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Paying for a car in the UK

Barack Obama · 2014-03-11 15:53:31

Hi. I need to arrange a transfer a large lump to the UK for a car. Any suggestions on the best way to do this? I believe that a straight bank transfer will have very high charges so I'm looking at these third party options - https://www.currencyfair.com/ http://www.transfermate.com/ Anyone use these before? :confused:

11-03-2014 3:53pm

#1

Barack Obama

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Hi. I need to arrange a transfer a large lump to the UK for a car. Any suggestions on the best way to do this? I believe that a straight bank transfer will have very high charges so I'm looking at these third party options -
https://www.currencyfair.com/
http://www.transfermate.com/

Anyone use these before?

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Comments

#2 11-03-2014 4:10pm

traco

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Is it a garage? If so use your VISA debit, worked for me on approx 10k sterling.

You have to have teh cash in the account to meet the transaction value, you will get as close to interbank rate as possible. It will work on teh weekend but let your bank know beforehand that its going to happen and expect to be put on the phone at the time of the transaction to verify that you are the person that is reposnible for the card. Took 7/8 mins in total for me when I bought over there a in Feb

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#3 11-03-2014 4:36pm

bazz26

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Don't debit cards have a daily limit for security reasons?

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#4 11-03-2014 5:34pm

CiniO

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traco wrote: »

Is it a garage? If so use your VISA debit, worked for me on approx 10k sterling.

You have to have teh cash in the account to meet the transaction value, you will get as close to interbank rate as possible. It will work on teh weekend but let your bank know beforehand that its going to happen and expect to be put on the phone at the time of the transaction to verify that you are the person that is reposnible for the card. Took 7/8 mins in total for me when I bought over there a in Feb

Yes, but currency exchange rate will be quite poor when using debit card.
Services that OP asked initially will most likely provide much better exchange rate.

Remember than when paying f.e. 10k, each cent difference in exchange rate equals €100...

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#5 11-03-2014 6:28pm

BigEejit

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According to xe.com the exchange rate is the best its been for more than a month:
http://www.xe.com/currencycharts/?from=GBP&to=EUR&view=1M

Check the small print on your visa debit, some charge a flat fee per exchange and some do a percentage. Either way they generally do not do great exchange rates. If using one of the companies the OP listed I would be checking to see if anyone had used them before as well.... !

About visa debit cards: There is a daily cash withdrawal limit for 400 or 500 on most cards, but buying an item for 10k stg is usually not a big issue, ring the bank beforehand and tell them. When i changed the car in Jan, the new car was just over 10k stg and it went straight through, no phonecall or anything. I had rung them the day before to check if it was ok and they must have put a marker on my account about it (UK visa debit card though)

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#6 11-03-2014 6:32pm

traco

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As posted above there is only a cash withdrawal limit but non at point of sale limit if the cash is there to meet the value.

As for exchange rates I beg to differ and and found the rate excellent, my experience is linked in the post below

http://www.boards.ie/vbulletin/showpost.php?p=88701300&postcount=18

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