FOAK - international transfers of funds

I have inherited a sum of money from a relative in Canada. What is the best
way to get it transferred? Direct Bank transfer might be possible but for
legal reasons the money has to go to me alone and I have a joint bank
account with my wife. Also - can you get an IBAN number for a private bank
account? If bank transfer looks like too much hassle, what is the next best
way to do it. It is being sent by a lawyer in Canada so whatever rouite is
agreed needs to be completely kosher and secure - suggestions?

 

Send it to me. I must be trustworthy because quite a few Nigerians
have asked me to launder money for them.

 

Ring your bank and ask them.
They can set up an account in your name (surprisingly enough)

 

Is the simplest

Any other account with building society et al?

Yep, just call the bank explain what's happening and ask them for the
information you need to give the transmitting bank.

PayPal?

 

On Wed, 11 Mar 2009 18:41:06 -0000, "TMack"

You can certainly get an IBAN number for a private account, I've just
done this (with Canada as it happens!). Do you still get paper
statements? I know with Lloyds they put the numbers you need at the
top. Anyway, it was all very easy.

 

If it's a fairly large sum it might be worth talking to someone like
Hargreaves Lansdown, who can arrange a decent exchange rate.

 

Dis investment am 100% safe.

 

Definitely bank transfer, but beware there may be fees each end, and
you may not get the best exchange rate.

My US Bank (Wamu) gives me free outgoing international transfers, and
allows me to specify the destination currency, thereby allowing me to
avoid a fee the other end. Exchange rate is 'reasonable' but not
brilliant.

Yes, your internet banking help can probably tell you what it is. You
will also need the Swift or BIC code for the bank that you will be
depositing with.

 

Try cashing a foreign check/cheque in the UK and see how much of your
money remains.

 

Depending on the size of the sum, the lawyer at the other end might want
to look into using a bonafide currency broker/currency transfer service
as they do tend to offer better exchange rates than most regular banks.

 

That's my concern, I hope to eventually shift some money back into the
UK but the transferring to a 3rd party broker first does make me think
twice. Bank to bank you'll take a hit but most of it will arrive.

 

Of course you can. An IBAN number is nothing more than the account
number with destination info tacked on.

I do it all the time.

 

.... and check the FT for the latest horror stories .

 

Call these guys: http://www.axiafx.com/

 

Lousy rates. A broker will get a better deal, even after their cut.

 

Ta. I have reached out to them to see if they are able to help me move
large amounts back to NL. Used you as a 'referral', I don't know if you
get a bung or not, but figured it was worth a shot.

 

I don't get a referral, but I am a face.

 

Well it's still tied up for the foreseeable but maybe you're making me
nervous now. Maybe I'll fly out with a big suitcase?

 

True for cross-currency, and the banks are cunts for charging you
through the nose for the service. Within the Eurozone it's limited to a
mere 70-ish cents for an IBAN transfer up to, iirc, 27K, and not a lot
more above that.

 

Ha. I was just repeating what my Forex guy said to me, as he was
explaining that my transfer would be commission-free.