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Thread ID: 82438	2007-08-27 11:23:00	Transferring funds to the UK	Mercury (1316)	PC World Chat

Post ID	Timestamp	Content	User
585120	2007-08-27 11:23:00	My daughter is off to the UK in a couple of weeks for a year's study at a UK university. Does anyone know the most cost effective way of transferring money over there? There will be some going now, some later.	Mercury (1316)
585121	2007-08-27 12:17:00	TT (Telegraphic Transfer) is probably the safest. If you have a bank account at the other end even better...	johcar (6283)
585122	2007-08-27 13:22:00	I have just returned from 6 weeks in Europe. My step-mother travel agent got me onto Cash Passport (www.cashpassport.com). This is an ATM debit card that uses the VISA system. You can get a VISA card version but we just had the ATM version. You also get to access transaction and PIN reset through a website. I deposited NZ Dollars and used ATMs that are on the VISA network to withdrawal what I needed in local currency (USD, GBP, EUR and HKD). Fees are 1% of deposit and $NZD4 per withdrawal. No more travellers cheques for me! Only hassle is that it seems to be through travel agents only, I couldn't work out how to just transfer funds using Internet Banking from my bank.	HAL9000 (12736)
585123	2007-08-27 22:43:00	Don't even bother transferring funds. When we last went we just took our Eftpos cards and had no problem getting any funds we needed. Of course your daughter needs a bank account in NZ. It was almost as simple as using Eftpos in NZ. But not as useful in shops, petrol stations etc as the Brits were not as well adapted as we are to use the facility. Funny enough we went to one small bakery in a tiny little village where they were delighted to see our Eftpos card worked with them. It was a few years ago so things may have changed now. Tom	Thomas01 (317)
585124	2007-08-28 00:04:00	If your bank card has Cirrus and/or Maestro logo on the back they work on ATM's in the UK and Australia and possibly other countries. I did find though that mine worked in the ATM's in Aussie but not at likes of Supermarket Eft-Pos machines. I did not try it at Supermarkets in the UK last year. There was a thread a few weeks ago about this and transferring money to Australia, one solution sounded fairly good. forums.pcworld.co.nz The link provided by Safari sounds fine and from there - the link "We used Elldridge Lynch, a New Zealand based specialist foreign exchange company" I assume if they transfer to Aussie they will to the UK also. Get your bank here maybe to open a UK bank account. When I was there it was quite a difficult task opening one compared to here.	Bantu (52)
585125	2007-08-28 05:22:00	From what I can figure the easiest way is to ask the bank to transfer it . But it may not be the cheapest way . Anyone know anything about Foreign Exchange firms? I was looking at . nzforex . co . nz/cgi-bin/convert . asp" target="_blank">www . nzforex . co . nz earlier which seemed to have lower fees . But I know nothing about such firms or how they work . She has money of her own - savings and a scholarship - that can go in a lump sum at once . We are also letting her have some cash - part gift, part loan if needed . As we live entirely in debt - all money tied up in mortgages and we run life out of a flexi loan - we'll advance her smaller amounts as the year progresses to keep our interest costs down . Smaller amounts, say 3 monthly, will also help with her budgeting - less chance of blowing the lot at the beginning and begging for more . We had a holiday in the UK 12 years ago and I'd swear they still balanced the books at night using a quill pen by candlelight . Hopefully UK banks have now improved . Other trips we've used a combination of Visa and Traveller's cheques . But this won't work for a year .	Mercury (1316)
585126	2007-08-28 05:38:00	I don't know if this will work for you in the UK, but I have an arrangement that works OK with my daughter who lives in Sydney. We have a jointly owned savings account in NZ (jointly owned = I put money in and she takes it out...). No, seriously, whilst that is true, we are both on the bank's records as joint owners with either being able to sign. We both have EFTPOS cards on this account - she has one in Oz. When I need to give her a transfusion, I let her know how much she can take out of the account. It works OK for amounts = to what you can take out daily, but for larger amounts (like my contributions to her forthcoming wedding and wedding present) I buy a bank cheque in $OZ and post it to her. However, the EFTPOS arrangement is a simple system that avoids large bank fees. It helps if you trust your daughter! This is kind of what Thomas is talking about; and his observations were true for us when we were in Britain last year. They are just not as switched on to EFTPOS as we are, but your daughter could always withdraw from a bank using her EFTPOS card on a NZ account. You might want to investigate this for your daughter, but make sure you get it set up before she goes, or you will have trouble getting signatures etc.	John H (8)
585127	2007-08-28 07:43:00	Banking in the UK is like sooooooooooo yesterday. Get your bank to arrange something this end.	DrFill (12677)
585128	2007-08-28 09:02:00	Well I rang the ASB . After hours with a lack of experts so it was suggested I ring back tomorrow to confirm the options . From what we worked out though the answer seems to be along the lines of: - She can set up a UK account with the Hong Kong Shanghai Bank through the ASB . Set up fees costs $60 . - Each time we send a telegraphic transfer there is a flat fee of $25 . OR: - She can use her own NZ account . Everytime she extracts money out of an ATM there is a flat fee of $5 - She can use a NZ visa card . Each transaction attracts a 1 . 1% commission on the amount . I'm interested in finding out how a Foreign Exchange account works for comparison . The other post that I was referred to had a reference to ozforex . com . au . Anyone with any knowledge of NZ ones?	Mercury (1316)
585129	2007-08-28 20:01:00	Mercury it might be better to try and get a more mainstream bank. likes of Barclays and Natwest are everywhere.	Bantu (52)
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