International Money Transfer

[Slinky]

Family member A, in Australia, wants to gift £1000 to family member B, in the UK..

What is the cheapest way of achieving this, I understand A was charged for an inter-currency transfer the last time money was moved between continents..

TIA..

[Slinky]

Anyone?

[Bing o]

Well, it's going to cost a transfer fee, I think about 20-25 quid, plus whatever PnL you get on the FX rate. I do it reasonably often from Singapore to the UK, and I'm not aware of a cheaper way.

[jimmyjimjim]

Worth looking at different bank accounts; my bank in the USA charges for transfers for most account levels, but not for all. As I make transfers back to the UK from time to time, I upgraded to an account that didn't charge for foreign transfers.

[ViperDave]

Look at XE.com.

Used them to pay for my car in the US and now to fund our US bank accounts. I dont know much about the aus banking system but it looks as if it can be done for free if you pick the right way to send and receive funds, it certainly can from the UK to US, by using BACS/FPS and EFT delivery rather than wire transfer.

You dont get charged the foreign currency fees as XE handles all that, you pay them in your local currency the same as you would any other local bank, and they pay the beneficiary in their local currency again the same as if they were being paid from another in country bank.

Using them if we send $100 to our US account, $100 turns up, and the US banks are notorious for nickel n dimeing you on fees, they charge for a statement from the cash machine FFS