Cheapest method for transferring money from UK bank to French bank?
#16
Just Joined
Joined: Apr 2008
Posts: 28
Re: Cheapest method for transferring money from UK bank to French bank?
www.transferwise.com
Excellent, shows you what you save versus doing this with a bank and very quick to use.
Excellent, shows you what you save versus doing this with a bank and very quick to use.
#17
Re: Cheapest method for transferring money from UK bank to French bank?
I just looked at that and they have a much better rate than the one I used this week. I got 1.71 and they offer 1.2 But it's not regulated by the FSA. I guess it's a risk you take.
#18
Re: Cheapest method for transferring money from UK bank to French bank?
Quite a spread between 1.71 and 1.20,
#20
Re: Cheapest method for transferring money from UK bank to French bank?
Oops, yes 1.17 it should have read.
Wasn't a bank, it was currency transfer specialist, who I use every month, that's a big difference in rate. But without regulation I'm not sure id risk it.
That currency fair says it's regulated by the Irish bank but then it says it doesn't keep the money in Ireland, so if your money goes missing, then what. I guess I'm just bit too safe.
Wasn't a bank, it was currency transfer specialist, who I use every month, that's a big difference in rate. But without regulation I'm not sure id risk it.
That currency fair says it's regulated by the Irish bank but then it says it doesn't keep the money in Ireland, so if your money goes missing, then what. I guess I'm just bit too safe.
#21
Forum Regular
Joined: Jul 2007
Location: 61 Normandy
Posts: 297
Re: Cheapest method for transferring money from UK bank to French bank?
Oops, yes 1.17 it should have read.
Wasn't a bank, it was currency transfer specialist, who I use every month, that's a big difference in rate. But without regulation I'm not sure id risk it.
That currency fair says it's regulated by the Irish bank but then it says it doesn't keep the money in Ireland, so if your money goes missing, then what. I guess I'm just bit too safe.
Wasn't a bank, it was currency transfer specialist, who I use every month, that's a big difference in rate. But without regulation I'm not sure id risk it.
That currency fair says it's regulated by the Irish bank but then it says it doesn't keep the money in Ireland, so if your money goes missing, then what. I guess I'm just bit too safe.
#22
Re: Cheapest method for transferring money from UK bank to French bank?
OK, but what I mean is, if anything should happen to the Bank of America, then what.
#24
Re: Cheapest method for transferring money from UK bank to French bank?
Well, if it is deposited in a Bank regulated by the FCA, which I believe the BoA is, then it will benefit from the statutory guarantee.
(Just make sure it is not the Merrill Lynch part. I worked for them for ten months, and my salary was paid by a different Merrill Lynch every month. When it got to 10 I thought enough was enough!)
(Just make sure it is not the Merrill Lynch part. I worked for them for ten months, and my salary was paid by a different Merrill Lynch every month. When it got to 10 I thought enough was enough!)
#25
Re: Cheapest method for transferring money from UK bank to French bank?
Well, if it is deposited in a Bank regulated by the FCA, which I believe the BoA is, then it will benefit from the statutory guarantee.
(Just make sure it is not the Merrill Lynch part. I worked for them for ten months, and my salary was paid by a different Merrill Lynch every month. When it got to 10 I thought enough was enough!)
(Just make sure it is not the Merrill Lynch part. I worked for them for ten months, and my salary was paid by a different Merrill Lynch every month. When it got to 10 I thought enough was enough!)
I don't know, I'm just guessing.
It's way too confusing to me.
I spoke to my trader about it and he was weary, but I guess he would be, potential client loss n that
I might call them to discus sit all
#26
Forum Regular
Joined: Jul 2007
Location: 61 Normandy
Posts: 297
Re: Cheapest method for transferring money from UK bank to French bank?
Did a transfer today. I arranged the transfer from Nationwide at 10:30 this morning. The deposit cleared into my CurrencyFair account at 12:13. I requested a rate a few points above that on offer at 12:15. The rate was matched at 12:19. I transferred the funds out at 12:24. Based on recent transactions, the funds will be in my CA account tomorrow. So if the Bank of America were going to go bust they'd need to be quick about it
#27
Re: Cheapest method for transferring money from UK bank to French bank?
Just got 1.19 a few moments ago with an FSA registered FX company.
#29
Forum Regular
Thread Starter
Joined: May 2013
Posts: 278
Re: Cheapest method for transferring money from UK bank to French bank?
This may be not relevant now (but perhaps in the future) but anyone with an HSBC Premier account can make a global transfer via internet banking which is both instant and completely free. If there is a currency conversion involved then the rate is less than 1%. Of course you have to have an HSBC account in both countries.
#30
Re: Cheapest method for transferring money from UK bank to French bank?
For example, I did a transfer from GBP to Euros yesterday and I got a rate of 1.1966 - I calculated this rate by dividing the number of Euros received by the number of GB Pounds.
The mid-market rate yesterday was 1.20866 so this equates to a margin for the bank of 0.075%. There are no other fees and the money arrives instantly.
I have also done transfers to Asia and the same rates apply ie always less than 1%. If you are transferring between two accounts held in the same currency but in different countries then it is 100% free.
This rate is for HSBC Premier customers only who have bank accounts in two or more countries.