Transferring funds overseas

Macca · 10 Dec 2014 at 14:56

Hi All,

Been a while since I've posted a thread, but I'm always lurking

.

I am looking to transfer funds from the UK to NZ. Now I know that I can do this via the bank but it will incur stupid fees and bad exchange rates.

I stumbled across currency online, which seemed to have good reviews but I am still dubious. Has anyone used them? Or can anyone suggest another way/company to get the most for my money?

The amount is over 10k so this may open other options for me?

Thanks

Judgeneo · 10 Dec 2014 at 15:08

Bitcoin.

As absurd as it sounds, the rates are excellent, far better than banks.

OhEsEcks · 10 Dec 2014 at 15:12

Stupid fees? Have you asked the bank what fees you would incur? It might not be as bad as you think. I sent my brother a couple of grand a few years back (he's in Aus) and it came to £20 in fees with RBS / Ulsterbank

Macca · 10 Dec 2014 at 15:20

OhEsEcks said:
Stupid fees? Have you asked the bank what fees you would incur? It might not be as bad as you think. I sent my brother a couple of grand a few years back (he's in Aus) and it came to £20 in fees with RBS / Ulsterbank

What was the rate you received compared to the actual exchange rates?

OhEsEcks · 10 Dec 2014 at 15:23

Macca said:
What was the rate you received compared to the actual exchange rates?

Jeez I can't remember now. As I said, this was a few years ago. But it was all done through online banking and worked out before the final amount was sent.

Macca · 10 Dec 2014 at 15:26

OhEsEcks said:
Jeez I can't remember now. As I said, this was a few years ago. But it was all done through online banking and worked out before the final amount was sent.

All good, I am going to check what they are offering me and compare to alternative options.

I am just going by my previous experience of fee + bad rate wasn't very good. So wanted to explore other options.

With regards to bitcoins judgeneo i don't know much about them

Efour · 10 Dec 2014 at 15:28

Natwest charges me about 20 quid for the transaction then the "not so good" exchange rate.

I'd check it out properly and get a solid number as a baseline.

OhEsEcks · 10 Dec 2014 at 15:30

Efour said:
Natwest charges me about 20 quid for the transaction then the "not so good" exchange rate.

I think this was the same as mine. It gave me the option to absorb the exchange rate fee, or from the fee I was sending to my brother. So I absorbed it. Can't for the life of me remember what the hell the exchange rate was though. And I just checked my online banking and records don't go that far back.

Cosimo · 10 Dec 2014 at 15:33

Still worth checking with your bank if it's over £10k.