Transferring money from foreign account

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Transferring money from foreign account

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Marionb

Joined: 27 Aug 2006
Posts: 5267
Location: Mid-Wales

Posted: Wed Jul 24, 13 4:09 pm Post subject: Transferring money from foreign account

My son is currently working in Canada and has opened a Canadian bank account, into which his wages are paid. He needs to transfer some of that money into his bank account in this country but tells me that he cannot just transfer it, he has to go via Travelex (for example) who charge a fee to do this.

This seems odd as I have heard of others who are abroad and making payments to people in this country, so why cant he do it?

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Wed Jul 24, 13 7:27 pm Post subject:
I'm not sure about your son but I know that I can transfer from my GBP offshore account to any account in the world but I can't do the same from my UK onshore account.

Went

Joined: 19 Mar 2006
Posts: 6968

Posted: Wed Jul 24, 13 8:37 pm Post subject:

I thought all banks could arrange an International Money Transfer:

He will need the account numbers of the recipient account, the swift code and IBAN numbers of the recipient bank.

It can be done for any bank account as far as I am aware. There is a fee with my bank depending on the scale of transfer. A money mover like https://www.hifx.co.uk/ might be cheaper than a bank or give a better exchange rate.

Mr O

Joined: 13 Feb 2005
Posts: 5512
Location: Nova Scotia, Canada

Posted: Wed Jul 24, 13 9:42 pm Post subject:

Wentworth wrote:

Very true, but it would be cheeper to use a company like Moneycorp who will charge a bit less

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Thu Jul 25, 13 7:36 am Post subject:

Wentworth wrote:

I can do it online with the offshore acc. without the bank having to arrange a transfer. The onshore charges £25 to arrange a transfer.

Went

Joined: 19 Mar 2006
Posts: 6968

Posted: Thu Jul 25, 13 8:32 am Post subject:
Yes I also do it directly online from my account - fees vary on amount transferred but also not the best rates from banks when converting currency.

Marionb

Joined: 27 Aug 2006
Posts: 5267
Location: Mid-Wales

Posted: Thu Jul 25, 13 12:53 pm Post subject:
Thanks for your replies... he has been in touch with hifx... I have suggested he has a look at moneycorp too. He can do it via his bank but it will cost £25 per transaction which seems a bit steep!

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