Does anyone know what's the cheapest way to transfer £50k overseas?

[poker_trader]

I haven't done it before. I am looking to transfer overseas to a relative and am wondering what firm I should use for the money transfer. Some googleing brought my attention to

AFEX - AFEX UK: Foreign Currency Broker | Currency Solutions | Large Currency Payments
Foreign Currency Exchange - TorFX
Foreign Currency Exchange Rates, Money Transfers & Forex Trading
Currency Solutions - For all your currency needs
Foreign Currency Exchange Rates - WindsorFX
Currencies Direct - Foreign Exchange Brokers

Some advice/story of one's own experience here please.

 

[breadman]

poker_trader,
I have used Foreign Currency Exchange Rates, Money Transfers & Forex Trading before, no problems. I assume you wish to transfer this money into another currency before transfering. If you wish to just transfer sterling then just go to a high street bank and send a chaps payment. The cost would be £15 to £25 pounds. Moneycorp would also send your money by chaps.

 

[Directional]

only problem with a high street bank is the horrendous spread they will charge you on the currency conversion. You will lose around 2%+ on the conversion.

Far better to go to a currency exchange boutique, where you will only pay the interbank rate plus twenty pips, and 15 quid for the CHAPS transfer.

Example: high street bank RBS today are selling dollars at 2.16 and buying them at 1.90. The actual interbank rate is 1.9756 so they have a spread of 1600 pips!!

For changing and moving currencies, I've used a firm called Voltrex in the past: call Alastair Constance on 0845 094 9378 Excellent personal service from this firm.

 

[TWI]

I use
Voltrex Limited - Foreign Exchange Services.
Excellent service and I can vouch for their integrity as a company 100%

 

[Phil Mibbutz]

A suitcase?

 

[Mr. Charts]

I is important first son of finance minister of esteemed republic in west afrika. My fadder is magic medicine man wid money - he is finance minister ha ha - so give me your monee and my fadder can make it to MANY BILLIONS of special $$$$$$ !!!!!!! for you.
send me monee by western onion to Swiss Bank of Free Peoples' Republiks of West Afrika account number 87654321 and boom - all is very good and you don't have no worries about your 50k no moor

 

[rathcoole_exile]

hawalla banking ?

 

[grantx]

Poker Trader,

Send a cheque and let them worry about the charges.

Grant.

 

[poker_trader]

thanks everyone for the replies, I am going to use Voltrex then.

@grantx: lol that would be best, but then I don't want my relative to pay a fortune for the bank charge

 

[grantx]

Arbitrageur,

Would all your suggestions still require a transfer from the original account.

Poker,

My suggestion was half jest, half serious. You must be very generous to give someone £50k and still worry over them paying bank charges.

Grant.

 

[francois]

have a look at Foreign Exchange & Foreign Currency Specialists | HiFX plc

 

[grantx]

PT,

All the suggested alternatives means you pay twice - from your account to Screw FX; from Screw FX to Fortunate Relative. You know your bank is safe (apart from all their level 3 equivalent, off-balance sheet, off-shore SIV's, ABS/CDO's).

I make monthly Euro denominated direct debits from my (sterling denominated) building society account - there is no charge and I don't get whacked on the spread.

Grant.

 

[montpro]

I use xe.com and found it quick and easy to use. I sent a small amount at first just to test the water (speed and trustworthyness) and now use them for larger amounts.