Sending £2500To Someone In America

[bednobs]

what's the best way to do this - paypal? wiring?

[Khandro]

bednobs; the reason Wise can do it cheaper is that money isn't actually transferred from one country to another.

They co-ordinate the money of people who want to transfer funds from A to B with people who want to transfer from B to A. 

In other words they are holding large sums in each country, so in real terms the money remains in the country which it is in. I transfer money to their account in England, say, and they pay me from their account in Germany.

I think the Natwest would charge about £60. to transfer that sum.

[Khandro]

You should ignore that £60 guess, I was thinking of a much larger sum.

For the record, I just looked up a recent transaction with Wise & this is the stat.

Transfered £1,000

Recieved 1,16313 € (rate of that day -in fact of the hour)

Fee £4.49

Time taken  4 secs

Saving £19. 82 (estimate)

 

[bednobs]

Does it go to a bank account or does the person havev yo collect it somewhere

[Khandro]

It goes into a bank account.

If it's just going to be a one-off payment it may be too much trouble for you to set it all up, I often transfer money.