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3 total messages Started by Mark Carroll Sat, 26 Feb 2005 13:41
International funds transfer
#167
Author: Mark Carroll
Date: Sat, 26 Feb 2005 13:41
9 lines
1288 bytes
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
#168
Author: Matt Curtin
Date: Mon, 28 Feb 2005 06:50
28 lines
2698 bytes
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
#169
Author: Mark Carroll
Date: Mon, 28 Feb 2005 18:00
30 lines
2079 bytes
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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