Transfering money abroad - Best rates?

The Prince-e-Paul

So here's the situation. I'm planning on buying a house in Sweden and have the cash. I plan to transfer it to either the broker directly or my wife's Swedish bank account then pay across from there. For the uninitiated in Sweden there are no solicitors used in property purchases, only a broker who is basically an estate agent that works for both sides. 

Anyway. Does anybody have any tips on where to get the best exchange rates for transferring £75,000 or there abouts. Probably 10% up front then the 90% on completion. 

MrOneLung

@The Prince-e-Paul

message me your name and contact details. 

I work corporate side for moneycorp but can get someone from the private division to call you tomorrow. 

I believe in the private side there are no additional transfer fees, other than the exchange rate. 

Bangkokaddick

Check with @MrOneLung but many expats over here use Transferwise.

thai malaysia addick

I’d back @Bangkokaddick. I use TransferWise regularly. Good rates and on one occasion when something went wrong they were very helpful.

i_b_b_o_r_g

Transferwise. Use them all the time and they ard brilliant

The Prince-e-Paul

i_b_b_o_r_g said:

Transferwise. Use them all the time and they ard brilliant

Thanks all for posting

Covered End

I watched a programme about pensions this morning (recorded from last night).
A couple retiring & buying abroad transferred £270K to the foreign exchange company who went bust and they lost the lot.

DoctorCharlton

I have a very close friend who runs an FX brokerage based in Greenwich. Local lad and local business, if you want details please do drop me a message mate.

Fully authorised by the FCA, and they run segregated client bank accounts. In simple terms this means, as above has stated.... if they do go bust the client money is always segregated, therefore protected.

clb74

Covered End said:

I watched a programme about pensions this morning (recorded from last night).
A couple retiring & buying abroad transferred £270K to the foreign exchange company who went bust and they lost the lot.

Watched the same programme, would they not get any of thier money back.

ozaddick

Another here for TransferWise. I send money to me mum every month, never had any bother and it’s done quickly without any problems. 

Covered End

clb74 said:

Covered End said:

I watched a programme about pensions this morning (recorded from last night).
A couple retiring & buying abroad transferred £270K to the foreign exchange company who went bust and they lost the lot.

Watched the same programme, would they not get any of thier money back.

No, because they said the administrators couldn't recover it.
Presumably, they didn't they run segregated client bank accounts, meaning if they do go bust the client money is always segregated, therefore protected.

swords_alive

Covered End said:

clb74 said:

Covered End said:

I watched a programme about pensions this morning (recorded from last night).
A couple retiring & buying abroad transferred £270K to the foreign exchange company who went bust and they lost the lot.

Watched the same programme, would they not get any of thier money back.

No, because they said the administrators couldn't recover it.
Presumably, they didn't they run segregated client bank accounts, meaning if they do go bust the client money is always segregated, therefore protected.

Saw the same programme (part2 tonight, channel5, 9.15pm). From memory, fca still investigating and may yet get money back, but damage done. The couple had to move from Bristol to a cheaper area and give up on their retirement dream abroad.

Apart from the segregated accounts thing, can't you take out an insurance when tranfering money to cover something going wrong? I remember paying my bank £30 for a large transfer connected to a property purchase a few years ago. 

Covered End

swords_alive said:

Covered End said:

clb74 said:

Covered End said:

I watched a programme about pensions this morning (recorded from last night).
A couple retiring & buying abroad transferred £270K to the foreign exchange company who went bust and they lost the lot.

Watched the same programme, would they not get any of thier money back.

No, because they said the administrators couldn't recover it.
Presumably, they didn't they run segregated client bank accounts, meaning if they do go bust the client money is always segregated, therefore protected.

Saw the same programme (part2 tonight, channel5, 9.15pm). From memory, fca still investigating and may yet get money back, but damage done. The couple had to move from Bristol to a cheaper area and give up on their retirement dream abroad.

Apart from the segregated accounts thing, can't you take out an insurance when tranfering money to cover something going wrong? I remember paying my bank £30 for a large transfer connected to a property purchase a few years ago. 

£30 was probably the charge to make the (CHAPS) electronic transfer.

swords_alive

Covered End said:

swords_alive said:

Covered End said:

clb74 said:

Covered End said:

I watched a programme about pensions this morning (recorded from last night).
A couple retiring & buying abroad transferred £270K to the foreign exchange company who went bust and they lost the lot.

Watched the same programme, would they not get any of thier money back.

No, because they said the administrators couldn't recover it.
Presumably, they didn't they run segregated client bank accounts, meaning if they do go bust the client money is always segregated, therefore protected.

Saw the same programme (part2 tonight, channel5, 9.15pm). From memory, fca still investigating and may yet get money back, but damage done. The couple had to move from Bristol to a cheaper area and give up on their retirement dream abroad.

Apart from the segregated accounts thing, can't you take out an insurance when tranfering money to cover something going wrong? I remember paying my bank £30 for a large transfer connected to a property purchase a few years ago. 

£30 was probably the charge to make the (CHAPS) electronic transfer.

Have just checked the paperwork, and you are right. It was a charge.  I would have been happier if it was an insurance fee!

i_b_b_o_r_g

Covered End said:

I watched a programme about pensions this morning (recorded from last night).
A couple retiring & buying abroad transferred £270K to the foreign exchange company who went bust and they lost the lot.

You recorded a programme about pensions?????

MrOneLung

moneycorp clients' funds are fully safeguarded / ringfenced.

charltonJ

My old man recently purchased a property in Sweden, transferring the funds from the UK. I will ask him in the morning for you 

bexleyaddick

We use Foremost Currency for regular transfers to Spain, usually very good rate and they charge a flat rate of £10 for each transfer, whatever the amount....

Danepak

Have a look at WorldRemit