Archive for Downsizer For an ethical approach to consumption
 


       Downsizer Forum Index -> Finance and Property
Marionb

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?

Confused
Shan

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

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 http://www.hifx.co.uk/ might be cheaper than a bank or give a better exchange rate.
Mr O

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 http://www.hifx.co.uk/ might be cheaper than a bank or give a better exchange rate.


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

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 http://www.hifx.co.uk/ might be cheaper than a bank or give a better exchange rate.


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

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

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!
       Downsizer Forum Index -> Finance and Property
Page 1 of 1
Home Home Home Home Home