Money Transfer in USD

[fazzx]

Hi

I am from the UK and wanted to pay my new supplier, payments will be in the region of $2000 to $10000.

Should I transfer from my UK bank and let them handle the currency or pay using a transfer service.

Would appreciate if anyone could recommend the method they use.

Regards

 

[Kiwi1234]

Personally I pay through paypal to add an extra layer of security, which can also transfer currency, depends how much you trust them really.

 

[Jord.BillingServ]

I've used Transferwise before, it's cheaper then a UK bank in terms of fees. Plus the conversation rate is higher then PayPal. Plus PayPal just put all their fees up!

 

[fazzx]

Thanks all from my research I think Transferwise is the way to go.

 

[Lynxdry]

Have used UKFOREX before, they have offices and bank coordinates In over 100 countries and the exchange rates are pretty good and cheap, you pay to them in the UK and they pay the supplier from their local bank depends on what country your supplier is in.

 

[ISL Recruitment]

I've managed 6 figure e-commerce businesses almost completely through PayPal - and I can say they're at least as competitive as most banks - although of course, they do present another layer.

 

[Kiwi1234]

I've managed 6 figure e-commerce businesses almost completely through PayPal - and I can say they're at least as competitive as most banks - although of course, they do present another layer.

yeah, so you think customers won't mind if they have to pay only through paypal? If I'm using shopify I may be able to set it up so that it just deposits into paypal from the shopify - so maybe it doesn't matter if the customer uses credit card or not

 

[ISL Recruitment]

I think customers will be fine with PayPal and with a business account you can accept pretty much all cards, so they won't even need to be active PP users themselves.

 

[Kiwi1234]

I think customers will be fine with PayPal and with a business account you can accept pretty much all cards, so they won't even need to be active PP users themselves.

yeah, I think I might do that if possible.

 

[Nico Albrecht]

i use HIFX for all internationl transfers. Takes 48 hours to china, good rates and free over 2500. European transfers my hsbc bank is cheaper

 

[Kiwi1234]

i use HIFX for all internationl transfers. Takes 48 hours to china, good rates and free over 2500. European transfers my hsbc bank is cheaper

thank you, I'll take a look.

 

[LPB 123]

thank you, I'll take a look.

Might be worth taking a look at CaxtonFX. Way better rates than the banks and no charges either. Has saved us a hell of lot of money since we started using them. All $ to China and gets there next working day.

 

[Kiwi1234]

Might be worth taking a look at CaxtonFX. Way better rates than the banks and no charges either. Has saved us a hell of lot of money since we started using them. All $ to China and gets there next working day.

What about currencyfairs? Any experience with them? I just checked a quick comparison and from what I can tell currencyfair gets it cheaper than caxton?

 

[fazzx]

I was just about to make a transfer using transferwise but they don't support payments to Chinese banks in USD.

Could someone recommend another company?

 

[LPB 123]

I was just about to make a transfer using transferwise but they don't support payments to Chinese banks in USD.

Could someone recommend another company?

CaxtonFX

 

[Kiwi1234]

I was just about to make a transfer using transferwise but they don't support payments to Chinese banks in USD.

Could someone recommend another company?

I thought Chinese banks had high fees? My supplier for some reason only wishes to use aliexpress or alibaba because he says they have high fees?

 

[LPB 123]

I thought Chinese banks had high fees? My supplier for some reason only wishes to use aliexpress or alibaba because he says they have high fees?

Yes, they do have fees receiving from UK banks. Our supplier used to charge us a bank fee of $35 roughly for them to receive payments. This is something they've taken off since using Caxton as they don't get charged to receive in their bank.

 

[Raw Rob]

What about currencyfairs? Any experience with them? I just checked a quick comparison and from what I can tell currencyfair gets it cheaper than caxton?

Yes, I've used them a lot and they are great, really good rates, although I've recently switched to Transferwise as their payment process is simpler and their rates are the same or sometimes slightly better.

 

[Kiwi1234]

Yes, they do have fees receiving from UK banks. Our supplier used to charge us a bank fee of $35 roughly for them to receive payments. This is something they've taken off since using Caxton as they don't get charged to receive in their bank.

Thanks a lot for that information, I'll see if our supplier is the same!

 

[Kiwi1234]

Yes, I've used them a lot and they are great, really good rates, although I've recently switched to Transferwise as their payment process is simpler and their rates are the same or sometimes slightly better.

ah okay, for a one time payment if currencyfair it cheaper that might be a good option to stick with. What do you think? Also thanks for your advice

 

[Raw Rob]

ah okay, for a one time payment if currencyfair it cheaper that might be a good option to stick with. What do you think? Also thanks for your advice

In general I've found Transferwise slightly cheaper, but it depends on the amount you are transferring as they work out the fees in slightly different ways. But really the difference is minimal, less than £1 difference for any transaction I've compared.

 

[Kiwi1234]

In general I've found Transferwise slightly cheaper, but it depends on the amount you are transferring as they work out the fees in slightly different ways. But really the difference is minimal, less than £1 difference for any transaction I've compared.

ah alright, even for £10,000 transactions? As I'm thinking for wholesaling.

 

[Raw Rob]

ah alright, even for £10,000 transactions? As I'm thinking for wholesaling.

I was looking at much smaller amounts. It's easy to check on the home page of each site without an account.

 

[Kiwi1234]

I was looking at much smaller amounts. It's easy to check on the home page of each site without an account.

yeah, I see Thanks for your help