Transferring money abroad

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Wednesday 21 February 2007 10.28am
Can anyone receommend a currency exchange broker? I have to transfer some money to NZ and have no idea how to tell if someone is good or not.

Wednesday 21 February 2007 11.08am
We have used Moneygram several times and it works well!
Wednesday 21 February 2007 11.26am
you can do it by phone with Western Union...i have used them several times..there is a fee
Wednesday 21 February 2007 1.03pm
On-line banking?
Wednesday 21 February 2007 3.24pm
Doesn't work (as you need a code for the overseas bank and that doesn't fit in with the template that online banking uses to xfer money in the UK).

You can get your own bank to transfer cash to another bank account at a different bank abroad. There's a scale dependent on the country you send to (some countries are part of one xfer system and so have one scale of rates. other co's a re different) and (I think) also dependent on the amount sent.

It might be worth calling your bank and asking how much they would charge.

...if you press it, they will come.
Wednesday 21 February 2007 3.43pm
You can do it by PayPal and avoid any transfer fees. Simply setup a UK account tied to your UK bank account and a NZ account tied to your NZ bank account and hey presto! The exchange rate you are being offered will be displayed before you confirm the transfer so if it doesn't look competitive you can go elsewhere.
Wednesday 21 February 2007 5.25pm
Ivanhoe wrote:
Doesn't work (as you need a code for the overseas bank and that doesn't fit in with the template that online banking uses to xfer money in the UK).

My bank allows for inernational transfers (on-line) it is a separate menu option from local trnasfers though
Wednesday 21 February 2007 7.56pm
Thanks for all the tips, everyone. It's not so much the mechanics of transferring it that I'm looking for, though, but where to go to get the best exchange rate. I need to transfer several thousand pounds, so what seems to be a very small difference in the exchange rate actually makes a significant difference to the amount of money I need to send.

I'm looking at Moneycorp and Hifx at the mo - I'll let you know what I find...
Thursday 22 February 2007 12.34pm
I bought a property in France last year and I contacted quite a few British companies (Caxton, Moneycorp, Travelex) that specialise in exchange rate transfers for property buying abroad. I also compared with the rates given by Barclays. In the end, by comparing all quotes, I realised that the best exchange rate was in fact not exchanging in the UK but in the receiving country. So I requested Barclays to transfer Sterling Pounds to my French account (cost 25)and I let my French bank handle the foreign exchange.
Thursday 22 February 2007 1.33pm
Worth also looking at how long different transfer methods take. At times you wonder whether British banks have heard of computers, and are using camels instead - or charging you a lot for anything that is any faster.

But they do that for transfers within the UK as well....
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