Advice on transfer of funds from UK to US wanted.

Posted by: Dan M on 08 April 2004

Hello all,

Well I'm back, and now need to deal with more mundane issues than whether or not to order another Caipirinha. Rates given by banks are so low to be criminal -- can anyone please recommend a way to transfer funds at a reasonable rate. I'm tempted to use the xe.com service but I'm concerned about a using a site I came across via Google.

cheers,

Dan
Posted on: 08 April 2004 by ErikL
quote:
Originally posted by Dan M:
...whether or not to order another Caipirinha.


Oi Dan! Tudo bom? How was Brazil? The travel bug has set in so allow me to live vicariously as you share highlights from your trip. C'mon, I only get to visit SoCal and the mid-Atlantic the next few weeks. Frown Help a brotha out!

I can't help on the funds transfer though.
Posted on: 08 April 2004 by Dan M
Oi, tudo jóia! Brazil was great. I'm going to get pics developed this weekend and will post more than I should later Smile

Security concerns were real, but over-hyped. I spent two days walking around Sao Paulo, and didn't get hassled once. Unfortunately, most of the trip I was at a conference that might as well have been a cruise trip -- 3 buffets a day and no escape. However, what I did see of this beautiful and diverse country makes me want to return soon.

tchau,

Dan
Posted on: 08 April 2004 by garyi
pay pal
Posted on: 09 April 2004 by hicapman
pay pal Smile
Posted on: 09 April 2004 by Dan M
Paypa!? OK, I can see using it for buying a hicap but what sort of rate do you get on large transfers? I seem to recall someone here buying a used NAP500 -- I wonder how that was done.

cheers

Dan
Posted on: 09 April 2004 by garyi
There dosn't appear to be a lot of cost involved unless I have missed something. I was paid via paypal 350 the other day it came into my paypal account and now I have transferred it to my bank. As it was over 50 quid it was free.
Posted on: 09 April 2004 by ErikL
quote:
Originally posted by Dan M:
I'm going to get pics developed this weekend and will post more than I should later

I look forward to it.

quote:
...might as well have been a cruise trip -- 3 buffets a day and no escape.

I gained 20 pounds(!!!) last time I visited Brazil (for a month). The first few days I noticed even fit women ate 2x what I could!

quote:
However, what I did see of this beautiful and diverse country makes me want to return soon.

If you're married, you're not allowed to return unless it's for business. Razz
Posted on: 14 April 2004 by Adrian Rodgers
Dan, the exchange rate is only one of the factors you need to consider.

The other two are:

1. bank fees
2. value date ( an overcomplicated concept but in essence the difference between when the money leaves your account and arrives at the other end)

I hate to say this, but generally speaking the UK clearing banks (Barclays, Lloyds, HSBC, Natwest/RBoS) offer a fair combination of rate/fee/value date.

Very important that you include the instruction on your payment to the effect of "Pay in full; fees borne by the remitter" if you are paying money; conversely ask the remitter to include these instructions if you are receiving funds (if you are the "beneficiary" to use the bank jargon)

Best of luck

Adrian
Posted on: 15 April 2004 by Berlin Fritz
I always find International Money Order via the Post office the cheapest, safest, though not the fastest, innit.


Fritz Von Quidprodollar Smile
Posted on: 15 April 2004 by Dan M
All who replied,

Thanks for the replies so far. I'm probably going to go with xe.com (based in Toronto). Banks in the UK are taking about 3-4 cents for every dollar plus fees, while xe.com is closer to 0.5 cent with no fees for an EFT. I still will have to pay over 20 quid to the bank in the UK for an interbank transfer though. Setting up an account with xe was a royal pain in the ass though.

cheers,

Dan