Best way to transfer funds to our Britline account

[marc62]

We have opened a Britline account (very easy & helpful) & we would like to know the best / cheapest way to transfer money from our UK account. Would it be better to set up a direct debit or send a couple of hundred pounds every few months?

Many thanks - Marc

[Ron Avery]

Marc You will get a better response if you post this in Finance, but before you do, do a search in Finance as this topic has been discussed very very often on this Forum and also very recently.

[Chas]

Agree with Ron but if it's any help we have had a monthly direct debit with Currencies Direct from our UK banks to Britline for nearly five years now and have not had any problems

[M]

We have a Britline account.  Sending over money every few months can be expensive.  The cheapest I've got it is for £10 with Lloyds TSB  (you'll need an account).

This is an 'Economy' transfer & takes 5-7 days to get there, it has to be less than 3000 euro's.  All the other banks I rang were charging £20 -£30 .  Be careful to say you want it Economy and don't let them put the IBAN number on the form otherwise you get charged for a quick transfer £20 (for less than £10k.)

You could setup Direct Debits but I've read some horror stories on this site about money taken twice and difficulties getting it back.  If your not living there (as we don't) it can be a hassle making phonecalls, trying to get the double payment back.

Emma

[marc62]

Hi Emma,

Thankyou for the infomation - Marc

[Binky]

We are also with Britline and have used various methods, but for the occasional and not very large about, try travellers cheques, britline don't charge you for adding this into your account.

Obviously depends on the rate you get the cheques for, but have sent it this way many times and only takes a few days to be added into you account

Ray

[Esperaza]

I sometimes use Moneybookers for transfers to my Britline account but the total transaction time is around 10 days, this is definitely the cheapest way.

I have set up a direct debit with "smile, the internet bank" to transfer a fixed amount each month at £8.00 per transaction.

Neither of these incur any charges from Britline.

I used to mail travellers cheques but with the poor exchange rate and cost of registered post the £8.00 option became more favourable, plus the fact that I once had £1500.00 go "walkabouts" for 6 weeks which did not endear me to the French banking system!

[peebee]

We also send traveller's cheques (made payable to myself of course).  I sent them last Saturday and I have checked my Britline account tonight and they have already been credited, today...how's that for speed!  There is no cost for this service either.

Pat

[lindysman]

Open a Nationwide Flexaccount, use your debit card to draw Euro's from a french atm, no charges at all! Spend or put into your account - simple!

[Deimos]

Probably depends on how much how often. If very large amounts every few years the costs of a standard bank transfer become trivial compared to the amount (e.g. £10 or £25 makes little difference). However smaller amounts more often (e.g. monthly for living off) then the cost of the transfer can become a bit more.

Another consideration might be where and how you get the Euros. The rate you achieve could make the transfer costs trivial, but what you can get will depend on the amounts being transferred.

I tend to do larger amounts less often and use a currency exchange company with dynamic rates (based in London). They charge me £25 to transfer the money to France, but they transfer Euros and those Euros are got at a very good rate - hence the transfer costs are trivial and more than made up for by the exchange rate achieved.

Sorry - no real answers, just things to consider.

Ian

[marc62]

Hi Ian

Thanks for your reply but I asked this question back in July 2005. I have followed the advise I now use Money Bookers over the net, with this you still achieve spot rate regardless of the sum required & it only costs approx £2.50. It is well worth looking into as it will save money, For very large amounts I would still however go via one of the transfer banks / companies, but anything below £2000 is sent via Money Bookers.

 

Regards

 

Marc

[Brilec]

I often use Moneybookers but it does take some time, and you have to do at least some of it manually, online. You transfer from your bank to Moneybookers which you can set up as automatic, but when the money arrives, they send an email. Then you have to withdraw that money to your french account.

I also use HSBC, where I have my normal UK account. For transfers of less than £2k they charge £9.00, the last one I did in the branch at about 11.30 am on a monday, and got a letter from my french bank later in the week to say that my account had been credited, and the letter was dated that same Monday. So the money took just a few hours to get there. And french banks are normally closed on Mondays.

Is this a record?

[Sabina]

I also use HSBC, paying £9 for a World Transfer Payment to send euros to Britline (up to 3000 or is it 4000 euros before fee increases)

Been doing it for last 15 years - it used to take days but since everything now done as telegraphic (or is it electronic) transfer using SWIFT and /or IBAN numbers, the money arrives in hours.

Sabina[:D]

[hastobe]

We have a Banque Populaire account in France and Co-operative current account in the UK.  We use HIFX as brokers get a very good rate and no charges at either end.  Transaction is usually processed in less than 5 working days.

Kathie

[cheminot]

I do regular monthly transfers through Currencies Direct. It costs me nothing and I get a good exchange rate. Dont think it is possible to get it cheaper than that!

cheminot