Hurlabrick

Yep - precisely.

Phaedru5

I moved a 6 figure sum (GBP) last month using Transferwise, I did several comparisons and they were the best at the time. The only issue I had is that I initiated the transfer when there was a good rate spike, then transferwise hold that rate for 24hrs to receive the money, however my bank (Natwest) would not transfer such a large amount without me "being in a branch in person" which of course I couldnt do so I had to go through a special security process over the phone at 2am local time in BC for them to approve the money transfer. I went to bed and when I awoke the deed was done - funds appeared in my Canadian bank (scotia) a matter of hours later. I then did the house deposit purchase payments through the solicitor etc locally in BC as normal with the funds from my Canadian account. It was stressful at the time but with hindsight remarkably simple.

Hurlabrick

Ehen I transferred a large sum like this, I did it all on-line with my Nationwide account. Used the 'faster payments' system, but the downside is that there is a maximum of £10k per transaction, although no limit on the number of £10k's you can do in one sitting. So I laboriously did several £10k transfers. Transferwise were perfectly happy with that though and all went through in under 2 days (I can't pretend that I wasn't checking my Canadian bank account almost hourly though!!)

BristolUK

Talk about defeating the object.
Reminds me of a prescription my wife once had. The insurance wouldn't cover 3 x 100mg daily but 6 x 50mg daily, taken in twos, was fine.

Hurlabrick

I worked in UK financial services. Faster payments is relatively new (4 - 5 years old) designed to move relatively 'small' amounts of cash between UK banks in minutes, as opposed to 2 / 3 days under the still extant BACS system. There is a limit of £15k per transaction, but specific banks can opt for lower limits if they so choose.

I many / most ways, UK banking is still streets ahead of Canada I am afraid!

BristolUK

I don't think you'll get many arguments about that on BE.

I do like the email payment system here though, where money can be transferred with neither sender/recipient having to know anything about the other's bank.

Hurlabrick

Yes, that is quite a cute facility!

glendem4