British Expats - Advice On Transferring Money/FX

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Arnold S

Jun 5th 2020 6:15 am

Advice On Transferring Money/FX

I have some money I want to bring over from the UK and was wondering the best way to go about it.

Straight forward transfer between my UK and UAE bank accounts?
A listed company that's regulated in multiple countries?
A random stranger from the internet that I'll qualify over a 15 minute coffee ?

clergy

Jun 5th 2020 6:58 am

Re: Advice On Transferring Money/FX

I used TransferWise recently and find their rates much better than the banks and exchange houses. Takes a day to do the transfer, you send to their bank in the UK and they send it on to yours here. Only tried them once, I'm waiting for the Euro to stop climbing and then I'll do so again.

tooboocoo

Jun 9th 2020 4:12 pm

Re: Advice On Transferring Money/FX

Transferwise works like a charm. Moneycorp is similar and also 100% reliable, but TW tends to have better rates.

scrubbedexpat141

Jun 10th 2020 5:15 am

Re: Advice On Transferring Money/FX

What's the rate difference between these exchange places, the spot rate and the bank rate with HSBC (for example)?

weasel decentral

Jun 10th 2020 5:26 am

Re: Advice On Transferring Money/FX

Quote:

Originally Posted by tooboocoo (Post 12864273)

Transferwise works like a charm. Moneycorp is similar and also 100% reliable, but TW tends to have better rates.

+1 Transferwise, very straightforward and good rates

weasel decentral

Jun 10th 2020 5:32 am

Re: Advice On Transferring Money/FX

Quote:

Originally Posted by Scamp (Post 12864462)

What's the rate difference between these exchange places, the spot rate and the bank rate with HSBC (for example)?

Generally Transferwise are very close if not at to the market Forex rate (plus a couple of dollars transfer fee), HSBC will have a buy and sell spread like all banks. For say for 10,000 USD you'll probably save a couple of hundred dollars versus the bank each time. With zero faff also.

Arnold S

Jun 10th 2020 5:51 am

Re: Advice On Transferring Money/FX

Thanks for the replies, I use HiFX myself who have recently been taken over by XE.

Though I was really just having a dig at an inconceivable drama playing out on another part of the internet.

Gavtek

Jun 10th 2020 5:57 am

Re: Advice On Transferring Money/FX

Quote:

Originally Posted by Arnold S (Post 12864469)

Though I was really just having a dig at an inconceivable drama playing out on another part of the internet.

Is that the "someone left a book detailing all aspects of their criminal enterprise network in my house after ripping me off, but I am going to burn it after a masked man made a vague threat" drama?

scrubbedexpat141

Jun 10th 2020 6:34 am

Re: Advice On Transferring Money/FX

Quote:

Originally Posted by weasel decentral (Post 12864466)

Yeah, thought as much. Thanks Weasel.

Quote:

Originally Posted by Gavtek (Post 12864470)

Is that the "someone left a book detailing all aspects of their criminal enterprise network in my house after ripping me off, but I am going to burn it after a masked man made a vague threat" drama?

Superb story isn't it.

Arnold S

Jun 10th 2020 7:07 am

Re: Advice On Transferring Money/FX

Quote:

Originally Posted by Gavtek (Post 12864470)

Is that the "someone left a book detailing all aspects of their criminal enterprise network in my house after ripping me off, but I am going to burn it after a masked man made a vague threat" drama?

Like the tiger thing on Netflix once you start getting bored by it along comes another twist to the plot.

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