Watt Dabney

We have been out of the UK for 10yrs and have no UK bank account.

We are about to inherit a lump sum, which we planned on bringing over with a forex transaction.

Problem - the solicitor will only pay funds into an account with our name on, we only have Australian accounts with our name on, and the banks rates will loose us quite a bit.

Any solutions?

Deversonc

Hi Watt

Thanks for your message.

In relation to your query, an idea could be to investigate opening a UK bank account - if the money could be sent to a sterling bank account, using a foreign exchange specialist to transfer your money , would be a more cost effective method (as you will receive a better exchange rate compared with your bank).

If I can be of any further assistance, please let me know.

Kind regards

Chris

wellingtonboot

I am also having fun and games - Nationwide want a swift form printed out and signed and posted!

ridiculous!!

i have been looking at the postoffice in the uk as its hifx behind it but without the fees, also looking at xe and ozforex.

does anyone have any better suggestions - ive researched a fair bit this morning!

BEVS

Can Watt Dabney open an on-shore UK bank account when they are not UK resident? We couldn't.

Jordan Tilley

Hi Wellington Boot,

Its very hard to open a UK bank account if you are not resident. I know that HSBC offer a passport account which does not require proof of address but this still may not work. Its worth contacting HSBC though.

Great to hear your researching FX brokers and not just going to use your bank!
BE Members are now able to obtain free Foreign Exchange transfers.

http://exchangerates.britishexpats.com/

wellingtonboot

sure but what about receiving fees?

there are charges on incoming EFT's

so why would I use them? the post office uk absorb all fees and I have a UK bank account btw.






"Thank you for your enquiry via British Expats.

As part of our agreement with British Expats we will not charge you for any transfers made through us. Unfortunately we cannot absorb any receiving fees so this is something you would need to check with your bank.

Is there a convenient time to contact you by telephone to discuss your requirements in further detail?

Kind Regards,

<snip>
Sales Executive"

Jordan Tilley

It may be worth while comparing the overall cost of the transaction, i.e, exchange rate offered, sending and receiving fees. When I transferred funds back to the UK I had opened a HSBC passport account(had to do this as I didnt have a residential UK address at the time.) They did not charge me for any receiving fees. May be worth a look.

Depending on the amount you are transferring the biggest saving is always in the rate and the timing of the transfer.

Any extra help required just let me know.

wellingtonboot

Jordan - not sure what advice you are giving here?


ozforex/ukforex/nzforex are the best rate givers - seems there would only possibly be receiving charges.

postofficeuk refund all charges - so £0 charges and the rates are hifx rates because thats the intermediary, so you get hifx with no charges!.

xe.com do have charges - i am still seeking clarification from them.

from there in its down to bank charges if any....

Jordan Tilley

I was just trying to think of more alternates for banks that I know do not charge receiving fees.

Sounds as though you've done some good research! Always worth trying a number of brokers to get the best rate which is what you are doing.

http://exchangerates.britishexpats.com/