Hi All,
I'm trying to find the cheapest and easiest way of transferring money=20 abroad (to Norway in my case).
At the moment I do this via a SWIFT payment. I notice that banks charge=20 slightly different amounts to make this payment. Also, they have different= =20 rules with regards to how you request the payment. None of the banks I=20 have looked at have an automated system for making a regular payment=20 abroad (like a monthly standing order) and several banks (HSBC, Barclays=20 and Nationwide for example) actually require you to drop into a branch and= =20 fill out a form to make the payment. They won't let you do it via their=20 internet or telephone banking.
The bank I currently use is the Co-operative bank. They allow you to make= =20 a SWIFT payment via Telephone banking, however as foreign words and names= =20 are involved it always takes some time to go through all the details and=20 double check them with the operator. I have recently discovered that they= =20 (the co-op) also allow transfers requested by fax if sent directly to the= =20 the Bank's foreign department. These faxes must be signed and the bank=20 will typically call you to confirm you requested the transfer. However (if= =20 I understood correctly) if you regularly make the same payment to the same= =20 person/organisation they do not do this extra phone check. You also=20 receive a confirmation of payment letter two days latter to minimise the=20 chance of fraud. This is by far the most convenient method I have come=20 across. Even with the phone call to confirm it is fairly easy to automate= =20 the process from my end since I can just setup a standard fax and only=20 need to change the date each time.
The Co-op charge 2.5% to make a SWIFT payment with a minimum charge of =A31=
3=20 and a maximum charge of =A330. I always get charged the minimum charge of= =20 =A313 since I make a payment of less than =A3520. Barclays apparently charg= e=20 =A310 for anything up to a payment worth =A33000. This is less than I trans= fer=20 and hence would save me three quid a time but the inconvenience of having= =20 to go into a branch and fill in a form each time puts me off. My lunch=20 break is worth more than $3! ;-) Nationwide charge =A320 no matter what the= =20 amount transfered and require a bank trip as do HSBC (or so I am told. I=20 haven't had a chance to confirm that with someone from the bank.) so these= =20 options work out even less well for me.
Does anyone know of a better option? I want the cheapest costs possible=20 but not at the expense of convenience. I don't really want to have to go=20 into the bank so internet, fax or phone are preferable (in that order).=20 Unless of course if the cost is free. My lunch break isn't worth =A313! ;-)
I do regularly travel to Norway so a final option would be to open a=20 Nationwide account and take the cash out of a cash machine in Norway to=20 pay in directly to a Norwegian bank account. The works as Nationwide do=20 not charge for taking out money whilst abroad. However, this is the least= =20 convenient option.
What are people's thoughts? Is there a better solution?