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Advice On Transferring Money/FX

Advice On Transferring Money/FX

Old Jun 5th 2020, 6:15 am
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Default 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 ?
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Old Jun 5th 2020, 6:58 am
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Default 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.
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Old Jun 9th 2020, 4:12 pm
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Default 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.
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Old Jun 10th 2020, 5:15 am
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Default 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)?
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Old Jun 10th 2020, 5:26 am
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Default Re: Advice On Transferring Money/FX

Originally Posted by tooboocoo View Post
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
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Old Jun 10th 2020, 5:32 am
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Default Re: Advice On Transferring Money/FX

Originally Posted by Scamp View Post
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.
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Old Jun 10th 2020, 5:51 am
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Default 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.
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Old Jun 10th 2020, 5:57 am
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Default Re: Advice On Transferring Money/FX

Originally Posted by Arnold S View Post
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?
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Old Jun 10th 2020, 6:34 am
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Default Re: Advice On Transferring Money/FX

Originally Posted by weasel decentral View Post
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.
Yeah, thought as much. Thanks Weasel.

Originally Posted by Gavtek View Post
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.
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Old Jun 10th 2020, 7:07 am
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Default Re: Advice On Transferring Money/FX

Originally Posted by Gavtek View Post
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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Old Jun 30th 2020, 8:55 am
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Default Re: Advice On Transferring Money/FX

would definitely recommend transferwise. have used it for some less common fx (african and asian currencies) and have never had any issues. Usually cheaper on an all-in basis as well vs. bank transfers. if it's a larger amount, you can try to negotiate with your bank such as hsbc.
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