OT: Transferring money
#1
Original Poster
Join Date: Sep 2008
Location: Lincolnshire
Programs: BAEC Bronze, IHG Priority Club Platinum, SPG, Tufty Club
Posts: 221
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]
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, 2014 at 7:25 am
#2
Join Date: Apr 2013
Posts: 41
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.
It takes a bit of getting use to, but the rates are extremely good and they only charge 3 transfer fee.
#3
FlyerTalk Evangelist
Join Date: May 2007
Programs: BA Gold
Posts: 12,046
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.
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.
#4
Join Date: Jun 2002
Location: South Florida
Programs: All the best ones.
Posts: 1,415
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.
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.
#5
Join Date: Oct 2003
Location: London
Posts: 3,500
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! ^
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, 2014 at 4:10 pm
#6
Join Date: Apr 2006
Location: London
Programs: BA bronze, Hertz pres circle, Marriott Platinum, hilton diamond
Posts: 2,537
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.
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.
#7
Join Date: Nov 2006
Location: London, Cape Town
Programs: BA
Posts: 39
No question, transferwise.com is streets ahead of any other.
It's the latest project from the guys who invented Skype.
It's the latest project from the guys who invented Skype.
#8
Join Date: Jan 2010
Location: Ealing
Programs: Usual Amex Cent. GGL.
Posts: 1,511
I must be missing something
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.
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
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 use Amex Forex. Better rates that I was getting with my previous ForEx company and MR points to boot.
#9
Join Date: Jul 2007
Location: Berlin
Programs: BA Gold; Accor Platinum; IHG Diamond-Amb.; Meli/HH/Bonvoy Gold
Posts: 5,488
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.]
[I have no stake in xe.com and do not receive any benefit if you use it.]
Last edited by IMH; Jan 11, 2014 at 7:25 am Reason: to remove a remark that no longer applies
#10
Join Date: Jan 2010
Location: Ealing
Programs: Usual Amex Cent. GGL.
Posts: 1,511
Amex is transferring at $1,627.32 in comparison so that is good. Nice that they pay you for referrals too.
#11
Join Date: Jan 2010
Location: Ealing
Programs: Usual Amex Cent. GGL.
Posts: 1,511
I moved to Amex from XE funnily as the rates were better and I got MR points.
#12
Join Date: Mar 2009
Location: ABZ
Programs: BA Bronze, A3*G, TK*S
Posts: 764
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).
#13
Join Date: Jul 2007
Location: Berlin
Programs: BA Gold; Accor Platinum; IHG Diamond-Amb.; Meli/HH/Bonvoy Gold
Posts: 5,488
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?
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, 2014 at 1:33 pm Reason: typo (my/me)
#14
Join Date: Jan 2010
Location: Ealing
Programs: Usual Amex Cent. GGL.
Posts: 1,511
$32.709.82 fees inc. 1 MR per 10 - so 2,000 MR.
#15
Join Date: Jan 2010
Location: Ealing
Programs: Usual Amex Cent. GGL.
Posts: 1,511
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.
The rates that you see reflect the closing rates from the most recent day of trading.