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International Currency Transfers

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4wd:
I did a rough calculation based on exchange rate differences between the bank, the market, and the company, as well as charges.
By my calculations, taking everything into account (sorry about that  :)) it costs around 7% through the bank and close to 1% through them.
That is a big difference!-pilgrim (June 07, 2013, 03:11 AM)
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You need another bank, when we moved a rather large amount of AU$ to the UK a couple of years ago it worked out to ~2.5%, (IIRC).

pilgrim:
The 7% included all charges, to my bank, to an intermediary bank, to the recipients bank, as well as a reduced exchange rate,
On the exchange rate alone there is a 5.2% reduction on market prices, that is about average compared to other UK banks.

4wd:
The 7% included all charges, to my bank, to an intermediary bank, to the recipients bank, as well as a reduced exchange rate,
On the exchange rate alone there is a 5.2% reduction on market prices, that is about average compared to other UK banks.
-pilgrim (June 07, 2013, 05:33 AM)
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Why is there an intermediary bank?

Given the IBAN/account number of the destination bank/account you should be able to transfer direct to it....at least, that's all we required.

The only fees were at the sending end and an exchange rate that was ~2p lower than market, (IIRC).

pilgrim:
Why is there an intermediary bank?

Given the IBAN/account number of the destination bank/account you should be able to transfer direct to it....at least, that's all we required.

The only fees were at the sending end and an exchange rate that was ~2p lower than market, (IIRC).-4wd (June 07, 2013, 06:40 AM)
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1. Because the receiving does not accept international transactions directly. (They should have stuck with the stagecoaches.)

2. There is no IBAN for US accounts.

3. Part of it depends on the amount you are sending, the figures I have quoted are based on the amount I normally send.

Woe!These are hard times.
I've always had problems with begging letters but now it's worse than ever.
I keep sending them but no-one replies!

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