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Cheapest way of sending money?


chenposeb
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Just wanted to know what people find is the cheapest way of sending money back home to the family.

 

I have been sending it over to the missus trying to do the cheapest, bank transfers, western union, and another way which I may or may not have done involving the Post Office.

 

Just wondered for when the missus gets here we are planning on sending some back to the parents, whats the cheapest way you guys have found so far?

I don't know whether it works out better to just transfer a years worth of money to save on the exchange fees, but also exchange rates are another thing to concider.

 

Thanks.

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Halifax charge £19.95 per transaction

how much you been paying ?

Edited by alanr

alan from wales

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Transferring money by Western Union is most likely the quickest way to send money, because once you payed and you text your gf the number of the transfer she can get the money with her passport a few minutes later already. The exchange rates aren't at the possitive side for you, but for Western Union.

If you want to transfer by bank you probably winn a little bit on the costs and you might even safe a bit on the exchange rates. The downside is that your missus have to wait for about another 5 days before she can have the money you transferred to her.

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One possible way, IF you're from the UK and IF you go back there, might be to open the ubiquitous Nationwide Flexi Account. I understand you can have more than one. You can then feed cash into it from your main bank a/c as you wish and stay in control (remove the £250 OD facility).

Then give the card to the missus or whoever and tell them the PIN.

It sounds brave but if there's nowt in it they can't take it out - plus of course it's FREE!

Not for everyone but just a thought.

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Money gram ( i think thats the name ) is the cheepest by far,,just look for the sign in windows of banks/ change booths,,,

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When my ex TG was in Oz we sent money to her parents by registered post with photos etc., never had any problems, cost A$10..

 

Would certainly not send a one year amount all at once, would be all gone in a couple of months and you would be asked for more..

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best way is as above. open a separate Uk bank account and fund it when you need to, give the card and the pin to the out laws and they can draw it when they need it, you can even set up a standing order to the account so the fixed amount goes in every month.

 

If you are not going over you can mail the card from the Post office by international express or DHL etc, cost about £40 and has to be signed for here in thailand- and it is traceable so it wont go missing

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best way is as above. open a separate Uk bank account and fund it when you need to, give the card and the pin to the out laws and they can draw it when they need it, you can even set up a standing order to the account so the fixed amount goes in every month.

 

This has been free for a long time but sadly they are closing the loophole... I'm not sure how much (will still probably be cheaper than WU) but Nationwide will start to charge for overseas ATM withdrawals soon.

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This has been free for a long time but sadly they are closing the loophole... I'm not sure how much (will still probably be cheaper than WU) but Nationwide will start to charge for overseas ATM withdrawals soon.

What!!!!!!!!!!!

That's going to be a blow for a lot of us here and wherever. I didn't see it as a loophole so much as a good marketing plan. Not only are withdrawals free but the exchange rate they give is good. For myself, feeding money through it from my main account, if they start to charge then there is simply no point me having the account. I reckon I'll be running it down to near empty, though it is a good idea to have more than one way of accessing your money out here.

 

You sound as though you know what you're talking about, but do you have a source?

Oh, just found one - http://www.lonelyplanet.com/thorntree/thre...hreadID=1740243

Sounds like it's Visa's fault, though one post says it'll be .86% and another says only .16% - guess it'll be the former then.

 

Maybe that spoils the idea re OP a bit, but it still seems a better way of managing the situation than WU etc., who not only charge 4% (I think?) but also crucify you on exchange rates. I only used WU once and I think Moneygram is much the same isn't it?

I did say IF you're going back to UK because you have to actually stand in front of their counter with ID to activate the account (well I did 2 years ago). You can open it online but you don't get to use it until then, so I don't think it's quite as easy as blueboy0510 said. Anyway £40 just to post a card? Why so much - it's not like you're including the PIN so it's not dangerous and it's only lightweight registered letter post surely. That's of course if the OP isn't bringing it back himself.

 

I read somewhere that you can do a SWIFT t/f in the bank with your Nationwide card. What charges would there be on that do you know? - not really relevant to OP perhaps.

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Avoid companies like western union if you can.

They are fast and an easy way of sending money, but they hit you twice.

Once on the fee's

and once on the nasty exchange rates.

 

I used them in the past because my gf at the time was to useless to help with anything else (boy was a dumb)

and it used to make my blood boil how much of the money went to western union.

Edited by hazze
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best way is as above. open a separate Uk bank account and fund it when you need to, give the card and the pin to the out laws and they can draw it when they need it, you can even set up a standing order to the account so the fixed amount goes in every month.

 

If you are not going over you can mail the card from the Post office by international express or DHL etc, cost about £40 and has to be signed for here in thailand- and it is traceable so it wont go missing

 

 

I second this as the best and cheapest option. I use way of sending money when I need to.

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I gave my wife an ATM card that they use once a month, it costs me $5.00 a transaction

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This has been free for a long time but sadly they are closing the loophole... I'm not sure how much (will still probably be cheaper than WU) but Nationwide will start to charge for overseas ATM withdrawals soon.

I just read some more on this (on the other site) and it does seem that it is a VISA card problem i.e. if you have an a/c with a Cirrus cash card then it's still free for the time being, but not sure if they give the same exchange rate. Otherwise we start paying May/June. It looks like 1% (not quite sure) but that's still better than WU and others and I think the OP would be able to keep control of their spending/withdrawals a lot better.

To get a Cirrus cash card, one would have to open another (or simply a new if you don't have one already) account and request Cirrus cash card/no cheque book. Your credit rating has to be good and other Nationwide a/cs well managed etc..

I think I'll give it a try i.e. open one online, as I'm nipping back next month and could do the "at the counter" bit, though someone may have to post the card on if they're not quick enough issuing it.

 

P.S. I spoke to someone 2 days ago, who's been coming here for 10 years and sending money to Isaan lady for 4 years. I couldn't believe he'd been using WU all that time, but worse than that, he'd been sending the money in THB rather than GBP so he'd been taking an almighty hit on exchange rates. Once he grasped it he said "so that's why she was always complaining that she never got as much as I told her I was sending". He'd been working on the offshore exchange rates. I dread to think how much that cost him/her over 4 years - maybe 5 THB/£ plus the 4%?.

He goes back next week and he'll open a Nationwide a/c (1% or not) post her the card and, once she's got it, text/tell her the PIN - easy peasy. If things go wrong he just doesn't put money in it or even closes it. Don't forget to decline the standard £250 OD if you can.

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Not sure about UK but many banks (and travel agents) in australia have a "Travellex" account, aimed at tourists. you get two atm cards, though you can have separate passwords for each card, they draw money from the one account, but you can put money INTO the account using BPAY using the internet. In oz the atm fee is $3US each time and a 1% fee on money put into the account after the first free deposit. The conversion rate was not much less than I got as a cash conversion when in PI. You can monitor the account on line and also stop the card from being used via on line. You can give the card to the OS person and then by limiting the money put in you can control the useage.

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Thanks a lot guys, you really helped me again...

I knew there had to be a better way than Western Union. I felt like I was getting shafted each time I sent money over already.

We looked into getting a thai bank a/c while we were out there and were going to send the money over from one of the branches in London, but there are so many laws about who can and can't open bank a/c in thailand.

The UK bank a/c idea sounds much better to me. Makes a lot more sense also.

korb kun mak mak krap

Edited by chenposeb
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cheapest way to send money: DONT send any money! Then blame it on the Thai banking system that it never showed up!

 

Cheers, Alex

Edited by Alex the Hedonist
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By far the cheapest and most reliable way to send money is........................

 

Carrier Pidgeon.

 

Try to find pidgeon with spirit 'Cher Ami" (My Freind), the brave carrier pigeon who was presented a medal called the French Croix after the first World War.

 

On his last mission, Cher Ami was badly wounded. When he finally reached his coop, he could fly no longer, and the soldier that answered the sound of the bell found the little bird laying on his back, covered in blood. He had been blinded in one eye, and a bullet had hit his breastbone, making a hole the size of a quarter. From that awful hole, hanging by just a few tendons, was the almost severed leg of the brave little bird. Attached to that leg was a silver canister, with the all-important message.

 

There are most likely many pidgeon fanciers as BMs who could give you tips on training etc, and apparently they run very economically on Birdseed.

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Try logging on to www.ikobo.com. Works well for me and the missus

 

For the samw way to transfer money to Philippines try Yespinoy and smartcard.

 

Hope this will of help to somebody.

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  • 2 weeks later...
I gave my wife an ATM card that they use once a month, it costs me $5.00 a transaction

 

 

I agree with you. I gave my wife an ATM card. It's fast and easy to transfer money into her account and the $5.00 transaction fee is way cheaper than Western Union.

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i use a bread prepayed debit card (google it) and look up secondary cards i use em in thailand no probs.

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Pre Paid credit card is an option open an account you can even get a card with her name on it then send her the card. She then goes to an ATM and withdraws the money they are easy to top up either online or pay in cash at the Post Office Tuxedo Mastercard works in Thailand is one there are many others the advantage is she can only withdraw or spend the money that you have put in the exchange rate is better than cash or Moneygram Fees are on the website depending on what option you chose I had one for my daughter PAYG was I believe £2.25 per withdraw in Thailand. A lot less than Moneygram and easier.

 

Al.

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  • 4 weeks later...

I agree with opening a bank account and then sending your wife/gf an ATM card. You can control the amount available and you can also see where the ATM withdrawls were made.

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there is another option, if the outlaws have a thai bank account you could open a paypal account in thailand for them, also open one for you in Uk and if you email the funds to them they can draw straight down to the Thai Bank account.

 

If you send the money as a "friend" the paypal fees are like 1%, you do get hot in the transfer from one curency to another bit it is not massive and as paypal are trading tens of millions a day they do actually get a good rate

 

Just another option

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