Sending money abroad

wave100wave100 Frets: 124
Hey - my Mum passed away last month, leaving me as her executor. In her will she left some money to each of her four grandchildren, two of whom live in the US and one in Cambodia. What is the best way to send the money abroad?
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  • benmurray85benmurray85 Frets: 1019
    Expand on “the best way...”

    Do you mean cheapest/quickest/safest? There’s a lot of options these days but I would always just go into my bank and do it. Others will have different advice or tips for online solutions but your bank will generally be reasonably cheap and definitely the safest way of doing it. 
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  • Winny_PoohWinny_Pooh Frets: 2858
    Depends how much, I've used OFX for high value stuff.
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  • roundthebendroundthebend Frets: 376
    I'm working in Sweden at the moment, but my banks are all in the UK. My colleagues always ask me to use TransferWise because it's the fastest, cheapest, easiest and cheapest that they've used.
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  • wave100wave100 Frets: 124
    Expand on “the best way...”

    Do you mean cheapest/quickest/safest? There’s a lot of options these days but I would always just go into my bank and do it. Others will have different advice or tips for online solutions but your bank will generally be reasonably cheap and definitely the safest way of doing it. 
    Absolutely cheapest/quickest/safest, also if I can do it without leaving the house then that's good too. the amounts in question aren't particularly large, a grand each.
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  • rocktronrocktron Frets: 461
    edited July 10
    I was the Executor of the Will of a family friend who left some money for a niece and nephew who reside in the USA. I sent the money using a bank transfer.

    You would need the following information:-

    Account Holder Name:                            

    Account Holder Address:           

    Bank Name:                                    

    Bank Address:                                

    Checking (American spelling) Account  Number:      

    IBAN Code / Routing Number:               


     This method of transferring money is very quick, and in most cases the money is in the recipient's account the next day. Do note that the bank will charge you a commission fee for this service.

    If you do this online, you will be presented with the bank charges and a pop-up screen which asks if you would like to go through with the transaction. 
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  • Phil_aka_PipPhil_aka_Pip Frets: 8871
    Sorry about your mum. I was going to make some wisecrack about joining foreign political organisations and sending them lots of money in the hope your farmers might get some of it back, but after reading your OP I won't bother.
    "Working" software has only unobserved bugs. (Parroty Error: Pieces of Nine! Pieces of Nine!)
    Seriously: If you value it, take/fetch it yourself
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  • stickyfiddlestickyfiddle Frets: 9347
    I've used Bluestone currency a handful of times transferring both in and out of the UK. Good rates and never had an issue. Depending n how much money needs moving, but potentially worth checking the total cost of the transfer from each of the above and your bank. Should only take a couple of phone calls
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  • HeartfeltdawnHeartfeltdawn Frets: 11244
    Have you considered tweeting Arron Banks and asking him for the best method? 
    Clarity over quantity.  
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  • rocktronrocktron Frets: 461
    edited July 11
    BTW, if you send large sums of money via bank transfer, the bank's security department may contact you to check that you authorized the payment. This is just to prevent fraudulent activity.

    I was contacted by HSBC, and Barclays when I transferred money.

    Do have the Security Answers you gave to the bank for your personal account at hand.
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  • boogiemanboogieman Frets: 5036
    edited July 11
    Don’t use a bank, their rates aren’t particularly great and they charge commission. Use one of the currency transfer agencies, I used CurrencyFair the last time and they were excellent.... the money was in the recipient’s account the next day. They have a decent rate and a fixed fee.. think I paid about £7 to send a couple of grand to the US. 
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  • wave100wave100 Frets: 124
    Thanks for all the suggestions chaps.
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