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DTC 136.00 cents - LDT: 19 Jul 2016
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Off topic / Re: Transferring money overseas, any tips?
« on: May 13, 2016, 03:58:40 pm »
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:
Once I have a reasonable cost method that I've actually used I'll do the blog post.
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] - KevinThe 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.