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OT: Transferring money

OT: Transferring money

Old Jan 10, 14, 11:13 am
  #1  
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OT: Transferring money

I know that this has nothing to with BA and mods feel free to move this thread elsewhere, but I just wondered if any of the luminaries on the BA board (which is the only board I post on) has used UKForex or a similar organisation to transfer money back to the UK.

I have a chunk of money I need to repatriate from Canada and the bank rates are pretty poor and was looking for reliable alternatives.

Thanks in advance.

[Mod note: Thread has been moved from the BA forum.
LTN Phobia
Moderator: BA forum]

Last edited by LTN Phobia; Mar 26, 14 at 7:25 am
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Old Jan 10, 14, 11:39 am
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I've used a company called currencyfair to transfer a large chunk of money. You need to set up an account, transfer money in it the account by BACS/Wire, then exchange it and transfer it out.

It takes a bit of getting use to, but the rates are extremely good and they only charge £3 transfer fee.
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Old Jan 10, 14, 11:41 am
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I found that it was cheapest and most convenient to bring chunks of change back to the UK from the middle east in cash.

You have to declare it at Customs if the amount is > EUR 10k but the process is painless. Just put it in an ordinary bag and no other passengers will ever know.

If you can get better rates at UK exchanges than Canadian ones you could always bring it all in CAD and then convert into GBP when you arrive.
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Old Jan 10, 14, 11:49 am
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Wire transfer from bank to bank for large amounts.
I use Xoom for small amounts of money transfer, which is quick and convenient.
The problem with transferring money between currencies is then your assets are prone to exchange rate fluctuations. I suggest seeking financial planning advice in Canada before transferring any money, to see if you can get better rates of return on your money.
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Old Jan 10, 14, 12:02 pm
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Transferwise.com is the best by a country mile, and has £5 quidco I think as well for your first transaction. I've used them monthly for the last year or so with no issues.

Alternatively, you can be referred by an existing member and your first transaction (up to £3k) is fee-free; the best deal depends on how much you're transferring, but send me a PM if you need a referral (I think if I get 3 referrals I earn a whopping £50). Work out if the no-fee transfer or the £5 quidco is more profitable to you though!

Even when you're paying the regular fees, they knock the banks and even the dedicated competition (like Caxton) into a cocked hat. The only downside is they have a more limited set of currencies available - CAD may only be available to/from USD, but it's worth calling if the currency pair you want isn't listed.

If there's anyone better for USD/GBP transfers, I'd love to know; £1k is transferred as US$1640 all-in tonight if anyone wants to compare! ^

Last edited by 710 77345; Jan 10, 14 at 4:10 pm
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Old Jan 10, 14, 12:06 pm
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Www.moneycorp.com

Or www.rationalfx.com

Both good, sometimes slightly better rates from rational fx. Moneycorp actually talked themsselves out of business with me once when they said the rate would change in my favour in a few months time, so I left it. Quite appreciated that personal approach.
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Old Jan 10, 14, 12:10 pm
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No question, transferwise.com is streets ahead of any other.
It's the latest project from the guys who invented Skype.
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Old Jan 10, 14, 12:40 pm
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Question

I must be missing something


Supported currencies
Receive Money allows you to receive payments
from 10 currencies and counting.


EUR
PLN
CHF
NOK
SEK
DKK
HUF
GEL
RON
TRY
CZK
BGN
I don't see CAD or USD as currencies you can be paid in.

I use Amex Forex. Better rates that I was getting with my previous ForEx company and MR points to boot.
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Old Jan 10, 14, 12:49 pm
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I've been using xe.com for several years and have no complaints. A bit of a faff setting it up initially but after that it's straightforward.

[I have no stake in xe.com and do not receive any benefit if you use it.]

Last edited by IMH; Jan 11, 14 at 7:25 am Reason: to remove a remark that no longer applies
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Old Jan 10, 14, 12:56 pm
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Amex is transferring at $1,627.32 in comparison so that is good. Nice that they pay you for referrals too.
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Old Jan 10, 14, 12:57 pm
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I moved to Amex from XE funnily as the rates were better and I got MR points.
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Old Jan 10, 14, 12:59 pm
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Originally Posted by IMH View Post
I've been using xe.com for several years and have no complaints. A bit of a faff setting it up initially but after that it's straightforward.
[I have no stake in xe.com and do not receive any benefit if you use it.]
Likewise, I've found xe.com works well - used it to move money between the US and UK primarily (which would typically take a week or so from US to UK, although that may have changed since I last used it - in the other direction it took 1 day).
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Old Jan 10, 14, 1:12 pm
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I just asked http://www.fxcompared.com/ for quotes for 20,000 GBP to USD. Transferwise was one of three identical best results (32,784 USD). XETrade offered me 32,711 USD just a few seconds later.

So Transferwise appears to be worth considering. I can't find a way to get an Amex quote without signing up (or finding out how many MR points I'd earn). Anyone?

Last edited by IMH; Jan 10, 14 at 1:33 pm Reason: typo (my/me)
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Old Jan 10, 14, 1:26 pm
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$32.709.82 fees inc. 1 MR per £10 - so 2,000 MR.
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Old Jan 10, 14, 1:30 pm
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Should point out that this is an "out of hours" rate. They're not 24/7 so they might be more competitive during business hours.

You are currently entering our After Hours transaction area.
The rates that you see reflect the closing rates from the most recent day of trading.
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