o/t International Banking.....

[the_idiotb_stardson]

I use Paypal all the time.

I use PayPal for small amounts.

Can you use PayPal to send money to China, Japan etc

[Paul Waring]

I use PayPal for small amounts.

Can you use PayPal to send money to China, Japan etc

I send to Slovakia, USA, France. I'm pretty sure you can use it for anywhere in the world as long as recipient has a Paypal account. I never get charged fees when I'm buying but may pay a nominal fee to send money if currency conversion is involved. I'd have to ckeck but the only time I was charged it was 0.99p for sending money to Poland.

[PerigordMiller]

Use a specialist FX company, cheaper than banks.

[CAMiller]

Sent some money to USA and got charged £9 by my bank. The recipient of the money also got charged twice this amount, from their bank in America.

What exactly do the banks do to "earn " this money. I have been told by someone who works in a bank that is literally a few clicks on the mouse and takes about 90 seconds. Double that for the recipient and we are talking 180 seconds work of gruelling hard "work".


So yesterday a deduction of £27 for 180 seconds work.


It didn't used to be like this. Wasn't it the Blair government who introduced all these bank charges?


Anyone shed any light on this scandalous practice?

Take a look at Transferwise. Haven't used them yet but considering doing so for US-UK transfers, especially larger sums as they give market rates on exchange and charge a set fee. That's compared to US banks who want to charge $30 for the transfer and on top they gouge about 10c on the rate.

[crashbang]

Auctions are as bad. Seller pays a premium .buyer also pays.
Auction house gets two bites of the cherry.

[CASPER-64-FRANK]

Take a look at Transferwise. Haven't used them yet but considering doing so for US-UK transfers, especially larger sums as they give market rates on exchange and charge a set fee. That's compared to US banks who want to charge $30 for the transfer and on top they gouge about 10c on the rate.

Isn’t the minimum sum 1K on Transferwise ?

[CAMiller]

Isn’t the minimum sum 1K on Transferwise ?

According to their website they specialize in sending large amounts of money abroad but they don't actually state what their limits are until you try to set up a transfer. I haven't done that yet but will be disappointed if the limits are that low, especially having used their 'model' to see how much their service will cost/save me.

[CASPER-64-FRANK]

@ CAM, what I meant was you can’t send less than £1K.
Not sure that’s how they work though.

[CAMiller]

@ CAM, what I meant was you can’t send less than £1K.
Not sure that’s how they work though.

Sorry, need to get these glasses changed If anyone needs to send less than 1K to the US, simply send me the 1K and I'll pass on the amount you want and hang on to the rest, honestly