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Transferring money to and from overseas

Posted by Moira-187147 - Created: 15 years ago
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10 replies (Showing replies: 1 to 10)

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Posted by Vera-Lill - 13 years ago

Try HIFX they are very good and have various options availale for regular transfers over seas

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Posted by Jacob - 15 years ago

I've heard of www.moneybookers.co.uk, in fact I even opened an account with them a couple of months ago, except I never got around to faxing them over my passport to prove I'm not a money launderer ... so I've I never actually used them (yet). Another similar company is www.place2pay.com in fact you can also load up a paypal account from a british debit card and then widthdraw to your french account (or vice versa) but you'll suffer their exchange rate (not great with PayPal - don't know about the others) but paypal's fee are only 0.5% and 1 EUR.// Jacob

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Posted by MikeP-180526 - 15 years ago
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Posted by jeannepl - 15 years ago

I live in France and although I have a Credit Agricole bank account, I have my income paid into my Nationwide account. I use my debit card to withdraw cash and pay it into my account here. Nationwide does not charge commission and pays bank rate, not tourist rates of exchange. I use this card for all my purchases and when I receive my statement, which they send here at no extra charge, my transactions are conducted at the daily rate of the UK stock market.

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Posted by Moira-187147 - 15 years ago

Thanks for all the useful advice guys.

I've also become aware of a company called moneybookers.com dealing in foreign currency transfers. Its seems through them you set up a french bank account, transfer money from French bank account to moneybookers account and then they do the transfer to UK account. Its all online based and incurs very small charges. I wonder has anyone heard of these guys or had any experience with them?

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Posted by MikeP-180526 - 15 years ago

There was a useful article about this topic in last week's Sunday Telegraph (04May) Business Section p.12 (When banks don't give a Forex).

I don't know if it's available online but one of the companies referred to is here : http://www.currencyuk.co.uk/

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Posted by Jacob - 15 years ago

For those looking to do cheap transfers from the UK to France I can reccommend the Co-op TIPANET trasnfer service which is £8 (I did one yesterday and their exchange rate was 1.36 wheras [url="http://www.travelex.co.uk/applications/converter.asp"]travelex[/url] quoted 1.33) for a TIPANET transfer (3-5 days) to any french bank, and unlike arranging a trasnfer with say Barclays you can do it all over the phone. Obviously the reciving bank may still levy an incoming transfer charge (especially if you transfer in sterling not euros).However as already suggested, another method is to find a UK bank with a french partner bank. With Barclays (UK) I can use my debit card to withdraw cash here with no foreign tranaction chargeid=purple> (usually 2.75%) but only if I withdraw from BNP Parisbas (FR) cash machines, and the bulk exchange rate you get with a card is often better than that of a exchnage bureau. Then you can just pay cash into you french bank (if that's what you want to do).I don't however know anything about sending money from France to the UK which was the original question afterall...// Jacob

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Posted by MikeP-180526 - 15 years ago

It is a good time to buy GBP with EUR  - which I understood to be the intention of the person who posted this.

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Posted by Andrew.Wilk - 15 years ago

I found it worked best where you use a UK bank that has a French correspodent partner. Mine happens to be HSBC (UK) and CCF (France) Theres a flat small charge for moving money from UK Sterling to a Euro account in France but no charges for receiving, very little hassle, and most important the exchange rate is pretty close to the central rate. Given how absolutely appalling the rate is at the moment, the best thing is to exchange as little sterling as possible!

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Posted by MikeP-180526 - 15 years ago

There has been correspondence in other topics in these fora regarding companies which do transfers at less expensive rates than the commercial banks.

Other suggestions may be obvious and you may have thought of them but if not :

There is a unit cost per transaction as well as commission.  Therefore less frequent payments of larger amounts are more cost effective, and some banks will negotiate rates.Banque Directe charge less than the other French commercial banks.If you are sending payments to one person,  get them a credit card on your a/c to use for purchases (if this is practical) up to an agreed amount (if you can trust them .... ha ha!).  This will attract a commission of about 2% on the RoE.  Cash withdrawals will attract a unit transaction fee of about £2 plus commisssion.Check with your UK bank if you could have a Euro account and move money that way.  Last time I enquired my bank in UK had only just found out what the Euro was but things may have moved on since then (that was last week!)Best is to find someone in UK who wants to move money in the opposition direction to yourself and swap cheques.  No audit trail,  no commission .... but of course you have to trust each other. (Guess who does it this way!)