Choosing the right currency transfer provider for your needs
The majority of expats across the globe, and in particular, Brits, are already quite aware of the fact using banks for international money transfers is unnecessarily expensive and that there are many readily available alternatives. Transferwise, which was still a young startup 5 years ago is already moving more than £1bn annually, and it is only one of the top 5 leading currency transfer companies; it is safe to assume that in total, non-bank payment providers are transferring abroad a sum of no less than £100bn annually. Majority of these funds are sources in the UK or are being transferred to the UK as the most popular companies are based UK-based and focus most of their advertising budgets on British customers, locally and abroad.
https://britishexpats.com/wp-content...e-1024x308.png Global searches for “Moneycorp”, a leader in the money transfer industry, which has a banking license in Gibraltar. From Google Trends. With so many options, how do you choose the right one for you? Matt Di Vincere, the editor of moneytransfercomparison.com, a comparison and review site in this field shares his tips: Finding a reliable and cheap money transfer provider – top 10 tips
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Re: Choosing the right currency transfer provider for your needs
Anyone had problems with using a Prepaid account to try and transfer GBP to International.
Pockit will only transfer inside Europe. Brief summary: I have a Pockit Prepaid account which I get my pensions GBP accumalated in. i want to keep it in UK GBP for use when I visit there. To get the pockit limit up I had to identify with Driving Licence and Passport. I got a Mastercard. It works to pay some bills but not others. e.g. some places dont want to accept a credit card issued in another country. I tried to open a Transferwise account and had trouble because I did not realise they were trying to communicate with me by email. Strange - I was not expecting this because email is insecure. I sent some money to Transferwise from Pockit and they sent it back. I looked online at Transferwise and could not see anything wrong so sent it again. They blocked the account and it took weeks of phone calls and emails to get it back. They wanted me to send a photocopy of the pockit bank statement by email. I said that is insecure can I send it by post - no answer. Eventually they said i could email a redacted statement so I blacked parts of it with photoshop - that did not work. They suggested on the phone sending the complete page but redacted - that did work with basicly the same information. I got the money back but they still wont open an account and it seems like myself, Spanishflue, is now blacked. They wont tell me why and do not want my business anymore. So why is money from legit sources blacked because it came from a pockit account? Why am I blacked even though I sent them DL + passport. I tried xe.com. Succeeded in opening a account but they sent the pockit money back as well. But I have a xe.com account - but need a legit bank account to use it. So now in the process of opening a firstdirect account where I have to scan my driving licence. Having trouble with the definition on the webcam. Once I get a webcam that will focus close on the DL I think it will work. (Phoned them using skype set up with my UK mobile number and they confirmed definition is the problem). Firstdirect suggested using a mobile phone with a browser - have not tried this but apparently the browser will access the camera which is likely to be better than a webcam. Expats may be interested that you can open a account with firstdirect using a DL + UK address. (theory at this stage). Are there any other basic accounts like this? Another bit of info - I have a cheap account through 3 mobile which can receive txt messages overseas for banking security. One further problem - how do I get my so called "dirty" money out of my pockit account into my new legit firstdirect account? Maybe I have to transfer it to a UK friend who can then transfer it to my new account. Maybe I have to get my pensions transferred into my new account and spend down the pockit where I can. Once I have got the firstdirect going I should be able to use XE.com for international. |
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