Thread View: cmh.opinion
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Started by Mark Carroll
Sat, 26 Feb 2005 13:41
International funds transfer
Author: Mark Carroll
Date: Sat, 26 Feb 2005 13:41
Date: Sat, 26 Feb 2005 13:41
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Occasionally we want to transfer funds to the United Kingdom. Either, by direct wire transfer, or by obtaining a certified check made out in UK pounds sterling. We bank with small banks that don't seem capable of such an operation. Assuming that we want to move around a thousand bucks or so, can anyone recommend anywhere that can do this with low fees and a good exchange rate for people who aren't regular customers? Western Union's fees are outrageous. -- Mark
Re: International funds transfer
Author: Matt Curtin
Date: Mon, 28 Feb 2005 06:50
Date: Mon, 28 Feb 2005 06:50
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I can't imagine that even a small bank couldn't deal with this. Wire transfers are how they move money around, period. (It's not like when they give you $20 for a check I wrote you from a KeyBank account, they need to exchange the physical check for $20 in cash at some point in the future.) You might consider finding out the bank of the recipient, and seeing if they have a U.S.-based bank through whom they can take wires. Either way, if you go in there with a SWIFT code for the recipient's bank and an account number, you should be able to get the deed done. Generally speaking, you should expect fees for domestic wires in the neighborhood of $20 and roughly $35 for international wires. (If the recipient's bank has a U.S. bank through whom it routes, it should count as domestic.) All that said, don't expect the system to be remotely automated. Your bank might have to do something as high-tech as call someone on the phone and read off all of the data that you just hand-entered on a form. These things are horribly inefficient, to the point that there is plenty of room to debate whether it's more cost-effective just to send a check. (Or perhaps banks in the UK only will take a cheque. You might need to check. :-) -- Matt Curtin, author of Brute Force: Cracking the Data Encryption Standard Founder of Interhack Corporation +1 614 545 4225 http://web.interhack.com/ Forensic Computing | Information Assurance | Managed Information Technology
Re: International funds transfer
Author: Mark Carroll
Date: Mon, 28 Feb 2005 18:00
Date: Mon, 28 Feb 2005 18:00
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In article <863bvhw53e.fsf@rowlf.interhack.net>, Matt Curtin <cmcurtin@interhack.net> wrote: (snip) >I can't imagine that even a small bank couldn't deal with this. Wire Oh, you'd be amazed. We've talked to a couple. They can't deal with foreign currency transactions at all AFAICT. Of course, the larger banks can cope easily. (Actually, more amusing was when we tried to get some actual real-life foreign currency in Youngstown, and it turned out that the best offer was that one bank could send out to Detroit for some.) Of course, it may be that we happen to always talk to the more incompetent teller. (snip) >the future.) You might consider finding out the bank of the >recipient, and seeing if they have a U.S.-based bank through whom they >can take wires. Either way, if you go in there with a SWIFT code for (snip) Alas, in this case they don't. Good idea, though. >(Or perhaps banks in the UK only will take a cheque. You might need >to check. :-) (-: Main difference is that routing number is called the sort code. I did manage to get a check (or cheque (-:) made out in US dollars from my UK bank: it was written out on checks drawn from their New York branch. -- Mark
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