Sending Money to Foreign Bank Account

Savan_P · 6 Nov 2020 at 14:34

I have a bank account in India - that I used to use before the COVIDage when travel was allowed!

Has anyone sent money to their own foreign bank account in the past?

I have come across a service called WorldRemit which seems to offer the transfer for 50p.

Looking for some recommendations please.

tlrBeta · 6 Nov 2020 at 14:46

My friends use https://transferwise.com/ - fee's are very low.

wildman · 6 Nov 2020 at 14:50

I have a mate in Nigeria that can help you, plus he is looking to transfer a few million to the UK..........................

Savan_P · 6 Nov 2020 at 14:52

wildman said:
I have a mate in Nigeria that can help you, plus he is looking to transfer a few million to the UK..........................

I was just waiting to see how long it would be till this appeared haha

tlrBeta said:
My friends use https://transferwise.com/ - fee's are very low.

Thanks - will take a look at this one.

Mad_Jay · 6 Nov 2020 at 14:55

tlrBeta said:
My friends use https://transferwise.com/ - fee's are very low.

Can second transferwise, sent various amounts to a US banking account with them. Fees were low and they carried out the transfer quickly.

Psycho Sonny · 6 Nov 2020 at 14:57

I'd be dubious of low fees as they likely offer a terrible exchange rate so the fee is hidden

Deleted member 77746 · 6 Nov 2020 at 14:57

wildman said:
I have a mate in Nigeria that can help you, plus he is looking to transfer a few million to the UK..........................

Give me your monies sir

tlrBeta · 6 Nov 2020 at 15:01

Psycho Sonny said:
I'd be dubious of low fees as they likely offer a terrible exchange rate so the fee is hidden

Rates look pretty good.

When my mates have done it, I was genuinely surprised at the low cost also.

COYS · 6 Nov 2020 at 15:02

In the summer I used a Revolut card to transfer money to an account in The Netherlands. No fees.

Mahonyy · 6 Nov 2020 at 15:48

COYS said:
In the summer I used a Revolut card to transfer money to an account in The Netherlands. No fees.

This, I exchanged GBP -> EUR and then free SWIFT transfer to an european bank.
Best exchange rate by far.

mrkev · 6 Nov 2020 at 16:02

You might find this useful:

Savan_P · 6 Nov 2020 at 16:11

Mahonyy said:
This, I exchanged GBP -> EUR and then free SWIFT transfer to an european bank.
Best exchange rate by far.

Thanks for this - I will give this one a shot!

Do you know how far the rate itself is from the stock exchange rate?

barrelofwine · 6 Nov 2020 at 16:15

+1 for Transferwise

Using them for a couple of years. No complaints so far.

Liquidfox · 6 Nov 2020 at 17:03

COYS said:
In the summer I used a Revolut card to transfer money to an account in The Netherlands. No fees.

Starling has a better rate, but charges a 4% fee for the currency conversion. I worked out that it evens out in the end as Revolut has a slightly worse rate to make up for the "free" exchange.

I use Starling anyways and find it easier to send as you don't need the full BIC/SWIFT bit, just the IBAN.

Savan_P · 6 Nov 2020 at 19:12

Liquidfox said:
Starling has a better rate, but charges a 4% fee for the currency conversion. I worked out that it evens out in the end as Revolut has a slightly worse rate to make up for the "free" exchange.

I use Starling anyways and find it easier to send as you don't need the full BIC/SWIFT bit, just the IBAN.

Thanks Liquidfox.

I actually have a Starling account, but not a Revolut card so will end up using Starling if I go down that route.

For information, if anyone is reading this in the future, after a bit of trial and error:

Worldremit - 0.05% charge - the rate itself is around 0.8% below stock exchange. Total ~ 1.3%
Transferwise - £4.77 flat fee - rate is 0.4% below stock exchange
World First - No Fee - 0.5% below stock exchange
Starling - Does not list India

Looks like I will be going with Transferwise. Thanks for the help everyone.

Diddums · 6 Nov 2020 at 19:56

Savan_P said:
Thanks Liquidfox.

I actually have a Starling account, but not a Revolut card so will end up using Starling if I go down that route.

For information, if anyone is reading this in the future, after a bit of trial and error:

Worldremit - 0.05% charge - the rate itself is around 0.8% below stock exchange. Total ~ 1.3%

Transferwise - £4.77 flat fee - rate is 0.4% below stock exchange

World First - No Fee - 0.5% below stock exchange

Starling - Does not list India

Looks like I will be going with Transferwise. Thanks for the help everyone.

Try Azimo first. I use it to send money to South Africa all the time, my first few transfers were 100% free and the exchange rate was actually very favourable. It was also very quick, less than 48h. If you want I can send you a referral code, I think you'll get a few extra transfers free too, not sure. I don't think I gain anything from it.

tres · 6 Nov 2020 at 19:59

tlrBeta said:
My friends use https://transferwise.com/ - fee's are very low.

Yep, used this a lot to send money to Thailand, worked well
Disclaimer - my own Thai bank account not supporting "the one" I met online

Savan_P · 24 Nov 2020 at 15:43

tres said:
Yep, used this a lot to send money to Thailand, worked well
Disclaimer - my own Thai bank account not supporting "the one" I met online

Thanks for the positive feedback.

I have now used Transferwise for around 3 or 4 transactions. Interface is perfect, easy to use and the transfer mechanism is perfect.

Thanks everyone for your help.

tlrBeta · 24 Nov 2020 at 15:49

Savan_P said:
Thanks for the positive feedback.

I have now used Transferwise for around 3 or 4 transactions. Interface is perfect, easy to use and the transfer mechanism is perfect.

Thanks everyone for your help.

No worries,

Turns out Monzo have also partnered with Transferwise - not a surprise

sneakysnail · 24 Nov 2020 at 16:01

tlrBeta said:
No worries,

Turns out Monzo have also partnered with Transferwise - not a surprise

yup. I also use monzo/ transfer wise to get my money into thailand. Works well transfering every couple months and is way better than an international bank transfer.