Wire transfer rip off.
Mar 14th 2003, 1:11 am
#1
Just Joined
Thread Starter
Joined: Mar 2003
Location: Urbana, IL
Posts: 2
Wire transfer rip off.
Hi was wondering what the collective wisdom was about transfering money from a US to a UK bank account?
I just transfered 250 dollars by what my bank called a "wire transfer" for which they charged me $25, I got a really naff exchange rate (1.69) and my UK bank charged me to recieve the money.
I'm going to need to send reqular payments home to cover loans and the like so there has to be a more financially efficent way of doing this. Have people found a good way to handle this?
Thanks for any suggestions.
-Jason
I just transfered 250 dollars by what my bank called a "wire transfer" for which they charged me $25, I got a really naff exchange rate (1.69) and my UK bank charged me to recieve the money.
I'm going to need to send reqular payments home to cover loans and the like so there has to be a more financially efficent way of doing this. Have people found a good way to handle this?
Thanks for any suggestions.
-Jason
Mar 14th 2003, 12:10 pm
#2
Joined: Feb 2002
Posts: 6,848
I transferred a much higher amount yesterday to the UK and was charged the flat rate of $25; actually I'm surprised it wasn't more, but I do agree with you that it is unfair to be charged $25 to send such a small amount. I guess that the banks would argue that they still have the same admin costs whether you're sending $100 or $10,000.
I mentioned to my husband (who works in the financial service industry in NYC) about the lousy exchange rate, saying that the pound appears to be very strong. He replied that the US$ is very weak right now, but the bankers think it will go up (perhaps next week) if war breaks out...
Anyway, although I haven't used this service myself (I feel more comfortable going into our bank and watching them actually do the transfer on the spot but a large transfer of funds), but a small amount I would do this:
http:www.c2it.com/C2IT/login
It's a domestic & international funds transfer service by Citibank, although you don't have to bank with them. You just do the transaction via your computer. They have a flat fee of $10 and you can choose to have them write out a cheque which they mail to a destination overseas or you can have a wire transfer - but of course you say that your bank charges you for incoming wires, so the first option is probably best for you. (If it was me, I'd get a cheque sent to my mum, then she would just bank it for me!).
I'd like to re-iterate that I haven't used this service myself, but some expats recommended it on another expat site.
Good luck!
PS: If you do use it, some feedback would be welcomed!
I mentioned to my husband (who works in the financial service industry in NYC) about the lousy exchange rate, saying that the pound appears to be very strong. He replied that the US$ is very weak right now, but the bankers think it will go up (perhaps next week) if war breaks out...
Anyway, although I haven't used this service myself (I feel more comfortable going into our bank and watching them actually do the transfer on the spot but a large transfer of funds), but a small amount I would do this:
http:www.c2it.com/C2IT/login
It's a domestic & international funds transfer service by Citibank, although you don't have to bank with them. You just do the transaction via your computer. They have a flat fee of $10 and you can choose to have them write out a cheque which they mail to a destination overseas or you can have a wire transfer - but of course you say that your bank charges you for incoming wires, so the first option is probably best for you. (If it was me, I'd get a cheque sent to my mum, then she would just bank it for me!).
I'd like to re-iterate that I haven't used this service myself, but some expats recommended it on another expat site.
Good luck!
PS: If you do use it, some feedback would be welcomed!
Mar 16th 2003, 8:21 pm
#4
Just Joined
Thread Starter
Joined: Mar 2003
Location: Urbana, IL
Posts: 2
That looks like quite a good setup. I'll have to give it a try.
They need a social security number the sign up (still waiting the remaining 60 days of my mandated 90 days wait for that) so I'll have to wait to try it, but I'll post back how I got on.
Cheers,
-Jason
They need a social security number the sign up (still waiting the remaining 60 days of my mandated 90 days wait for that) so I'll have to wait to try it, but I'll post back how I got on.
Cheers,
-Jason
