Sending money to UK
 

Hello,

Luckily I don't have to send money back too often but I had to use my UK credit card a couple of months ago...I sent half back to my current account last month and want to pay the other half now...

Long story short - I got ripped off by my banks...not only the euro to pound exchange but the charges....I've previously heard of companies that offer better rates but cannot think of their names...

Does anybody have any recommendations?

Thanks

Re: Sending money to UK
 

Unfortunately, UK banks are amongst the worst thieves (and most brain-dead) when it comes to transfers abroad.

Fortunately, European banks not only know how to, and routinely transfer funds via online banking, but also give far better exchange rates and charge far lower fees.

Re: Sending money to UK
 

currency fair I have used to send money to and from Spain/UK. Good rates and costs 3 euro per transaction no matte how big or small.

Re: Sending money to UK
 

Thanks bobd22 :)

Re: Sending money to UK
 

Hi, Having read this thread, I had a look at the money transfer companies websites and they seem very alluring. Maybe it's just their advertising ploy to get people to use their money with them.
I would like to use a company like one of these to transfer all my pensions from UK to a Spanish account. Does anyone on the site actually use any of these companies? If so, what are your opinions?
Regards
steve

Re: Sending money to UK
 

"Unfortunately, UK banks are amongst the worst thieves (and most brain-dead) when it comes to transfers abroad".
Beware of posts that seem authoritative but are prejudiced. Like most things it depends - Satander and Lloyds will transfer money from the UK at good exchange rates and with no charges at the Spanish end (Spanish banks will often charge to receive money). Spanish banks can charge to send money but you won't receive a charge from the British bank. Currencies for you, currency fair etc often have arrangements with banks for fees to be waived. I sent over €50,000 and there were no fees and I received two cents less than the current bank rate - I was also asked when I wanted to do the trade. Your best answer is to make some enquiries.

Re: Sending money to UK
 

Like Bobd22, I use Currency Fair. The account was very easy to set up, all done online. Their exchange rate always seems to be about 0.0050 lower than the mid market rate, which seems good to me (if the mid market rate was €1.1750, I would get €1.1700 from Currency Fair). This is for exchanging by what they call Quicktrade, there is another option to deposit money with them and wait to see if anyone will offer a better rate, but I have never bothered with that. I use their Standard Transfers which as Bob said cost a flat fee of €3 each, and the money has always arrived in my Spanish account around 24 hours after making the transfer. I find it a very good service. Have never used it to transfer from Spain to the UK

Re: Sending money to UK
 

Not from my Santander current account. First, they don't even provide a facility on their online banking to transfer anything abroad (you have to visit a branch and sign papers), and second, they currently charge over 1.20 for Euros plus a 10 pound transaction fee. I recently (tried to) send 4000 pounds to Spain, and it was a major fiasco that Santander just couldn't deal with, and at the end of the day, we ended up paying nearly €500 in fees and horrible exchange rates and it took almost 10 days to finalise. Never, ever again! Very brain dead, indeed. Halifax is a bit better but still charges a ridiculous exchange rate.

In contrast, my La Caixa online banking enables me to transfer any amount to the UK in seconds through online banking (usually arrives in the UK same day), charges the interbank rate of exchange +.01%, and a €3 transaction fee. The same applies to my Commerzbank online banking in Germany. Easy peasy, and costs are never a concern.

Re: Sending money to UK
 

The EU countries have signed up to SEPA http://en.wikipedia.org/wiki/Single_Euro_Payments_Area

I live in Brussels and send EUROS around regularly in the eurozone at NO commission charges. (Up to 50K I think - but never needed that much!!) In fact whats started and will continue to grow, is that each bill has (will have) the full SEPA details, meaning that I can (or will be) able to pay e.g an electricity bill from Spain directly from my Belgian bank account. Its not pervasive as yet, but some countries are well ahead.

In your case you are converting currencies and you will get caught up in profit takers... some must be expected, its their business, others take the p**s.

UK is part of SEPA (according to the link) - maybe there is an option of transferring Euros to an Euro account in the UK and then trying to get a good deal? Worth comparing, if this is so - with the one-off send.

A company that has advertised here on the forum, and I have NEVER used, so cannot qualify is http://www.premfx.com/. They claim to arrange the whole thing with no hidden charges.

The others below are also ones I have never used: Paypal might be interesting

Also look at http://www.xe.com/xetrade/?WT.mc_id=...-XX-V01-130701

Paypal have a way to transfer https://www.paypal.com/us/cgi-bin/?c...ansfer-outside maybe you send to e.g a family member and they pay the bill locally, if it saves money

Googling 'free international transfers' will get you some great sites as well. Its getting very competitive so you should be able to shop around and get a good deal...

Good luck

Jon

Re: Sending money to UK
 

We traditionally used Oanda, who offered great exchange rates, until they discontinued their international transfer services. They are strictly an Fx trading platform now.

But you can transfer funds to your UK Oanda account from a UK bank (which UK banks actually know how to do) and then transfer the funds in Euros to a European bank, but the receiving account must be an account in same name as your Oanda account is registered. And that works well. It's fast, too.

Re: Sending money to UK
 

While in the Uk before we started this conunty hopping, some student friends told us about Caxton fx euro and dollar cards.
So for the last three years we have used the Euro card.
We go online log on, see exchange rate, have our 2 english account set up,
so that we can put money from either account straight onto the card.
No charges to put money on, nor any charges when we take it out of a Atm anywhere in the Eu !!
Exchange rate might not be the best but it workds for us :thumbup:

Re: Sending money to UK
 

Just get the pensions people to send them direct to your Spanish account, no fees and a very good exchange rate, that's what we did when we lived in Spain.

Re: Sending money to UK
 

Have a look at Nobanx.com

I have been using them regularly to move spending money to Spain over the past couple of years.

Its very simple once you have opened an account, you can move funds from your bank to Nobanx where it is held until such time as you wish to make a transfer (euro to Sterling or whatever). This way you can wait for best possible rate too. When you are happy with rate (and its always a good one compared with other companies) you make the exchange. Then you do a bank transfer or whatever to the receiving bank.

It costs just £1.20/eur 1.40 per currency exchange.

Re: Sending money to UK
 

Lynn last time I was over I transferred money from Spanish Account to UK one. It worked just as well as Uk to Spain only thing was had a transfer fee to get it to Currency Fair but that was down to Cajamar and nothing to do with Currency Fair. I really do find their service excellent I once messed something up can't remember what now but phoned them spoke to a really helpful man who sorted my mistake straight away. I can't fault them on rates cost or service for my needs:thumbsup:

Re: Sending money to UK
 

Just checked that looks quite similar to Currency Fair but does have even better exchange rate and lower charges, looks very good.