Sending Money Overseas article discussion

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  • MartinRoss
    MartinRoss Posts: 2 Newbie
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    Hi, I need to send £100k to my French bank account from my UK bank account.

    I'll get a quote from my UK bank, but does anyone have a recommendation of any other companies which would probably be better (better rate etc)? Obviously, I have to consider the exchange rate.

    Many thanks! :)
  • eskbanker
    eskbanker Posts: 31,076 Forumite
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    MartinRoss wrote: »
    Hi, I need to send £100k to my French bank account from my UK bank account.

    I'll get a quote from my UK bank, but does anyone have a recommendation of any other companies which would probably be better (better rate etc)? Obviously, I have to consider the exchange rate.

    Many thanks! :)
    Your best bet would be to read the article that this thread is all about, linked from post #1.
  • robatwork
    robatwork Posts: 7,094 Forumite
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    Has anyone tried the Santander One Pay FX app?

    Unfortunately it needs an iphone with Apple Pay, and I don't have that.
  • roddyboy67
    roddyboy67 Posts: 1 Newbie
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    Calling all Dutch experts! My daughter is going to study in Rotterdam for 1 year and I want to know;

    I assume that she will need a Dutch account, which is the best bank?
    The best way (cheapest) of sending monthly funds into her Dutch account?
    Does she need a BSN number if she is staying for 10 months?
    What is the story with i-Deal, is this the Dutch version of PayPal?

    Thanks for you help!
  • eDicky
    eDicky Posts: 6,575 Forumite
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    roddyboy67 wrote: »
    I assume that she will need a Dutch account, which is the best bank?
    The best way (cheapest) of sending monthly funds into her Dutch account?
    Does she need a BSN number if she is staying for 10 months?
    What is the story with i-Deal, is this the Dutch version of PayPal?
    She will find a Dutch bank account useful as they issue a Maestro card or similar, which is accepted at all outlets whereas MasterCard and Visa are not (outside of tourist areas, department stores etc.). But they are likely to insist that she has a local council registration number (BSN?) in order to open an account.

    Otherwise she can open UK account(s) suitable for European use - Starling Bank, Metro Bank, Monzo, Revolut, Loot.io - to which she can receive funds by bank transfer at any time.
    Evolution, not revolution
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    She should also have a backup in case a card is lost/stolen.
  • Gary1984
    Gary1984 Posts: 329 Forumite
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    edited 17 September 2018 at 11:24AM
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    Has anyone noticed that OFX spreads have widened significantly as of late? Went to transfer EUR5000 to GBP and was only being offered 0.8782 when actual rate is about 0.8895. So more than 1% difference, usually it's about 0.3%.


    Other companies I've checked TorFX, HiFX, Virgin all seem similar. Anybody know what's going on?


    Update: TransferWise are offering a much better rate, effectively 0.8864 after fees, which is more like what I'm used to. Set up an account with them to transfer the cash. OFX have probably lost themselves a customer.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    Gary1984 wrote: »
    . . . Anybody know what's going on? . . .
    Recent talk of the UK preparing for a "no-deal" on Brexit has caused some volatility in the strength of Sterling. It's the usual response to volatility in the money markets for the margins to widen.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • Gary1984
    Gary1984 Posts: 329 Forumite
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    Absolutely, I'd expect some volatility but not a spread of 3-4 times larger than the usual. Is volatility really so much higher than it was a month ago? Ah well never mind, Transferwise are still offering a decent spread.
  • Davehyp
    Davehyp Posts: 1 Newbie
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    I live in Spain and want to transfer a lump sum back to the uk. My Spanish bank are going to charge me 1.2 percent just to put the money into my account. A huge fee. I have been contacted by currencies direct who inform me that they can cash my bankers draft with zero fee and transfer all my money to the uk at a better rate than my Spanish bank. Can anyone recommend if this is the correct way to go and what they have done. I’m worried in case the money gets lost with currencies direct. Thankyou in anticipation of the replies.
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