Whats the best way to transfer fund from abroad (far east) with less fee and higher exchange rate? Bank to bank transfer seems to be on the lowside of exchange rate
Money transfer from abroad?
Buy something that's cheap there and dear here - bring it over and sell it.
Every other way seems to cost one way or another...
Go to a Hawala man. We have a customer in Sudan (where there are no banking links with Europe) who regularly owes us up to £200,000 and in 15 years of using this system he has never failed us. It's the world's oldest money transfer system, it completely circumvents the avaricious banks, it relies on honesty and the agent's good name to work, it's self-regulating and there are no fees; they make their money on the difference in the exchange rates. If I wanted to send money to somebody abroad I wouldn't hesitate to use it.
Depends entirely in your foreign bank, mine is pretty good and I've done many bank transfers (100's) and the rates have generally been very good and most of them done online. I generally covert into £'s at the foreign bank as part of the transfer. I do usually get charged about £25 by the receiving uk bank on top.
In the past I used a company called HIFX but they really only handle larger amounts so I got fed up when I needed to do some smaller transfers.
I've used currencyfair.com for UK/Europe transfers, and my BiL uses them for UK/Canada. They are a peer to peer service (so no spread at all), with I think 0.3% commission. They don't cover all currencies but if they do the one you are interested in I recommended them.
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