Jmardav

Dear all,
I was wondering if anyone could help me. I am trying to figure out how I can move money from my British bank to my new Cayman bank. Do I have to pay for a wire transfer? Also won't have a cayman bank for the first week does anyone know if I will be charged to use my card?
Thanks in advance! Only three weeks to go so very excited.

Pulaski

An on-line FX broker - remitted will give you a much better exchange rate than a bank, and no wire fees, at least at the sending end of the transaction - there may be a wire receive fee in Cayman, depending on how the FX broker settles the transaction.

The common recommendations here on BE at the moment are TransferWise and WorldFirst, but there are many other similar services - Xoom, Xe, and others. To be able to use the service there is an account opening process similar to opening a bank account, to stop the bad guys using the service to move money internationally.

uk_grenada

What part of the world is the op in now? Re recommendations for fx traders, there is a uk based financial whizz who gives good impartial advice, he has sone recommendations. I dont know how available they are in other countries but the uk has 'perfext use' abroad credit cards that charge zero fees and have no fx spread - you get that days real rate. They will beat any fx dealer, so long as the amounts transferred are within your limit, and so long as the receiving person doesnt charge.

Typically smart brits use these cards to live off abroad all the time and just pay them off in the uk remotely. Take a look.

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