Sending Money to Foreign Bank Account

[Savan_P]

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.

 

[Savan_P]

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

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

Thanks - will take a look at this one.

 

[Savan_P]

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?

 

[Savan_P]

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.

 

[Savan_P]

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.