Cheapest, best way to move £100k from UK to foreign account?

Ironic Namesake · 19 May 2018 at 19:28

dowie said:
That's what I'd assumed, but I don't know enough about bitcoin so I had hoped the posted making the claim would be able to provide more details, seemingly though he can't.

I'd be reluctant to use HIFX, the owner used to be involved with a very dodgy financial outfit.

Well the transfer part with Bitcoin is fast and fairly cheap.

Assuming you're changing GBP > BTC > Other currency ... there would be too much of a spread and of course risk of rate movement in the meantime. Not to mention the fact that it can take a while to get the exchange accounts set up and getting your withdrawal limit in place for £100k withdrawal. I applied for a GDAX institutional account (ie. for a Ltd company) and they took months to even respond

I was just giving HiFX as an example - I personally don’t like them much as they tend to bump up rates if you haven’t made a transaction for a while. Was the first broker that came to mind.

IB will get the best rate but at the expense of some extra work getting the account set up.

LeeUK · 19 May 2018 at 21:08

Western Union.

Tony Williams · 20 May 2018 at 06:13

There's bank wire which is cheap. MG and WU have limits I believe, MoneyGram is like 800eu.

One option is cash in mail, the other is to jump a plane with it and hand it over in person.

BitCoin is wise if you dont want people knowing.

FloppyPoppy · 20 May 2018 at 06:31

Moses said:
Dogecoin.

Bunnycoin

Ironic Namesake · 20 May 2018 at 06:53

Tony Williams said:
There's bank wire which is cheap. MG and WU have limits I believe, MoneyGram is like 800eu.

One option is cash in mail, the other is to jump a plane with it and hand it over in person.

BitCoin is wise if you dont want people knowing.

If its GBP to SEK, the bank will give a crappy deal vs a foreign exchange broker.

WU actually have a foreign exchange side too (WUBS) which will give rates comparable to other foreign exchange brokers - they’re now called Custom House Financial I think.

dowie · 20 May 2018 at 11:58

Tony Williams said:
There's bank wire which is cheap. MG and WU have limits I believe, MoneyGram is like 800eu.

One option is cash in mail, the other is to jump a plane with it and hand it over in person.

BitCoin is wise if you dont want people knowing.

You've completely missed the actual FX transaction.