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Online money transfers - can anyone recommend?

Discussion in 'Teaching overseas' started by simbaburton, Mar 18, 2012.

  1. I currently work abroad and regularly send money to my bank account the UK via my bank here. I am happy to do this and to pay the associated charges, however I intend to send home some larger amounts for a house deposit when i am able to do so.
    I am wondering if anyone has had any experience of other money transfer methods and can recommend any to me. Although I am comfortable using my bank on a regular basis for smaller amounts, currency exchange rates do fluctuate and I am sure that I could often be getting a better deal somewhere!
    Any thoughts from people who have done this would be much appreciated!
    Thanks in advance.
     
  2. happygreenfrog

    happygreenfrog Occasional commenter

    Been recommended this mob but not used them yet myself:
    http://www.hifx.co.uk/Currency-Exchange/International-Money-Transfer/Money-transfer.aspx?
    Previously i was paid directly into my UK bank account but have come to realise I'm really getting screwed with the rate of exchange and charges. Best UK exchange rate pound to rupiah was 12250 when I left the UK, yet out here I got 14150 on the street. It's a scandal how much our banking system take as their cut.
    I'm now paid in dollars, and will take bundles of pound sterling back to the UK at Xmas, and pay it in to my account in person, after exchanging it out here.
     
  3. bigfatgit

    bigfatgit New commenter

    Remember, you have to declare it if you have more than 10,000 Euros or equivalent
    If you don't declare it and pay it into your bank account, you may well find out that your bank reports you!
    Check out the link below
    http://www.direct.gov.uk/en/TravelAndTransport/Foreigntravel/BringinggoodsorcashintotheUK/DG_173289
     
  4. Mainwaring

    Mainwaring Established commenter

    DeVere Forex gives us a much better rate than the banking system and does it very rapidly. DeVere also handle our investments, such as they are and since switching to them we are doing about five times better than with Barclays offshore. Friends of ours use Currencies Direct.
     
  5. Also check out xe trade to see if it will work out with your currency pair. I set it up for one job and it worked well there but it does not work out so well for the currency I earn in now. I'll use it again if I can in the future. If it will work for your pair, you can essentially do electronic deposits with it. It is a little complex to set up, though.
     
  6. thank you for all your advice, i'll look into your suggestions!
     
  7. rednelly84

    rednelly84 New commenter

    Also, it is illegal to transfer money from your current account into an ISA.
    I send money home each month through an exchange shop round the corner from me. The exchange rates do fluctuate but it does balance out in the end.
     
  8. As stated earlier, if its more than 10,000 pounds does one find the potential of tax liability awaiting?
     
  9. correction: 10,000euros. How about if you transfer much more from your Bank to UK Bank. Some say with thousands of folk transferring you'd be pretty unlucky for tax man to pin you and query source etc.
     
  10. If you are non-resident and tax has been paid in your country of residence, then no tax should be owing. The 10,000 limit is to stop money laundering, it has nothing to do with tax. To the best of my knowledge you can transfer or carry as much cash in as you want, it just needs to be declared.
     
  11. happygreenfrog

    happygreenfrog Occasional commenter

    Cheers for the info. A lower limit than I'd realised.
     
  12. I recently used XE Trade. They have a facility where you can set the exchange rate you want and it puts it into the system. If someone is happy to trade at that rate, they'll let you know. It worked well for me when the currency I wanted to buy was rising. Like ordering up an exchage rate! It won't always work, of course.
    Their service was efficient and free. (After a bit of hassle setting it up.)
     
  13. Chrissi T

    Chrissi T New commenter

    I use hifx because they were recommended to me by someone. They seem pretty good to be fair and don't charge much either for the privilege.
     
  14. definitely going to look into hifx and xe, thank you for your suggestions.
    as regarding tax, paying tax and taking cash into the uk are two very different things.
    if you are declared non-resident and don't live in the UK, you can transfer money earned abroad into your UK bank account (not an ISA - you are not entitled to this). money earned on a rental property in the UK is taxed separately, via a yearly tax return.
    if you return to the UK after working abroad, you pay tax according to the months left in the tax year etc etc, but yet again, that's another story.
    the tax business is complicated, but this is one simple part to understand!!
    taking cash into the UK is a different story and the limit is in place to stop money laundering.
     
  15. I only use Transferwise.com for such currency transfers now; I need to make regular transfers from pounds to euros and so they have saved me a lot.

    With them you get the real exchange rate rather than a bad one. Their fee is 0.5% and there are no SWIFT charges. The number of currencies that they support is not so large however, but they do have a list of the next ones that they will be supporting soon.

    If you wanted to use them then if you sign up with this link your first transfer of up to 3,000 pounds would have no fee ... transferwise.com/.../80454
     
  16. the hippo

    the hippo Lead commenter Community helper

    Why bother? Mrs Hippo and I just take cash. Yes, it is sensible to wear a money belt under your clothes and of course you should put the moeny somewhere safe as soon as you can. However, we do not have any loans or mortgages to pay and so there is no need for us to shift a certain amount each month. That must be a major headache if you are in a part of the world where sending cash out of the country is a serious issue. Mainland China is NOT good for this! Things seem to be much easier in Hong Kong.

    There are some restrictions on the amount of money you can bring into EU countries as cash (I think it is 10,000 euros). Perhaps it would not be a problem, as long as you simply declare it at Customs.
     
  17. I've been using currencyfair. They are brilliant. Best exchange rates anywhere.
     
  18. whatshername

    whatshername New commenter

    Does anyone have any experience with TransferWise?
     
  19. I've been using Transferwise for over a year now to transfer euros to my UK account. I've never had any problems, even when sending larger amounts and sometimes the money arrives the next day which is amazing because usually they try and charge you extra for a faster transfer. The fees and exchange rate are very good. I'm not sure what it is like for other currencies though, there might be a slightly different rate so it would be best to check first.

    If you use this link you can get a free first transfer: transferwise.com/.../4798
     

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