Transferring funds internationally?

AtYourService · Feb 28, 2008

Hi all, I'm a newbie here and desperately looking for some advice re transfer of funds from the UK to South Africa. Can anyone recommend a company/site to me besides Moneybookers and Paypal please?

Appreciate all input.

Kind regards
Michele

sysops · Feb 28, 2008

How about a straighforward bank transfer (SWIFT)? Typical fee is around £20. This means for amounts under £600, PayPal is cheaper (and instant).

Cornish Steve · Feb 28, 2008

Agreed. We've tried various methods through the years, and balance transfer is probably the best. Shop around, though, because fees can vary from one bank to the next. Also, be sure to ask how they calculate the exchange rate (because a poor rate is just another hidden fee).

For paying overseas suppliers, though, I send cheques via UPS. It takes longer, but it's cheaper.

AtYourService · Feb 28, 2008

sysops said:
How about a straighforward bank transfer (SWIFT)? Typical fee is around £20. This means for amounts under £600, PayPal is cheaper (and instant).

Hi Sysops, thanks your reply! Problem with bank transfer is that the costs on this side are horrendous!! As for Paypal, the last time I tried to register with them they were not servicing South Africa. Have things changed?? :|

Kind regards
Michele

AtYourService · Feb 28, 2008

goldctrsteve said:
Agreed. We've tried various methods through the years, and balance transfer is probably the best. Shop around, though, because fees can vary from one bank to the next. Also, be sure to ask how they calculate the exchange rate (because a poor rate is just another hidden fee).

For paying overseas suppliers, though, I send cheques via UPS. It takes longer, but it's cheaper.

Thanks so much for your input Steve, it is appreciated. I used Moneybookers once years ago and their service was top notch. Only thing is now when I tried to log in with them via a different email address (the old one became extinct) they would not accept it. I am busy trying to get that sorted out with them but in the meantime I need to get some funds transferred here so was looking for another, quicker option. I guess if all else fails I'll have to go with bank transfer, it's just expensive and takes at least a week to come through on our side.

But as you say, it's a shopping I go. Thanks for the hint re hidden fees.

Kind regards
Michele

itsnotrocketscience · Feb 28, 2008

Have a look at the services provided by a company called HIFX, we've used them in the past (though to France not S. Africa) and found them efficient and with good exchange rates.

Christiane · Feb 28, 2008

I use www.internationalpayments.co.uk from A&L. Their fee is £5 but there is usually an extra charge and the average cost is between £10 to £15 per transaction. I transfer money mainly to European countries and China, but I'm sure South Africa will be covered. It doesn't cost anything to set up, or have a chat with them for that matter. I always got help very quickly when needed and they've got friendly staff. There is a minimum of £15k worth of transfers per year (or thereabouts).

obscure · Feb 29, 2008

goldctrsteve said:
For paying overseas suppliers, though, I send cheques via UPS. It takes longer, but it's cheaper.

are you sending Sterling cheques or do you have an account in the relevant currency? If the former then the client ends up paying to convert (I know I did when I got a US$ cheque). That's fine if paying another party but if you are paying yourself you need to take that cost into account.

Cornish Steve · Feb 29, 2008

obscure said:
are you sending Sterling cheques or do you have an account in the relevant currency? If the former then the client ends up paying to convert (I know I did when I got a US$ cheque). That's fine if paying another party but if you are paying yourself you need to take that cost into account.

In my case, I'm writing a regular cheque in US dollars to a company in the Philippines, so they are performing the currency conversion at their end. This is because my contract with them is in dollars.

If I was transferring money to myself, I'd probably withdraw cash from a regular bank machine. The conversion rate for this option used to be quite good, although you should check this out. Take the example of transferring money from a British bank account to South Africa. Request a bank card from the British bank and then use it to withdraw funds from a bank machine in South Africa. It's an instant solution, although there's probably a daily withdrawal limit.

profitxchange · Feb 29, 2008

We have used HI fx to south africa I would have no hesitation in using again. Very helpful. and good exchange rate.

poloprince · Mar 2, 2008

standard T/T is the safest way

AtYourService · Mar 3, 2008

Hi all,

I just want to thank you all so much for your input and advice. I really do appreciate it and am currently researching all the options put forward by you.

You are all STARS!

Kind regards
Michele

kevint · Jun 4, 2008

i have used the banks in the past and although transfer fees may seem cheap, rates are rubbish, try xe and transfermate.com . a quick phone call should tell you whats cheapest

AtYourService · Jun 5, 2008

Thanks Kevint, appreciate your input.

Venka · Jun 6, 2008

Hi,

We use www.fxpayments.co.uk and we're very happy with the service.

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Transferring funds internationally?

AtYourService

sysops

Cornish Steve

AtYourService

AtYourService

itsnotrocketscience

Christiane

obscure

Cornish Steve

profitxchange

poloprince

AtYourService

kevint

AtYourService

Venka

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