Transferring money abroad... any ideas?

Gassage

I'm going to say this again as this is simply the best I've found.

https://revolut.com/

Evilmags

How much money? If it is over tax declareable amounts (and likely to show up on bank computers) use you bank, otherwise revolut or other such services are fine. 

professorben

boogieman said:

spark240 said:

straight through your bank is easiest, I do it twice a year to Spain, might not be cheapest though.

Try foreign currency direct, look for Tom Holian.

I was working on the principle that my bank rape me for charges on most things, so presumably they'll do the same for foreign exchange. 

I used to work in a bank, we charged £35 for foreign transfer. 
Not sure about the rate, I think PayPal gift is the most straight forward. 

professorben

Guitar_Slinger said:

The first time we transferred money to Italy was through our bank - never again. 

Although the rate wasn't bad, it wasn't good either.  They added a transfer fee and an unknown fee at the other end, which they didn't know and couldn't find out how much it would be.

The other times we went through a bureau and got a very good rate.  Next time I'll have a look at Transferwise.

Often the destination bank will add a fee too. 
Simething your bank will have no idea about value wise, could be a flat fee, could be a percentage. 

professorben

What ever you do make sure you check, double check and triple check ALL the numbers you need. 
When working in a bank I had a customer transfer money from her account to her sons account so he could get a plane back from Europe, as he had drank all his money, she transferred it to the sort code and LAST 8 DIGITS OF HIS DEBIT CARD!!?!?!?
suffice to say it landed in the account of a person on benefits, who promptly withdrew the money in cash within a couple of hours.........

she really couldn't understand why I couldn't get the money back for her. 

spark240

I think Barclays charge us about 10-15 quid .

boogieman

Evilmags said:

How much money? If it is over tax declareable amounts (and likely to show up on bank computers) use you bank, otherwise revolut or other such services are fine. 

Likely to be about £3k. Is that tax declareable? 

Grunfeld

boogieman said:

Likely to be about £3k. Is that tax declareable? 

Bitcoin -- but obviously takes a bit of setting up but once you've done that then it's like cash. 

gavin_axecaster

Double post

gavin_axecaster

Double post

chillidoggy

Just done two substantial money transfers using TransferWise - very impressed, cheaper and simpler than the thieving bastard banks. These guys should go far.

Hootsmon

You ever read Papillon?

RandallFlagg

Have the cash ready I can take it for you

Winny_Pooh

I've used OFX.
Good app & immediately available customer service. 
Ideal for large/regular transfers

boogieman

Holy thread revival batman. I went with currencyfair eventually. Quick, cheap and no problems at all. 

Jalapeno

boogieman said:

Evilmags said:

How much money? If it is over tax declareable amounts (and likely to show up on bank computers) use you bank, otherwise revolut or other such services are fine. 

Likely to be about £3k. Is that tax declareable? 

Think the US limit is $10k

jonnyburgo

For the love of Jesus I send for you the money, my agent can do transfer with very nice no trouble, many blessings. all I need is your paypal details or western union and money sent today. Trust in Lord many truthful bless for you my true friend.

rocktron

I use Barclays Bank to do foreign currency transfers to the USA. They charge for the money transfer. They also call to check that you've authorized the payment, so it is essential to have your security answers at hand.. 

You would need the following information for the person you are transferring money to:-

Account Holder:                            

Account Holder Address:           

Bank Name:                                    

Bank Address:                                

Checking Account  Number:      

IBAN / Routing Number:              

BTW, you can do this online using your personal bank account details. Enter the payee's details and the amount you want to send and you will see the total amount you have to pay (ie including the commission charge), before proceeding with the transaction. You can back out of the transaction if you are not happy with the commission charge.

I understand that the clearing is done by the Bank of America before the funds are transferred to the local bank, although this is very quick - often less that two days. They check for fraudulent activity and money laundering.

I transferred money to a bank in North Carolina and it was received in less than a day. My relative was surprised when he checked his bank account. 

thermionic

Another vote for Transferwise. I used it to buy a guitar!

I've mentioned this before, but because it effectively bypasses the extortionate charges banks (including PayPal) slap on currency transfers, I suspect it won't exist in its current form in the long term. In the meantime, it's very useful.

lukedlb

The cost and effort of a bank transfer was quickly replaced by PayPal gift every time I buy from the fretboard (I'm in Italy). Instant payment. No charges. Only a measly exchange rate charge.