Silver Fox

Paypal is absolutely the last option I would choose. Transferwise seems to have the lead at the moment and the transfers are quick.

skba1

With EUR transfers I would like to point out that any transfers in EUR between two EU bank accounts is only allowed to be charged like a domestic transfer, which usually means like a 10-20p fee. However, this doesn't get around the problem if your bank screws you on the exchange rate (which unfortunately UK banks tend to do). One option is to have a UK EUR account if you get better exchange rates transferring between your own accounts.

Personally I find cash to be the best way, I usually exchange privately and get 0.3-0.5% below the mid-market exchange, and my bank (non-UK) likes to charge about 0.5-0.8% and a transaction fee of 15p.

My UK bank account I avoid using for foreign transfers - I rather withdraw cash and convert into EUR or whatever currency I'm in need of that I can then deposit into my account in that currency.

AllTheNines

Hence why Transferwise is best. In layman's terms (as far as I understand it) you deposit GBP in their GBP account, they then send you EUR from their EUR account. Therefore, the banks don't have a chance to make their own conversion as the money is arriving 'domestically'.

Amarone

As mentioned above fxcompared.com will do the initial leg work for you as they compare rates across a number of providers and also factor in costs. However, I don't think the rates are live - merely indicative.

I've used TransferWise and The FX Firm recently for GBP to USD transfers.

The TransferWise rate was better but after factoring in their charges there was little difference from other firms. The money took a bit longer to arrive with Transferwise.

Hope this is of some help.

emma69

Another thought would be to use a credit card that doesn't have any foreign transaction fee, she uses it there, you pay the bill when it comes in. If you have one that gives you miles or points, that is a bonus. I deal in a couple of currencies, and given we are talking day to day, the effort of wire transfer just seems excessive when I can just use a different colour credit card as and when.

AA_EXP09

I personally would not do this if migrating as the balance would depend on the FX rate and you would be paid in the destination currency.
Keep in mind that the credit card benefits are not as strong in the UK as they are in the USA.

emma69

Sorry, my response was to BBA, whose wife is going to be the one overseas. Rather than sending money, wire transfer fees, etc. it might just be easier for her to use a card over there that he pays off.

sharp_44

Have you considered using PayPal to make the transfers? They have proved to be quite reliable for some time now

golfmad

That question was from 7 years ago. That said PayPal is expensive. TransferWise or something similar is far more efficient.

sharp_44

Ok thanks. I think I will try TransferWise myself

golfmad

And a very warm welcome to FlyerTalk sharp_44.

TGarza

when I needed to send money overseas to my son, I stumbled on this review since I could not use Venmo.

https://transumo.com/venmo-international/

StartinSanDiego

Hi Sharp_44. Welcome to Flyertalk.

You might also consider Xoom, which is a Paypal feature for international transactions. I use it several times a year.

That said, I'm going to go ahead and close this 11 year old, bumped thread. Please feel free to restart the topic.