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| Thread ID: 45028 | 2004-05-06 23:54:00 | OT: Cheapest method of remitting funds overseas? | Billy T (70) | Press F1 |
| Post ID | Timestamp | Content | User | ||
| 234841 | 2004-05-06 23:54:00 | Hi Team We are in the process of buying a professional musical instrument for our daughter and are buying direct from the UK manufacturer to save money. The cost is around $6500 so small differences in exchange rates make quite a difference and we want to choose the most economical method of sending the funds. As we understand it, using a credit card will tie us to the exchange rate at the time of billing, which may be more or less favourable than the rate on the day the charge is made against the card. Aranging a remittance direct from our account to theirs may incur charges that we are unaware of as yet, and posting a cheque drawn in UK pounds will have charges attached as we have used this method for odd small purchases from the US where Visa was not an option. Are there any banking experts on the forum, or anybody who spends larger amounts from time to time? Cheers Billy 8-{) |
Billy T (70) | ||
| 234842 | 2004-05-07 00:08:00 | Will ask the financial controller (of this household) when she gets home from work, if it hasen't been answered by then. Part of her job entails foreign currency transactions. Cheers Murray P |
Murray P (44) | ||
| 234843 | 2004-05-07 00:31:00 | If you have their account details a telegraphic transfer from your account will give you the current exchange rate. Don't know about others but Kiwibank charge $25. | jockT (3500) | ||
| 234844 | 2004-05-07 02:07:00 | There are experts in this subject, many of them domiciled in Nigeria. Copy the style of their letters (which I am sure you have recieved) , and you will be able to regard your $6500 as small change. :D | Graham L (2) | ||
| 234845 | 2004-05-07 02:24:00 | Phone Thomas Cook or, better, Western Union (who have more outlets) and explain what you want. Both are in Telecom's White pages. Generally that is the quickest, cheapest, and most clear as to costs way of doing international fund transfers. Next best way is probably credit card. |
rugila (214) | ||
| 234846 | 2004-05-07 02:35:00 | Don't use credit cards for large overseas purchases, the exchange rates are alot different to normal ones and both Visa and your bank will take a cut around 1% for most international transactions. Use International Money transfers, its fast and reasonably cheap, Most banks charge $25 for the payment. Try to get the company you are purchasing from to find out what charges their bank put on to receive the payment, make sure you add this amount to the payment otherwise you won't be paying what you think you are. I know NZ banks charge about $10 to receive a payment. | Pacifier (2821) | ||
| 234847 | 2004-05-07 03:41:00 | Pacifier is correct It's definitely more expensive using a credit card and you don't know the final cost until the transaction shows in your statement, the exchange rate risks are not worth it. The banks, not much to choose between, them are the best all round I use National because it's my bank |
bonzo29 (2348) | ||
| 234848 | 2004-05-07 04:10:00 | Billy, just send me the cash, plus a business class return air ticket to the UK. I will then pay the account in person in the UK. Being generous, I will transfer all Air Points accrued into your account on my return. I will not charge any commission .... |
godfather (25) | ||
| 234849 | 2004-05-07 06:30:00 | And the winner is . . . . . . . . . . . . . Godfather, with an offer you can't refuse, not if you don't want to sleep with the fishes that is . :O Seriously though, the International Money Transfer pans out best with a $25 fee, but no airpoints :( Thanks guys, you saved me some time I didn't have to spare today, not if I was going to get WFTWE #101 finished that is . :D Cheers Billy 8-{) |
Billy T (70) | ||
| 234850 | 2004-05-07 06:43:00 | I'm not sure if it happens in both directions (I suspect it does), but you may find there are extra charges that are not immediately apparent. I sold something on eBay to a guy in UK, and despite me giving him the exact details required by BNZ for a funds transfer, the money actually came by a roundabout route involving several banks/building societies/whatever, and each one clipped the ticket in the way. The final cost of the transfer was some tens of dollars (I forget the exact amount) above what I was given to understand, on a NZ$200 transaction. HTH |
tbacon_nz (865) | ||
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