Sending Money Overseas article discussion

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  • grumbler
    grumbler Posts: 58,629 Forumite
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    http://www.mycurrencytransfer.com/money-transfer-to-Malaysia/1000-GBP
    http://www.fxcompared.com/Content/money-transfer-from-UK-Malaysia-below-3000-amount-1000
  • zhatorna65
    zhatorna65 Posts: 38 Forumite
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    PayPal could be worth a try... the charges for withdrawing at your wife's end would surely be less that GBP 35! Seems like it's the local bank charges at that end causing the damage.

    I've used them once or twice to go from India to UK, when I haven't been able to get to the bank. Exchange rate isn't great, but it's swings and roundabouts I think.
  • winterpark
    winterpark Posts: 3 Newbie
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    For International Money Transfer I have been using
    World Remit dot com for over 6 months,had NO trouble whatsoever
    their exchange/commission rate is better than Western Union and Moneygram both of which i used to use regularly. Its same day transfer with a 10 minute wait to verify.
    They cover quite a lot of countries including Hong Kong Australia.
    Featured on BBC & CNN. Plus mentioned
    WorldRemit Named Best Money Transfer Company Europe.
    Well worth checking out
  • matty_hunt
    matty_hunt Posts: 366 Forumite
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    Hi. Im wondering if anyone here has used paypal to transfer money to Australia. I cant get my head around the figures and was hoping for someone with experience of this. Have I got this right? If money is in my paypal account, or from my bank account, transferring it to a family member in Oz costs just 1% + $0.30 In Martins article he states, "As well as the 2.5% fee for sending cash, the recipient will pay up to 4.9% plus 20p" but I cant see that on paypals site.
    Many thanks
  • grumbler
    grumbler Posts: 58,629 Forumite
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    https://www.paypal.com/uk/webapps/mpp/paypal-fees

    Also a recent thread: PayPal Now Charges 5% ??? Are there alternatives? Have I been over-charged?
  • dmacwalter
    dmacwalter Posts: 9 Forumite
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    CurrencyFair is by far the best ForEx I've used.

    The rate is always pretty good (better than the commonly recommended ForEx eg Moneycorp, UkForEx, TorFX).

    Also the coversion tool on their website is actually the rate you'll get (unless you get more into the Peer 2 Peer aspect of it).

    You could also use it to send to a third party (see post above).

    I've just moved to Oz, sent quite a few chunks of cash across.

    £3 fee per transaction only.

    :D
  • baby_frogmella
    baby_frogmella Posts: 1,556 Forumite
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    dmacwalter wrote: »
    CurrencyFair is by far the best ForEx I've used.

    The rate is always pretty good (better than the commonly recommended ForEx eg Moneycorp, UkForEx, TorFX).

    Also the coversion tool on their website is actually the rate you'll get (unless you get more into the Peer 2 Peer aspect of it).

    You could also use it to send to a third party (see post above).

    I've just moved to Oz, sent quite a few chunks of cash across.

    £3 fee per transaction only.

    :D
    You could have used transferwise and got the true exchange rate with a very low fee as currency fair appear to put a small commission on the x rate.
  • DaveLuk
    DaveLuk Posts: 3 Newbie
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    I've been using my banks' services for a regular transfer from a euro (NL) bank account to a UK bank account, but decided to look at the specialist online services.
    A week or so ago I was looking at the original MSE article and browsing some of the forum posts. As a result, I started to check out several of the offerings. The first three I looked at had very poor data protection / privacy clauses buried in their terms & conditions: transfer outside Europe without safe harbour principles, passing data to third parties etc.
    Haven't seen any mention of this aspect mentioned?
    In the end I found a couple that looked ok, and have now started using transferwise - so far so good.
  • matty_hunt
    matty_hunt Posts: 366 Forumite
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    I used transferwise in the end to send money to Australia for Christmas. Cost me £1, got the best exchange rate I could plus got £10.50 cashback paid fast. I will use them again.
  • politicfool
    politicfool Posts: 7 Forumite
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    For larger transfers abroad, check out OANDA.com. They are a forex trading company primarily, but they can be used to move money between your own accounts in different currencies (although you cannot transfer money to someone else). For most currencies you get the interbank rate, less a spread of around 0.02%, and you just pay a fixed charge for OANDA to send a wire transfer to your overseas bank account. When I transfer sterling to US dollars I pay a $20 flat charge regardless of the amount transferred, making this by far the most cost effective option for anything over £2000 or so.

    A word of caution about most of the companies mentioned in this guide (and even higher up in this forum). They advertise interbank rates on their websites, but if you call them for a quote you'll find their rates are at least 2% away from interbank - which will really eat into the amount of foreign currency you receive. It can be far more cost effective to pay a transfer charge if it means you get an honest exchange rate.
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