View Full Version : International Money transfers
paulcan44
8th May 2009, 15:31
Just been clobbered by Barclays International money transfer. Interbank rate was at point of sending - $1.485 (now as of typing $1.503) but the bank gave me $1.43! PLUS i had to pay £35 priority fee (3-5 working days).
This meant I lost out £250.
I have started to look at money transfer agencies and wonder if anyone can recommend a decent one or any pitfalls to look out for before i start contacting a few. What banking regulators should they be in - are they covered by banking failures?
As I am a new business I expect money transfers to be around £2000-£15,000 at the moment so hardly ICI (are they still going!?)
I trade with China.
Sibkis
8th May 2009, 15:53
Have a look at OzForex or Tranzfers I have been using tranzfers for the past 3 years to send money back to NZ it takes approx 2/3days and £7.00 per transaction.
No troubles.
Regards
Sibkis
We use a company called AFEX. We don't sent huge amounts (last one was US$19,000) but it works out well for us.
The account is free and transaction fees are £5. Your actual rate is usually only slightly lower than the live spot rate... I think the rate varies depending on the value of the transaction, but for 1.485 you would've got something 1.475 or better.
We opted for this as it's far more cost effective that using the banks. AFEX aren't the only people doing this though. Lots of companies do this.
We use a currency broker as he gives the best rates and the money is with the supplier the same day, the transfer is free plus you receive a certificate as proof of payment that you can email to your supplier.
If you want his details please pm me.
nickjonesuk
8th May 2009, 18:22
We're in the process of setting up an account with American Express FX. Anybody have any experience with them?
willhitch
12th May 2009, 09:40
Just been clobbered by Barclays International money transfer. Interbank rate was at point of sending - $1.485 (now as of typing $1.503) but the bank gave me $1.43! PLUS i had to pay £35 priority fee (3-5 working days).
This meant I lost out £250.
I have started to look at money transfer agencies and wonder if anyone can recommend a decent one or any pitfalls to look out for before i start contacting a few. What banking regulators should they be in - are they covered by banking failures?
As I am a new business I expect money transfers to be around £2000-£15,000 at the moment so hardly ICI (are they still going!?)
I trade with China.
Hi paul, i always deal with rationalfx, no registration fees, no charges unless the total amount is under 5k and if it is usd they can have it there same day delivery, let me know if you want my guys details.
will