How to approach large transfer to UK

km991148

I cant seem to find any recent threads on this, but here goes..

I need to move a largish (40k+) chunk of cash to the UK. I have a STG account to transfer to.

Normally when I make smaller transfers (few hundred) I use transferwise. But for a larger amount, I am not sure the best way.

I.e. I could continue to use xfer wise, but would need to monitor it closely and transfer money in amounts my debit card will support.

What other options to I have? It seems the AIB etc will be the most expensive.

Cheers,
km

Speedwell

Have you looked into CurrencyFair?

Tigger

Speedwell wrote: »

Have you looked into CurrencyFair?

this
you'll save a bunch using currency fair, however is it a good time to be buying stg?

catbear

Use currencyfair all the time, great service. I do wonder though if the £ will start weakening once a Brexit date is announced. I'm holding off transferring for a while.

dobsdave

Speedwell wrote: »

Have you looked into CurrencyFair?

What advantage is currencyfair over transferwise that the op is using already?

Speedwell

dobsdave wrote: »

What advantage is currencyfair over transferwise that the op is using already?

I use CurrencyFair and my debit card has never been involved; I've transferred far more than my debit card limits. I don't even know why it's an issue with transferwise.

dobsdave

Speedwell wrote: »

I use CurrencyFair and my debit card has never been involved; I've transferred far more than my debit card limits. I don't even know why it's an issue with transferwise.

You can use both debit card and bank transfer with transferwise.
Obviously a debit card transaction allows you to convert the money quicker than waiting for a transfer to clear.

Tigger

debit card would be a lot of transactions
tw £15,304.48
cf £ 15,281.05
23 euro in the difference so basically the same

dobsdave

Tigger wrote: »

debit card would be a lot of transactions
tw £15,304.48
cf £ 15,281.05
23 euro in the difference so basically the same

At 20k, it would be a bank transfer(s)
I suppose the question is whether there is a better alternative to CF/TW for 20k?

km991148

dobsdave wrote: »

At 20k, it would be a bank transfer(s)
I suppose the question is whether there is a better alternative to CF/TW for 20k?

This is part of the issue - if I do a bank transfer, then I am at the mercy of waiting a day or two for TW/CF and exposed to whatever rate there.

I am wondering if there are any services where I can lodge the funds and wait it out for a better rate. Or say set a preferred rate and wait.

Tigger wrote: »

you'll save a bunch using currency fair, however is it a good time to be buying stg?

well.. thats the other question!

Tigger

km991148 wrote: »

This is part of the issue - if I do a bank transfer, then I am at the mercy of waiting a day or two for TW/CF and exposed to whatever rate there.

I am wondering if there are any services where I can lodge the funds and wait it out for a better rate. Or say set a preferred rate and wait.



well.. thats the other question!

with currency fair what i do is load the euros into a euro account with them, set the rate i want to get and wait till i get it you can set x at a close to todays rate for short term and the rest at a better rate that you woud be happier at

i'm personally thinking of seling my stg at the minute as i feel its gonna drop but as you say thats a different story

km991148

<snip>

km991148

Thanks - ye - I was looking at HiFx - I think its a similar system?

Will check out currency fair! Good luck with the STG sale!

Cheers,
Km

Marcusm

dobsdave wrote: »

You can use both debit card and bank transfer with transferwise.
Obviously a debit card transaction allows you to convert the money quicker than waiting for a transfer to clear.

You might think this but most money transfer companies will disagree for large sums. Basically, debit card transactions don't settle in their perspective until the following day; however, a CHAPS payment will settle same day. I have been using Moneycorp and with approrpiate timing they will credit funds as available within 30 minutes. For debit cards they will never action funds until the following day. For small amounts, money brokers may well be willing to recognise debit cards as immediate receipt but not for significant sums.

Marcusm

km991148 wrote: »

This is part of the issue - if I do a bank transfer, then I am at the mercy of waiting a day or two for TW/CF and exposed to whatever rate there.

I am wondering if there are any services where I can lodge the funds and wait it out for a better rate. Or say set a preferred rate and wait.



well.. thats the other question!

Have you spoken with them about this? This should not be how it operates; money brokers will not generally hold client funds for any significant period. You're at the elvel at which you are best dealing with the money broker by telephone rather than internet - the rates are better. Voice deals will specify a settlement date - generally 1-2 (but possibly up to 5) days. The EUR/GBP rate is set in the call but the funds can't be transferred until settled during which period you arrange your money transfer. If you set yourself up for transfer in advance, ie have details ready to go and deal early in the morning so that you can effect the phone transfer, no reason why you can't get same day settlement of your money transfer in.

As mentioned in my other post, I ahve been using MOneycorp and I think they are now active in Ireland (poss in conjunction with Irish Times).