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What's the best, ie most cost efficient, way of doing this? We're not talking a fortune, but certainly in the thousands.
Can it be done via a normal online transfer from one account to another?
From a recommendation on here, we used TorFX to transfer the cash from a sale of a house in Edinburgh to buy a property in Germany.. circa 400k
Worked very well, was easy to understand and manage without any hidden weird stuff happening.
Set up an account with TorFX and declare an account that it's linked to in the country of your choice
Transfer money to them
Follow the exchange rate and choose when to transfer
Either manage the transfer yourself, online via their portal or ask their agent to do it
Money transferred.
Thats it!
OK, thanks. I'll check them out. It appears Moneycorp do a similar service.
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Email's Saxon_Rider AT gmail DOT com
If more than say 10k i d set up a few accounts with the transfer companies. They are free so nothing lost. Divide up your sum into say 4 tranches of 2.5k and stick bids on over a few days.
That will smoothe out any spikes or dips, you may lose or you may win over time v mrket rates. Failed speculative bids dont cost anything so worth sticking a few on.
Good luck, make sure The transfer companies are regulated
Take a look at transferwise.com
A friend of mine recommended Transferwise so I may give them a go. Presumably, I can only do that when I'm over there and have a Canadian bank account.
I used moneycorp and had no issues.
Transferwise do a borderless account that allows you to receive money in other currencies.
I'm in Canada and have done it before. Yes, you need a receiving (ie Canadian) bank account for the money to land in. And it's definitely cheapest, and gives you the best rate, to do it through a foreign transfer company like the ones above. Basically you transfer your money through a direct bank transfer to their UK bank account; they pay you from their Canadian bank account into your Canadian bank account (more or less). The whole process takes a couple of days, once you're set up with the transfer company of your choice.
An alternative is that HSBC (used to?) do Canadian bank accounts for people who have an HSBC Premier account in the UK, and you could transfer money between them fairly easily. If you don't already have the UK account, though, it's probably not worth the hassle.
We used a forex company when emigrating and moving house deposit money over. It was much more favourable than the banks. We've done lots of transfers through them since and even with rate imorovements for volume it never seemed quite enough.
However along came transferwise... they offer better rates, less faff and a far simpler experience all round.