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    • moneysaverz83
    • By moneysaverz83 20th Feb 18, 9:08 PM
    • 68 Posts
    • 9 Thanks
    moneysaverz83
    Hi, I'm making a very large purchase from a reputable US company through my Nationwide debit card.

    They've said:
    'Our bank routing for regular bank wires (not ACH payments) is:

    Swift code BOFAUS3N

    routing # ABA# xxxxxxxxx

    Account # xxxxx-xxxxx'

    Where x were numbers blanked out.

    I can use my Nationwide select credit card if it works out cheaper.

    I don't want to mess up as it's a few grand.

    I don't really understand their first sentence. But I've used transferwise for EU company payments. Can I use the same?
    • moneysaverz83
    • By moneysaverz83 20th Feb 18, 9:22 PM
    • 68 Posts
    • 9 Thanks
    moneysaverz83
    I also have revolut if that helps (as holiday spend card)
    • moneysaverz83
    • By moneysaverz83 20th Feb 18, 11:17 PM
    • 68 Posts
    • 9 Thanks
    moneysaverz83
    From what I've seen, this means wire transfer. Transfer wise don't do wire. So I can do it through my bank, they charge £20.
    • robatwork
    • By robatwork 21st Feb 18, 3:57 PM
    • 4,270 Posts
    • 4,672 Thanks
    robatwork
    I've never found revolut actually beats either Transferwise or Xendpay.
    In fact since Xendpay knocked off their fee for me recently (made the fee optional) their rates have been unbeatable.

    Have also found those two services are quicker than previous years - now about 2 working days for the money to hit the recipient whereas it used to be about 4.
    • eDicky
    • By eDicky 21st Feb 18, 7:30 PM
    • 3,396 Posts
    • 1,609 Thanks
    eDicky
    From what I've seen, this means wire transfer. Transfer wise don't do wire. So I can do it through my bank, they charge £20.
    Originally posted by moneysaverz83
    That will be the worst option, apart from the relatively insignificant £20 fee you will lose 3%+ on the banks' exchange rate. Using your Nationwide debit card for the purchase will cost 2%. Transferwise gives the perfect rate for 0.5% (or 0.7% for $?) fee.

    Use your Nationwide Select credit card or Revolut, ideal rates with no fees on purchases, make sure.the company bills.you.in dollars, not pounds.
    • eDicky
    • By eDicky 21st Feb 18, 7:48 PM
    • 3,396 Posts
    • 1,609 Thanks
    eDicky
    I've never found revolut actually beats either Transferwise or Xendpay.
    In fact since Xendpay knocked off their fee for me recently (made the fee optional) their rates have been unbeatable.
    Originally posted by robatwork
    I just had a quick look for exchange rates used by Xendpay, but all I see are spelling mistakes...

    https://www.xendpay.com/exchange-rate

    Revolut uses the interbank rate of.the moment, except for a relatively small margin on weekends, and charges no fee on transfers. There's a 0.5% fee on conversions in excess of £5k per month. So for <£5k on weekdays I don't see how it can be beaten.
    • moneysaverz83
    • By moneysaverz83 22nd Feb 18, 12:40 AM
    • 68 Posts
    • 9 Thanks
    moneysaverz83
    Transferwise don't do wire transfer with the ABA ROUTING number I think I tried.
    The company only uses this option, not ACH payments

    Ok, so I initiated this earlier with my debit card.

    I didn't know I could wire transfer with my select card?
    • moneysaverz83
    • By moneysaverz83 22nd Feb 18, 12:48 AM
    • 68 Posts
    • 9 Thanks
    moneysaverz83
    Btw, on transfer wise it said 'this routing number can only be used for transfer to bank of America. We need one for ACH PAYMENT'

    So that's why that got ruled out. I guess similar for revolut?

    Hence the direct ABA wire transfer was my only option. The rate wasn't too bad. The purchase was large and actually worth a lot more after (a collectable), so I can probably neck it.

    Bit annoying they just do ROUTING but I don't have a say in that
    • Cash Counter
    • By Cash Counter 2nd Mar 18, 4:51 PM
    • 2 Posts
    • 0 Thanks
    Cash Counter
    Some advice please

    I used the MSE link to register with Currencies Direct, and have then used them to transfer money back to the UK - all worked fine, no problems.

    The MSE link promised an Amazon gift card if the total transferred met certain criteria - My transfers did meet the criteria, but as yet I have not rec'd the gift Card.

    Does anyone know:
    * How long does it take for the card to arrive
    * What e-mail address can you use to report non receipt of the card
    Regards

    Cash Counter
    • eskbanker
    • By eskbanker 2nd Mar 18, 5:07 PM
    • 7,091 Posts
    • 7,510 Thanks
    eskbanker
    Some advice please

    I used the MSE link to register with Currencies Direct, and have then used them to transfer money back to the UK - all worked fine, no problems.

    The MSE link promised an Amazon gift card if the total transferred met certain criteria - My transfers did meet the criteria, but as yet I have not rec'd the gift Card.

    Does anyone know:
    * How long does it take for the card to arrive
    * What e-mail address can you use to report non receipt of the card
    Originally posted by Cash Counter
    According to the Ts & Cs of the offer at https://www.currenciesdirect.com/en/personal/aff/mse-offer-summer-2016:
    The £40 Amazon voucher will be sent within 30 days after the £5,000 (Sterling or foreign currency equivalent) minimum transfer amount has been fully paid for.
    How long ago did you transact?

    Their contact details are shown at the foot of that page....
    • robatwork
    • By robatwork 3rd Mar 18, 9:03 AM
    • 4,270 Posts
    • 4,672 Thanks
    robatwork
    I just had a quick look for exchange rates used by Xendpay, but all I see are spelling mistakes...

    https://www.xendpay.com/exchange-rate

    Revolut uses the interbank rate of.the moment, except for a relatively small margin on weekends, and charges no fee on transfers. There's a 0.5% fee on conversions in excess of £5k per month. So for <£5k on weekdays I don't see how it can be beaten.
    Originally posted by eDicky
    Yes that page is shocking, but the service has been fine.
    Revolut aren't offering the currency I am transferring to so not an option. They are a little slow though, so it depends - if you need the transfer to be next day transferwise are better.
    • Cash Counter
    • By Cash Counter 9th Mar 18, 10:02 AM
    • 2 Posts
    • 0 Thanks
    Cash Counter
    Thanks eskbanker for the info

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

    Thanks again
    Regards

    Cash Counter
    • MrXYZ
    • By MrXYZ 26th Mar 18, 10:58 PM
    • 45 Posts
    • 7 Thanks
    MrXYZ
    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
    • By robatwork 28th Mar 18, 5:36 PM
    • 4,270 Posts
    • 4,672 Thanks
    robatwork
    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
    • By OceanSound 29th Mar 18, 2:05 AM
    • 154 Posts
    • 24 Thanks
    OceanSound
    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?
    Originally posted by MrXYZ
    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
    • By keepitsafe 25th Apr 18, 3:55 PM
    • 1 Posts
    • 0 Thanks
    keepitsafe
    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.
    Last edited by keepitsafe; 25-04-2018 at 4:32 PM.
    • eskbanker
    • By eskbanker 25th Apr 18, 4:28 PM
    • 7,091 Posts
    • 7,510 Thanks
    eskbanker
    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.
    Originally posted by keepitsafe
    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
    • By Consumerist 25th Apr 18, 4:28 PM
    • 4,831 Posts
    • 2,384 Thanks
    Consumerist
    . . . 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.
    Originally posted by keepitsafe
    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
    • By robatwork 27th Apr 18, 2:16 PM
    • 4,270 Posts
    • 4,672 Thanks
    robatwork
    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?
    Originally posted by keepitsafe
    I see the issue. Your money has been transferred to 1988.
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