International money transfers

[Fill-Your-World]

We will be transfering over $20,000 every couple of months to the USA, and the first payment we made was done through the bank with a wire transfer. However I was unhappy with the exchange rate received along with the transfer fee on top of that.

Can anyone recommend a more cost effective way of transferring these funds?

 

[vicki01761]

You should use a currency comparison website such as Compare Currency. Within their international payment section you can compare money transfer providers and contact a couple to receive a quote. Always compare one money transfer provider against another at the same point in time so that you can see who is offering you the most competitive exchange rate.

 

[JamesHall174]

If you are interested, I have access to a currency exchange service who will beat whatever price you are offered with no fees. Feel free to PM me if you want details, let me know how much it cost you to send the $20000 and the date you did it and I will do a comparison to show you what we would have saved you.

 

[SC1979]

Use a currency broker for a better rate - especially for larger sums like 20k. We usually use Afex.

 

[JamesHall174]

Use a currency broker for a better rate - especially for larger sums like 20k. We usually use Afex.

If you are interested PM me and I will do a comparison to your last transaction with Afex, I am confident we will offer you a better deal.

 

[RBS]

Try brokers:
http://www.poundsterlingforecast.com/

http://www.ukbusinessforums.co.uk/forums/member.php?u=97779

 

[andygambles]

You can also negotiate good rates if you forward book your currency.

 

[transcribe]

Nice tips. I am new to this international money transfer ideas.

 

[JamesHall174]

Transcribe, drop me a PM if you would like some more detailed information

 

[danny1948]

definitely agree with what Vicky said above. We recently had to do a £40,000 transfer to France (importing goods) and we knew that it would probably be more expensive having to use the bank. We stumbled across an FX price comparison site called MyCurrencyTransfer that aggregated exchange rates of many different currency brokers. All FSA regulated companies listed it seems according to their comparison tables. definitely saved us time from shopping around to find out which company to go for.

 

[davek17]

Hi There

I made the same mistakes years ago. Rule number 1 is that money transfers should never be done through a bank, they totally and utterly rip you off.

I use CurrencyUK, they are great, and my charges tend to be .5 to 1% off the actual rate. Ask for Alex and tell them Dave @ Rugged and Mobile mentioned you. I am not affiliated with these guys at all, I am just a raving happy customer.

A little tip to also think about is if if you are regularly paying amounts like this and can g'tee roughly what they will be then these guys can also set up a facility where you buy more when rates are lower etc etc. We do this oursleves here with a Euro account which we are thanking the stars for right now as we bought £30K at 1.21 and the rate has been well under 1.13 the past month (although thankfully recovering).

It was all down to the advice of these guys and they have literally saved us £1000's in charges.

Hope to have helped

 

[richardho2007]

If you transfer between UK and China, I could help.

 

[davek17]

Don't you just work in USD's?

If you engage with a good UK based currency provider they just do all this for you. You simply get a rate for any currency you want to buy and they even send it it to the right place for you.

We always buy USD for China, Hong Kong and UAE.

 

[BVICompanySearches]

I think a bank wire transfer works just fine and safe. Just check the difference in rates for each bank.

 

[damatt]

As a property an overseas property sales agent, we send money overseas on a regular basis and have used a number of brokers, if you would like info on the ones we have used, then PM me.

 

[bloger]

specifically, how much money transfer more than 500 euros?

 

[damatt]

The amount can be anything from £250 to £30000 depends on what we are doing. No charge and good rates.

 

[bloger]

Thank you very much for help