# Best way to transfer money abroad?



## mike_bailey (May 7, 2002)

I'm going to need to transfer a fairly sizeable sum of money to a company in Spain later this week but I'd like to shop around for a decent rate of exchange rather than just accept my bank's rate.

When I imported my TT I used the money transfer company that later went bust (luckily it didn't affect me) so I'm not overkeen on risking my hard earned with this type of company unless I have a guarantee that I won't lose my money.

Any advice from you wheelers and dealers to get a good rate and quick transfer of funds would be greatly appreciated.

Cheers.


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## garyc (May 7, 2002)

A Suitcase. Used 10s and 20s. One way ticket to Costa del Crime. Cushty.


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## garyc (May 7, 2002)

Seriously. Most secure way I have used is to use your solicitor to transfer money, either direct to the payee, or to his lawyer. Whilst this costs a little, you have complete protection since your lawyer takes full responsibility. To maximise exchange rate, you can also set up the transfer and call the exact time of exchange transaction to benefit you.

A lot of rogues out there....


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## jonhaff (May 20, 2002)

either that or send it direct bank to bank via TT (Telegraphic Transfer not the car) Any bank will do this and they can either send it in pounds or the local currency. Just an alternative.


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## Steve_Mc (May 6, 2002)

Well, you're never going to get the interbank rate (as quoted in the newspapers) unless you're doing millions (maybe you are ). The problem with the companies that went bust was that you were dealing for a forward date in the future and the company charged a security deposit, to protect themselves against an adverse movement in the rate between the deal date and settlement. You say you are moving the money this week, which should get around this problem.

However, you say you are moving a large amount. UK banks usually have special units / depts. who will get you a better rate (by calling their FX trading desk). I know this for a fact at HSBC (I have used them) and I assume other banks will operate in a similar manner.

So my advice would be to try and lean on your existing bank for a better rate (don't take no for an answer) as it will save you a very long-winded process with funds being transferred between too many parties unnecessarily.

Steve


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## proeliator2001 (Feb 26, 2003)

I bank with Nat West offshore and any amount above 20k GBP gets a better transfer rate though saying that, I did a transfer to the UK last week and the best they could give was 1.1% above the interbank rate (still loads better than any ForEx counter!!!!) That compares with about 2.1% for smaller amounts.


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## garyc (May 7, 2002)

Or you could let me take it over for you........ [smiley=pimp2.gif]


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## Silversea (Jun 18, 2002)

Mike,

You could try www.Moneycorp.com
020 7808 0500 and ask to speak to Dominic.

Colin @ Sport Import recommended them to me when I was importing my TT and I have to say I was very pleased with the service and also the rates.

Good Luck ! 

Regards,
Des.


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## ir_fuel (Jan 10, 2003)

I have a mail somewhere from a guy in Nigeria how has experience in this, he even promised me 30% for using my account to do this. Perhaps i shall forward you the mail? [smiley=jester.gif]


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## mike_bailey (May 7, 2002)

> I have a mail somewhere from a guy in Nigeria how has experience in this, he even promised me 30% for using my account to do this. Perhaps i shall forward you the mail? [smiley=jester.gif]


That's strange, the guy in Spain I'm dealing with is Nigerian too - he's given me the opportunity to take a share of Franco's millions currently frozen in an old matress in Fuengirola. [smiley=deal2.gif]

Thanks everybody.


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