[Roamin]

This has probably been asked before but I couldn't find an answer so here goes! I have tried to transfer a sum of money via internet banking from my UK bank to ASB bank in London. ASB then convert it and deposit it in NZ a/c. However there is a limit set by my bank of 10,000 pounds for internet transfers. So how do you transfer an amount greater than this?:confused:

[Caroline and Dave]

Hi and Welcome,
Many people will tell you this but you do not get a very good rate by transferring money by a bank even if it is a NZ based bank. Look here for advice
http://www.broadbaseinternational.com/foreign-exchange
By the way,we use Jeremy Henderson (Broadbase) and his advice is sound
Hope this helps

Dave and Caroline

[suzer]

Your best bet is to use a service called OzPay. We've used it before to transfer $$ from the UK to Australian and NZ accounts and you get a MUCH better exchange rate than the banks will give you...the service fee from OzPay is about $10 compared to the $25 or so banks will charge you as well.

[Roamin]

Thank you for the information. However what I was trying to find out was how to transfer a large sum from my UK bank to another UK bank or foreign currency dealer such as HIFX. The limit on internet transfers with my bank is 10,000 GBP which is a problem if, for example, you are trying to transfer house sale proceeds. So how do you move a larger sum? :cheers

[Croft]

Thank you for the information. However what I was trying to find out was how to transfer a large sum from my UK bank to another UK bank or foreign currency dealer such as HIFX. The limit on internet transfers with my bank is 10,000 GBP which is a problem if, for example, you are trying to transfer house sale proceeds. So how do you move a larger sum? :cheers

Have you tried doing it via your banks branch?

We found the rate via ASB was only a matter of pence difference overall than that from HiFX, but only if you went £30K or over to avoid the processing fees.

[Caroline and Dave]

Thank you for the information. However what I was trying to find out was how to transfer a large sum from my UK bank to another UK bank or foreign currency dealer such as HIFX. The limit on internet transfers with my bank is 10,000 GBP which is a problem if, for example, you are trying to transfer house sale proceeds. So how do you move a larger sum? :cheers

Hi again,
Most banks will set a limit online on how much you can transfer. This is for security reasons. There is usually a number you can ring for your bank and you will find that they will be able to transfer larger amounts for you. They just need to ask a few more questions and they usually like it confirmed by fax, but they will advise you this.

Hope this helps

Ps. We use these people as they usually provide a better rate than HiFX
https://www.currenciesdirect.com/
You can get an instant quote on here
Use this to compare http://www.hifx.co.uk/Default.aspx?cookieCheck=true

Dave and Caroline

[victoria]

Hi
We transferred a large sum from an e-savings to a terrestrial account held by the same banking company. Then arranged the transfer to NZ from that account. It was a building society by the way. Security protocols are in place (good) so I made sure we weren't in a hurry. Took a couple of weeks.

[Roamin]

Thanks for the suggestions. I'll have a look at currencies direct.

[willowshouse]

Hi again,
Most banks will set a limit online on how much you can transfer. This is for security reasons. There is usually a number you can ring for your bank and you will find that they will be able to transfer larger amounts for you. They just need to ask a few more questions and they usually like it confirmed by fax, but they will advise you this.



Just to add .. we hit a complete brick wall with Natwest over this one .. they simply will not allow me to transfer more than £10,000 in one go on the internet. I wasted a LOT of time trying to talk to the right person .. VERY FRUSTRATING INDEED!!!! I now transfer funds £9,990 at a time to take into account the fee which xe.com charge - this keeps the whole transaction under £10,000

[marcia]

Hi sorry you aren't clear as to where you are trying to make this transaction!

But if you are still in the uk, you can transfer any amount from your uk account to your ASB london account using a chaps payment, (cost about £20) you fill out a form at your bank to do this. If you aren't still in the uk, did you leave anyone else with the authority to sign on your uk account, who could transfer the money?

[IanW99]

Probably doesn't help, but we set up a CHAPS (or was it BACS) transfer before we left the UK and when we knew the correct amount to actually transfer (and the money was in the account) we phoned the Bank and because they were already aware of the transaction they completed it on our behalf.

So if you are still in the UK, you could set up the transaction ready for later?

Are you wanting to actually transfer all the money now because you need it, or because you are trying to avoid the fee per transaction charge?

If it's the later, then it may be worth contacting ASB, because you can tell them not to transfer the money immediately - in which case, maybe you could do many small transfers to ASB in London and then at the right time do a single transaction to NZ (I assume that this would then incur only one transaction fee?)

Ian

[LesleyS]

We followed Marcia's advice and opened an account with ASB in London - easy peasy.

regards
LesleyS

[zardell]

Thank you for the information. However what I was trying to find out was how to transfer a large sum from my UK bank to another UK bank or foreign currency dealer such as HIFX. The limit on internet transfers with my bank is 10,000 GBP which is a problem if, for example, you are trying to transfer house sale proceeds. So how do you move a larger sum? :cheers


We had to overcome his one too or pay a ridiculous amount of money for relatively small transfers from HSBC to ASB London.

From our HSBC account we sent ASB a cheque and as far as the house sale is concerned, we got the solicitor to transfer the money direct into ASB London and that cost us about £25.

Hope this helps,

Julie

xx

[Roamin]

Marcia, I'm in NZ. I hope I can sort something out with my UK bank from here!

[Tia Maria]

Roamin,

We had the same problem moving money from our UK Nationwide account but after a couple of phone calls they said there was nothing to stop me transferring several lots of £10,000 over the internet. So the limit was on the transfer amount, not the daily amount.

So it was a bit time consuming but I just did lots of transfers into the UK side of my NZ account. Once all the money was there I gave notice to have it moved to NZ.

So just confirm whether the £10,000 is actually a daily limit, if its not there is nothing to stop you doing lots of them.

Cheers

Tia

[marcia]

Marcia, I'm in NZ. I hope I can sort something out with my UK bank from here!


Do you have access to a fax machine, they might be able to fax you over a CHAPS payment form for you to fill in and sign and send back - it might be worth asking about?!

[Roamin]

I contacted my bank about faxing a CHAPS form. Unfortunately they won't accept a fax because they don't have a copy of my signature on file - but I could post it to them they said. So it would not be much better than sending a cheque through the post.
I'll have a look into Tia's suggestion though.

[suzer]

I thought I posted on this but am now not sure. Check out:

www.oz-pay.com (or mayne it is .com.au)

We use this---just got a great rate this weekend transferring from UK bank account to NZ account.