International wire transfer

[Kariska]

Hi, I'm new on T2W and I'm new in trading I set up my brokerage account with Firstrade and because I'm based in UK the only option is to use international wire transfer to found my account and I would have a question for people who actualy did that. What is the best and cheapest way to do it? I went to my bank and the person I spoke to had no idea what I was talking about. I was doing a lot of research and the idea of wire transfer is still kinda fuzzy for me... Some people says is just an interational bank transfer some says it's some kind special one...

I'd appreciate if people who found theirs account through wire transfer explain to me their experiences

And sorry if there was topic like that before but I couldn't find nothing like that.

 

[Quantt]

Hi, I'm new on T2W and I'm new in trading I set up my brokerage account with Firstrade and because I'm based in UK the only option is to use international wire transfer to found my account and I would have a question for people who actualy did that. What is the best and cheapest way to do it? I went to my bank and the person I spoke to had no idea what I was talking about. I was doing a lot of research and the idea of wire transfer is still kinda fuzzy for me... Some people says is just an interational bank transfer some says it's some kind special one...

I'd appreciate if people who found theirs account through wire transfer explain to me their experiences

And sorry if there was topic like that before but I couldn't find nothing like that.

Hello and I hope you'll find a good answer to your question!
Let me ask you something, because I am always wondering: why not use a registered broker in your country (and have the protection your government will give you in case something goes wrong like bankruptcy for example)... I am sure you have a good reason I never thought about... Thanks!

 

[wisefoolx]

YOu can do it all online via your bank's web site, are you serious when you say you don't know what a wire is ?

 

[Kariska]

Wisefoolx
The question must sound silly to you but I was not born in UK and English is not my first language so I can have sometimes problems with understanding something which can be obvious to you. In my country we sometimes do things differently in our banking.

I must be very unlucky then because I tried online banking and it didn't work, so I went to the bank and I spoke with a guy who made big eyes when I asked about wire transfer and he said they don't do that... (he also didn't know what it is...)

Quantt
I guess it's all about the money, Firstrade fees looks good, UK brokers not really

 

[Quantt]

Quantt
I guess it's all about the money, Firstrade fees looks good, UK brokers not really

Makes perfect sense to me

 

[gc1]

'Wire transfer' tends to be a U.S. term, it's just an abbreviation of 'fedwire transfer'. As others have said international transfer or swift transfer are more common terms used outside of the U.S. Expect high fees (£25 or £30 are typical) and be at the mercy of your bank on the exchange rate applied. Some banks have lower fees if you do it online. Sometimes funds go via an intermediate 'correspondent' bank who can deduct their own charge so the sum received is then slightly less than the amount sent. Talk to the receiving broker and explain the funds are being transferred internationally so they tell you the full routing information required (which might be via a correspondent bank).