I will need to transfer a sum of money between £10.000 and £20.000 to Colombia Bogotá (no it's not for drugs;).
What would be the cheapest way of doing this? Those international money transfer agencies are to expensive.
Many thanks for any advice,
What would be the cheapest way of doing this? Those international money transfer agencies are to expensive.
Many thanks for any advice,
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By international money transfer agencies do you mean WesternUnion?
Why not just ask a 'normal' bank. I suspect that for a one off transfer this will cost you up to 1% of the principal. If that's too expensive then you are probably out of luck.
tim
"Dave" wrote
Just bung a twenty-pound note in the post!
[I admire your accuracy, quoting the amount to the tenth of a penny, but there's really no need - you could just as easily said "between 10.00 and 20.00" or even "between 10 and 20"...]
Most banks seem to charge a flat-rate for international transfers rather than a percentage of the amount. Typically £10 to £15.
Making sure you get a good exchange rate would be a more important factor with that amount of money.
Chris
Just be careful the bank does not freeze your account and then stonewall your complaints because of suspicous transactions.
Also check what protection you have: I think last year one money transfer agency working in Bangladesh went bust, some people lost their life savings. But if it is only 10-20 uk pds I suppose you could live with the risk...
Many thanks for your reply. I've transferred money so far before. Is it relatively easy for a bank to do? And is there an easy way to find the bank offering the cheapest exchange rate?
Anyways, I will be contacting my own bank Barclays (doubt they're good at this though).
Kind Regards,
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