General Category > Off topic

Transferring money overseas, any tips?

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bw:
subscribed

erwintwr:
Hi Patrick


any updates on this?   Think you wanted to make a blog post about the process as well.



apologies if i overlooked it somewhere :o

Patrick:
Still nothing I'm afraid. The cheapest option I've found is still exchange4free with a 1% margin on the mid market rate. Not bad, but I would have preferred better.

I keep hoping that currencyfair will have a local Rand account for deposits. Instead all they have is a london based Rand account. The other peer to peer transfer services don't take rand deposits at all, so they're out. It's a pity, as a peer to peer transfer is perfect. Money doesn't actually even change borders, so in theory you can circumvent exchange laws. I did write to them, and received this reply:

--- Quote ---Hi Patrick, you would need to transfer to our London based ZAR account, and use the Intermediary details provided for the international transfer part of the process. You should check with you bank if they will allow you to do this. If you have any specific questions it may be best to email us on [email protected] - Kevin
--- End quote ---
The intermediary is nedbank, and they seem to take a 0.4% cut, so in the end the transaction ends up at a similar level to just using exchange4free.

Once I have a reasonable cost method that I've actually used I'll do the blog post.

Whichofsuch:
OZ forex has a sister company called Canadian Forex which i have had the most success with. The best rates obviously come with the bigger transfers. best I have had @ 0.016%, then there is a small fee to accept the payment from your destination bank which seems to be consistently around R180-R250 in South Africa.

They also trade the currency before it arrives at your bank, saving you the cost that your bank would charge for the conversion.. I sure Recommend them and their professionalism, especially after the call you to approve the transaction!

I am looking for a good resource on the rules about foreign nationals and expats that work out of the country for more than half of the year( 180 days), mostly tax implications etc.

Any help is appreciated,

Thanks

Patrick:

--- Quote from: Whichofsuch on December 20, 2016, 09:30:34 am ---OZ forex has a sister company called Canadian Forex which i have had the most success with.

--- End quote ---
Was that just for ZAR to CAD or do they do other currencies too?

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