Foreign exchanges, transferring cash & Rip off banks.

[sound 25]

Just a 'heads up' to anyone needing to transfer cash abroad and there are many who read this board, I know, who do.

For as long as I can remember this has always resulted in losses whether transferring money in or out of the UK. This is due to the fact that the banks barely offer anything more than tourest rates on foreign exchange, and additionally charge you for the experience.

Now that has changed. Last week I had need to send a relatively modest sum of about £180.00 to a New Zealand bank account to settle an invoice. For the first time I used 'transferwise' and saved myself about £15.00 in hidden charges.

They are not a bank as I understand it but are regulated by the FCA ( Financial conduct authority) so they legit. Apparently they exist solely to offer this service and give the banks a run for their money.

My experience was a positive one. Service was excellent and helpful in setting up an account.

I know that most collectors would rather spend on coins rather than bank charges, this is the solution in my opinion. It works both ways, coming in or out of the UK.

I have no financial interest in the company by the way, just a very happy customer.

Regards

Mark

[Nordle11 564]

Thanks for sharing Mark, I've been getting used to international transfers for the past year and it's not been a great experience I must say..

I'll use them for my monthly transfer this month and let you know how I get on.. hopefully as well as you did!

[Chris Perkins 223]

I've used transferwise since November to pay German suppliers, Polish and Lithuanian printers, a camper van deposit and also to send money to my own German account and I don't think they can be beaten on fees. I've saved hundreds! And it's quick too, often there the next day.

This is the link they encourage me to share: https://transferwise.com/u/e32272

[TomGoodheart 373]

Anyone know a good way to turn cash € into ££ and get it into a UK bank account without losing too much on the exchange?

Daughter finally received her French housing benefit, but her bank there doesn't do international transfers so she had to accept cash ....

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[sound 25]

Tom,

If she has a bank account, transferwise debit her account upon her instruction and pay it to any oversees bank of her choice.

Regards

Mark

[TomGoodheart 373]

Ah, sadly she had to close the account in France. So she just has a bundle of cash!

Oh, well .. she's off to Germany soon so will no doubt find a use for some of it! The rest I guess we'll see what rates we can get and decide whether to hold on to it or deposit it in her UK account.

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[Prax 80]

Anyone know a good way to turn cash € into ££ and get it into a UK bank account without losing too much on the exchange?

Daughter finally received her French housing benefit, but her bank there doesn't do international transfers so she had to accept cash ....

.

You should be able to get spot rates without hassle. If you are in London let me know and I can have it off you for current spot rate or the rate offered by Transferwise (and pay cash). The holiday season is here and I need 10000 Euros this year for the things I want to do in the continent this year.

Transferwise is a really cool service but it can take a few days for the money to be converted. I am looking for the opposite though. I want to convert £ to Euros and to leave it in a savings account. The only Euro accounts you can get in GB charge you tons and pay no interest.

Mate of mine suggested flying to Dublin and opening one there as the Irish banks allow UK nationals, with a registered GB address, to hold a Euro account. Sounds apt but does anyone know of another way to do this without me having to travel to Ireland?

[Chris Perkins 223]

Transferwise should be ok for the moving part Prax, but obviously you'll need a Euro account to send it to. I find that UK to Germany is there next day.

https://transferwise.com/u/e32272

[goomolique 3]

Yes i use them for nearly a year now.

They are great.

Takes few days but if you plan your transfers in advance its not a problem.