Transferring money..

[L]

I have searched but I couldn't find the post that mentioned a web site that facilitated a method of transferring money that was cheaper than with a UK bank. Anyone remember what the method/site was?

Thanks!

[Johnson]

It was on a Poland thread...here -> http://www.thisisms.com/ftopicp-96320.html, and it was forex through the post office -> https://postoffice.hifxonline.co.uk/Registration/.

[Waterbear]

I use Oanda.com to send money from the UK to my EUR account, they charge a flat fee of $20 for every transfer and they then convert your money with a tiny commision (something like 0.1%).

High street banks charge a commission of 2-3% or more with their buy/sell margins, so if you are sending more than a few hundred pounds using online converters will make a big difference.

Yannis

[L]

Excellent. Thanks very much you two. It's for one of these, which, at the moment, is sitting in Vienna: http://www.stefanopasini.it/Studer_A80.htm (My appointment in Poland isn't for another year, but when it's time this information will come in handy again)

[L]

Quick update - of the two methods listed above, oanda.com works out a little cheaper (and a lot cheaper than RBS). Oanda had the best currency exchange rate..

[Vhoenecke]

I am from Canada do you recommend setting up an account in a European bank? I am supposedly going to Bulgaria in June.

Val

[L]

I am from Canada do you recommend setting up an account in a European bank? I am supposedly going to Bulgaria in June.

Val

I think setting up a Bulgarian account may prove to be a pain. You'd save money on the exchange rate transferring money to the account (being able to use something like oanda mentioned by Waterbear) but the clinic's fee covers accommodation, right? If so then I'd just do a money transfer and then take traveller's cheques maybe. You might lose something on the exchange but you won't be spending lots there I should imagine.

[Vhoenecke]

I think you might have to pay upfront even before you get there. If that is the case cha ching goes the credit card. Haven't heard a date yet wonder where they are in distribution. I know they are at end of April and I am supposedly in June.

Val

[Waterbear]

Quick update - of the two methods listed above, oanda.com works out a little cheaper (and a lot cheaper than RBS). Oanda had the best currency exchange rate..

To show this with real numbers for anyone interested...If you want to buy EUR 10,000 today, with this morning's rates you will have to spend:

-£9,523 using RBS (UK high street bank)
-£9,343 using the UK Post Office
-£9,079 using Oanda.com

The difference will be similar if you are converting money in Canada, the US or anywhere else really.

I am from Canada do you recommend setting up an account in a European bank? I am supposedly going to Bulgaria in June.

Val

You don't need to set up an EUR account, you can transfer money directly to the beneficiary's (ie the clinic) account for the cost of the procedure, and then buy a small amount of cash for your daily expenses there (Bulgaria is a very affordable place).

Most importantly, good luck with the procedure!

[ClaireParry]

OK, I've set up an Oanda account and I'm transferring money on Tues. Is it really that easy? I'm getting worried by the amount of numbers in the Polish account number? Seems like a lot?

Any experience in this gratefully received!!

Claire

[Vhoenecke]

When do you go Clareparry?
Hope I spelled your name correctly.

Val

[fiddler]

Hi Claire,
I've set up an OANDA account, as well. I think that the Bank Acct # for Euromedic Poland is so long because it's an IBAN (International Banking Account Number). In any case, other people who have made the transfer have not reported any problems. Once you've done it, let me know how it went and how long it took to get there. Did Euromedic say that they will confirm when the amount has been received?
...Ted

[ClaireParry]

Hi Ted,

I know they are checking for it as they have asked where the money is as it hasn't been received but I've been waiting for a reply from them on some issues first. They take so long to get back to you.

But, I'll be transferring money on Monday so I'll see how it goes!!

Claire

[L]

Just to let everyone know, I set up an oanda.com account and I made a payment in Euros for a purchase, nothing to do with MS.

Their web site is a bit confusing, not at all intuitive. A couple of forms have to be filled out, scanned and emailed back to them along with proof of ID and address. A bank transfer (I did mine online) can be used to credit your oanda account (for free.) They give you the bank details of whatevr bank they use in whatever country you're in. It took oanda only a couple of hours to pick up the cash. From there the transfer from my oanda account to the recipient took two days.

Like I said earlier, the exchange rate was way more favourable than high street banks and a little better than the Post Office. They have a calculator on their site so you can see how much it will cost and compare with other places.

I keep saying oanda.com but it's actually a sister site/service of oanda that you get redirected to from the oanda site, called FXGlobalTransfer..

But the site is a little badly laid out and a tiny bit frustrating, I found..

[fiddler]

Yes, L, that is generally my experience (so far), as well. I haven't transferred the money to Euromedic yet, but getting the OANDA set up in the first place took some work. However, the money was credited to my OANDA account in less than four hours from the time I had my bank transfer it to them. I've set up the recipient information, so now the next part, transferring to Euromedic, will be easy. I just have to decide whether the Canadian dollar will keep going up against the Euro, or just take advantage of the great rates now. In either case, the OANDA process will save me almost $300 CAD.
...Ted