I have a Nationwide FlexAccount - is it legal and within the T&C to post the cards to someone in another country? Has Nationwide ever contacted anybody using this method about "unusual transactions"?

I also had a look at moneybookers. Looks cheap, as long as both the sender and recipient are in the list of countries that support direct bank transfers (see the "fees" page). It appears that people in other countries have to use an international bank transfer to fund or withdraw from their accounts (which renders the whole thing pointless) or pay 3% to fund the account with a credit card and 3.50 (of unspecified currency) to withdraw by cheque. Still, might be a good way to send money from the UK.

Munki_2 · 27 April 2005 at 11:28AM

I've used moneybookers once before, and have found them to definately be the cheapest. However it's worth noting they do add a spread on the exchange rate. Their FAQ says :

'We believe in fair exchange rates. We use the daily reference rates as published by the European Central Bank. However, we apply in either direction a spread of 0.8% - this is not a hidden charge but a protection against the volatility and risk associated with FX markets. Our rates compare very favourably to those charged by banks and are superior to those of most money transmitters.'

I emailed them to clarify this, but the response was really just reitterating the same :

'Thank you for contacting us.
Indeed, we use the daily reference rates <http://www.ecb.int/stats/eurofxref/eurofxref-xml.html> as published by the European Central Bank. However, we apply in either direction a spread of 0.4% - this is not a hidden charge but a protection against the volatility and risk associated with FX markets.
If a currency exchange needs to take place, for example if you initiate a send money transaction in GBP and the recepient's currency is different from GBP, then we use the afore-mentioned exchange rates and plus the 0.8 % spread we apply. We charge no commission or fees for the currency exchange.'

They definately work out the cheapest as far as I can see. It's cheap to send and receive and there's a cap on the fees :

'Registration: FREE

Upload Money From Bank: FREE
Upload Money From Credit Card: 3%

Send Money: 1% (up to € 0.50)

Receive Money: FREE
Request Money: FREE

Withdraw Money To Bank: € 1.80 flat fee
Withdraw Money via Cheque: € 3.50 flat fee
For information on fees regarding other payment methods, please check our Price List'

The system works in a similar way to Paypal, in that you have an online 'account' that you pay money into and then send from. If you recieve money then you have to withdraw from that account to your bank account.

Well worth a look in my view.

Munki.

meehank · 27 April 2005 at 11:34AM

Thanks Grumbler for your tip re. Nationwide. I also have one of their Flex Accounts, but as I am the one who will be permanently living overseas, I won't be able to keep this account open. If my ex husbands opens a Flexaccount with Nationwide, and we use the 2 card approach, I am worried that the bank will query the frequent and regular withdrawals made in Austria.

grumbler · 27 April 2005 at 12:01PM

meehank wrote:

...I am worried that the bank will query the frequent and regular withdrawals made in Austria.

My relatives do not use cards very frequenly (usually not more often than once a month). However, I do not think that you have any reasons to worry about. After all you have nothing to lose!
Also have a read of this THREAD.

volks400 · 27 April 2005 at 12:26PM

can anyone suggest cheapest way to send money to pakistan.i have accounts with bank of scotland and rbs in glasgow.i enquired from them but it costs a lot like 15-25 pounds for small amounts like 200- 300 pounds. any suggestions would be appreciated.

thanks

Sending money overseas discussion area

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