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Post Office - International Payments

Post Office - International Payments

Old May 1st 2013, 6:20 pm
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Default Post Office - International Payments

Has anyone any experience of transferring money from the UK to the US using the post office.
Looks like there are no fees and the exchange rate looks to be only 1 or two points below the money exchange rates.

Am a little cautious about using xe or zoom as some of the reviews online are pretty negative.

http://www.postoffice.co.uk/international-payments
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Old May 1st 2013, 6:23 pm
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Default Re: Post Office - International Payments

Originally Posted by notonuksoil View Post
Has anyone any experience of transferring money from the UK to the US using the post office.
Looks like there are no fees and the exchange rate looks to be only 1 or two points below the money exchange rates.

Am a little cautious about using xe or zoom as some of the reviews online are pretty negative.
I've been using it for the past two years or so, no problems whatsoever - funds leave the UK and arrive in my Wells Fargo account (as a pending transaction) on the same day. Any charges that occur like Wells Fargo's incoming wire charge and what appears to be an intermediary bank charge along the way are refunded by the Post Office without issue.
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Old May 1st 2013, 6:24 pm
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Default Re: Post Office - International Payments

I've always used xe.com, in both directions, and never had a problem/ any problem. What is the nature of the -ve reviews?

No wonder they will refund wire fees, if the exchange rate is "one or two points" off the wholesale rate, because that is going to be a substantial amount on all but the smallest transfers.

Last edited by Pulaski; May 1st 2013 at 6:28 pm.
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Old May 1st 2013, 6:28 pm
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Default Re: Post Office - International Payments

Originally Posted by Pulaski View Post
I've always used xe.com, in both directions, and never had a problem/ any problem. What is the nature of the -ve reviews?
to quote one of many ".Not only do they consistantly fail to deliver funds on time and efficiently but their service department are contradictary and i feel in some case deliberately deceitful..I have had experience of them denying they have received incoming funds and also being incapable of following detailed instructions for the sending of currencies.."

The majority of negative reviews are from the past 4-5 years anything older than then seems more positive. People saying it used to be an excellent service but things have gone down hill rapidly.
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Old May 1st 2013, 6:31 pm
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Default Re: Post Office - International Payments

Originally Posted by notonuksoil View Post
to quote one of many ".Not only do they consistantly fail to deliver funds on time and efficiently but their service department are contradictary and i feel in some case deliberately deceitful..I have had experience of them denying they have received incoming funds and also being incapable of following detailed instructions for the sending of currencies.."

The majority of negative reviews are from the past 4-5 years anything older than then seems more positive. People saying it used to be an excellent service but things have gone down hill rapidly.
Hmmm, interesting.... I will tread with caution the next time I use it, because I haven't used it recently.
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Old May 1st 2013, 6:36 pm
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Default Re: Post Office - International Payments

We are looking to move quite a large chunk of change so rates are a big factor and agree just 1 point difference can make a huge difference in $$$. Just looking at all the options at the moment and wanting something that is also FSA approved.
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Old May 1st 2013, 6:52 pm
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Default Re: Post Office - International Payments

Odd, the website says the Post Office use HiFX to transfer the money. I thought I read on here that HiFX stopped doing transfers to the US? Is it different for individuals v. the Post Office?

e.g. this thread http://britishexpats.com/forum/showt...highlight=hifx
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Old May 1st 2013, 7:01 pm
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Default Re: Post Office - International Payments

Originally Posted by sir_eccles View Post
Odd, the website says the Post Office use HiFX to transfer the money. I thought I read on here that HiFX stopped doing transfers to the US? Is it different for individuals v. the Post Office? ....
US regulations are different for businesses serving corporations, or at least the impact is different. Collecting and verifying identifying data for thousands of individuals is an onerous burden, as compared to doing the same for a few intermediaries who more-or-less retain responsibility for verify their own individual customers.
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Old May 1st 2013, 7:01 pm
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Default Re: Post Office - International Payments

Originally Posted by notonuksoil View Post
to quote one of many ".Not only do they consistantly fail to deliver funds on time and efficiently but their service department are contradictary and i feel in some case deliberately deceitful..I have had experience of them denying they have received incoming funds and also being incapable of following detailed instructions for the sending of currencies.."

The majority of negative reviews are from the past 4-5 years anything older than then seems more positive. People saying it used to be an excellent service but things have gone down hill rapidly.
I wouldn't base your opinion on the reviews at Reviewcentre. That site is primarily used by: (a) disgruntled customers; (b) people paid to write positive reviews. In other words, there is a lot of bias. I also recall the last time this topic came up, most of the negative reviews involved getting funds into or out of 3rd world countries.

If you read the reviews on this site instead they are mostly very positive.
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Old May 1st 2013, 7:09 pm
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Default Re: Post Office - International Payments

Originally Posted by Pulaski View Post
US regulations are different for businesses serving corporations, or at least the impact is different. Collecting and verifying identifying data for thousands of individuals is an onerous burden, as compared to doing the same for a few intermediaries who more-or-less retain responsibility for verify their own individual customers.
Makes sense, though it is just shifting the burden to the Post Office though one assumes they don't mind.
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Old May 1st 2013, 7:11 pm
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Default Re: Post Office - International Payments

Originally Posted by GeoffM View Post
I wouldn't base your opinion on the reviews at Reviewcentre.
GeoffM, we have been doing our "due diligence" for a number of weeks now and our opinion isn't based on just one sites reviews. When asked by Pulaski about the bad reviews that just happened to be the first that came up when I googled for an example.
Do you have recent experience (past 12 months) using xe, zoom or any other that you are able to recommend?
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Old May 1st 2013, 8:00 pm
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Default Re: Post Office - International Payments

Originally Posted by sir_eccles View Post
Makes sense, though it is just shifting the burden to the Post Office though one assumes they don't mind.
HiFX can only shift some of the risk to the Post Office (and other corporate customers) because it is HiFX that is registered to do business in the US, and therefore HiFX is on the hook if they allow the Post Office to send iffy US$ wires through the HiFX systems.
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Old May 1st 2013, 8:40 pm
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Default Re: Post Office - International Payments

Originally Posted by notonuksoil View Post
GeoffM, we have been doing our "due diligence" for a number of weeks now and our opinion isn't based on just one sites reviews. When asked by Pulaski about the bad reviews that just happened to be the first that came up when I googled for an example.
Several good reports as well if you look. My point is, if you go looking for something on the internet, then you'll probably find it. But that doesn't mean it's true or accurate. You're asking here, which is good, because forex is probably something expats do more than most ordinary people so I would trust the reviews here more than the anonymous internet in general.

Originally Posted by notonuksoil View Post
Do you have recent experience (past 12 months) using xe, zoom or any other that you are able to recommend?
Yes. Once/twice a month for the last 13 months with XE. Also dabbled in bank transfers in the early days before realising I was being ripped off at both ends, not to mention it was taking several days compared to 36-48 hours with XE if you time it right.
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Old May 1st 2013, 11:23 pm
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Default Re: Post Office - International Payments

Originally Posted by notonuksoil View Post
Do you have recent experience (past 12 months) using xe, zoom or any other that you are able to recommend?
I have used World First at least 6 times in the last two years with no problems at all. If you are feeling a little uncertain about XE, see what World First can offer.
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Old May 1st 2013, 11:41 pm
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Default Re: Post Office - International Payments

Originally Posted by lansbury View Post
I have used World First at least 6 times in the last two years with no problems at all. If you are feeling a little uncertain about XE, see what World First can offer.
Thanks Lansbury this is one of the ones we have been looking at. Don't want to register to get an idea of the actual rates they are offering, in your opinion how close are they to the interbank market rates.
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