Sending Money Overseas article discussion

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Comments

  • Cash_Counter
    Cash_Counter Posts: 2 Newbie
    First Anniversary
    Thanks eskbanker for the info

    I made the transfers at the end of Jan - so I will now chase them up

    Thanks again
  • MrXYZ
    MrXYZ Posts: 45 Forumite
    has anyone ever used transferwise to move a large sum, i.e. six figure sum? I've relocated to the Republic of Ireland from the UK, looking to move some money exchanging sterling for euro. I have Irish and UK bank accounts...

    Would it be risky to use transferwise to move that amount of money?

    Is there a better way?
  • robatwork
    robatwork Posts: 7,087 Forumite
    Name Dropper Photogenic First Post First Anniversary
    I've moved a large (albeit still in 4 figures) sum from UK£ to a more obscure european currency on Transferwise with no problems. Actually although their rates are very slightly worse than Xendpay the transaction goes through the next day, so a lot better in the sense of worrying. Xend took 4 days on my last transaction which I think is unacceptable so I won't be using again until they buck their ideas up.

    I make monthly transfers with Transferwise or Xendpay and never had a problem.

    Others on this thread have mentioned that there are better options for euros, like Revolut, but I can't vouch for them.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    First Post First Anniversary Name Dropper
    MrXYZ wrote: »
    has anyone ever used transferwise to move a large sum, i.e. six figure sum? I've relocated to the Republic of Ireland from the UK, looking to move some money exchanging sterling for euro. I have Irish and UK bank accounts...

    Would it be risky to use transferwise to move that amount of money?

    Is there a better way?

    For a six figure amount best to look at a reputable company that offers an account manager. He/she will aware of the fluctuations in the currency and know when to do the transfer. With t-wise you cannot really lock in a rate. Even a slight drop in the rate, could potentially impact the transfer amount.

    The other route will attract a fee, but the rate you will get should cover it substantially.
  • keepitsafe
    keepitsafe Posts: 1 Newbie
    edited 25 April 2018 at 4:32PM
    Barclays misplace £34000

    We recently used Barclays international payments to send £34000 from our Barclays account to our account at Vostok bank in Ukraine via a intermediary bank, Raiffeisen in Austria. The transfer was sent on the 05 April and was supposed to take no more than 8 working days using SWIFTBIC. The money was to remain in pound sterling, was from a verifiable source, and was to purchase a new apartment in Odessa Ukraine.

    For some reason it was sent to HSBC, and has got no further. We contacted Barclays and were told that HSBC don't respond to messages. They acknowledged they sent our money to HSBC but now it's out of there control, and may now be with the Midland bank. Why?

    We are struggling to make any progress with the bank, we used Barclays instead of a broker or transfer company because we thought it would be safer and less stressful, how wrong we were!

    Any advice as what to do now, would be gratefully accepted.
  • eskbanker
    eskbanker Posts: 30,920 Forumite
    First Anniversary Name Dropper Photogenic First Post
    keepitsafe wrote: »
    Barclays misplace £34000

    We recently used Barclays international payments to send £34000 from our Barclays account to our account at Vostok bank in Ukraine via an intermediary bank Raiffeisen in Austria. The transfer was sent on the 05 April and was supposed to take no more than 8 working days using a SWIFTBIC. The money was to remain in pound sterling, was from a verifiable source, and was to purchase a new apartment in Odessa Ukraine. For some reason it was sent to HSBC not Raiffeisen Bank to act as the intermediary, We contacted Barclays and were told that HSBC don't respond to there messages. They acknowledged they sent our money to HSBC but now it's out of there control, and may now be with the Midland bank.

    We are struggling to make any progress with the bank, we used Barclays instead of a broker or transfer company because we thought it would be safer and less stressful, how wrong we were!

    Any advice as what to do now, would be gratefully accepted.
    Responsibility in these circumstances always rests with the sending bank so your only option is to keep badgering Barclays until someone takes you seriously. If you're not getting anywhere, file a formal complaint via https://www.barclays.co.uk/help/contact-us/complaints/
  • Consumerist
    Consumerist Posts: 6,310 Forumite
    Name Dropper First Post First Anniversary
    keepitsafe wrote: »
    . . . We are struggling to make any progress with the bank, we used Barclays instead of a broker or transfer company because we thought it would be safer and less stressful, how wrong we were!

    Any advice as what to do now, would be gratefully accepted.
    There is not much you can do yourself except start Barclays complaints procedure. It's not a quick way of getting anything done but you can refer it to the Financial Ombudsman after 8 weeks unless Barclays sends you a "final response" before then.

    One possible way to move things along is to ask Barclays, in writing, whether their last response is their "final response" for the purpose of a complaint to the Ombudsman. This may possibly nudge them into some action.

    Keep records of all communications. Or complain via <Resolver> who will do it for you and, at your request, send the file to the Ombudsman for you at the appropriate time.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • robatwork
    robatwork Posts: 7,087 Forumite
    Name Dropper Photogenic First Post First Anniversary
    keepitsafe wrote: »
    They acknowledged they sent our money to HSBC but now it's out of there control, and may now be with the Midland bank. Why?

    I see the issue. Your money has been transferred to 1988.
  • JayKayPol
    JayKayPol Posts: 4 Newbie
    Combo Breaker First Anniversary First Post
    I'm confused by this article, but I have possibly misunderstood or have missed something. I need to pay an invoice in euros to an Italian Photographer, so read this article to find out the cheapest way. But also, while I was in town yesterday, I went into my bank (Barclays) just to find out what they would charge. I was told categorically that if I did the transaction in the branch there would be a fee, but that there is no charge, no fee, if I do this via my online banking as a transfer from my account (as long as I have the IBAN and SWIFT numbers, which I do), and they charge it to my account at whatever is their current rate of exchange for that day. I'm not sure if the same thing applies in other high street banks, but if this is accurate, what is the need for these other agencies? Can anyone advise?
  • Consumerist
    Consumerist Posts: 6,310 Forumite
    Name Dropper First Post First Anniversary
    edited 10 July 2018 at 3:22PM
    JayKayPol wrote: »
    . . .and they charge it to my account at whatever is their current rate of exchange for that day. . . Can anyone advise?
    The rate of exchange from banks usually includes a roughly 3% loading over the wholesale rate. The agencies exchange at close to the wholesale rate for a relatively small charge (commonly 0.5% or less)

    Edit
    If you want to compare some agency costs with those from banks then you could have a look at the <Monito comprison site>. You will find you'll need to scroll a long way down the list to find the charges by a bank.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
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