Best value to send funds overseas ?

[sneijder]

I am due a sizeable amount to be sent from the UK to me here in Norway.

What would be the best way to go about this ?

Speed of transfer is not an issue, is it fine to just do it from bank to bank or does this generally end up with getting a spanking when it comes to the exchange rate ?

Sorry if this has been asked before, but the search is a bit wobbly.

[Mr Green]

I don't know about Norway but when I transfered a large amount of sterling to Cyprus I opened a sterling account there first and paid the cheque in and left it for 9 working days, then I tranfered it into Cyprus pounds(6 years ago) at the same bank and again left it in for 9 working days, that way I got the best deal.

[holloway_dave]

I've recently used XE Trade to transfer money from Aus to the UK http://www.xe.com/fx/

It took a couple of days to set up the account while they verify bank details etc. I've found their customer service to be excellent.

You also get a real live exchange rate - rather than 'todays rate' which you will get from a bank. You choose exactly when to 'lock in' the trade and then the funds take a few days to end up in the foreign account.

ETA: The rate I could get with XE was significantly better than what I was being quoted by my bank.

Also, if it helps for comparison, the rate right now for GBP to NOK is:

1 GBP = 8.6957 NOK
1 NOK = 0.1150 GBP

(This will change in real time - so probably different by the time I finish typing this)

Edited by holloway_dave on Thursday 11th March 13:11

Edited by holloway_dave on Thursday 11th March 13:14

[guyvert1]

Another vote for XE, been using them for years...

[sneijder]

Thanks, I'll look at that in a while, Sterling is useless at the moment so I'll not rush !