Fee-Free International Payment by first direct
485°Expired

Fee-Free International Payment by first direct

42
Found 25th Jul 2017
This might not have wide appeal to most of the HUKDer's but could be handy if you want to send international payment for free provided you have
1) a first direct account
2) the beneficiary's account details (in foreign bank)

This is not applicable if you are thinking about getting money to spend on holiday - a foreign bank account is needed to receive the money.

There is no fee for international payment although the beneficiary bank may charge a fee to process the payment. This is the first bank to offer it as free service as far as I am aware.

In most cases it is almost better to send payment in Sterling Pound (£) which will be converted into foreign currency once it hits the beneficiary account - and the exchange rate is always better than the exchange rate proposed by the bank at the point of remittance.

Sending up to £50,000 per day
Community Updates
42 Comments
Well this sucks... I only sent a international payment a couple of weeks ago. Spent about 10 mins on the phone arranging it as well. Cheers for update op
Who sets the forex rate? Can the forex rate be viewed at point of transaction? Thanks.
Thanks OP.
Cheers op. Bank with FD and didn't know this
tommytbone1

Well this sucks... I only sent a international payment a couple of weeks … Well this sucks... I only sent a international payment a couple of weeks ago. Spent about 10 mins on the phone arranging it as well. Cheers for update op



Me too, but 45 mins so complained and got the £4 refunded...took some effort mind you. Good bank overall
AndyRoyd

Who sets the forex rate? Can the forex rate be viewed at point of … Who sets the forex rate? Can the forex rate be viewed at point of transaction? Thanks.



Unsure but good question - could never get across to my mum that "commission free" mean diddly if the ex rate was rubbish.

In my instance I was sending £800 to a foreign account so the exchange rate was the sellers issue.
Great news no fees so i can help the Nigerian prince who keeps e-mailing me $$$
This is very good, Santander charge £25 for a transfer.

The exchange rate you would get when sending GBP is the receiving banks rate, that can vary, isn't necessarily the interbank rate so you need to compare to see if it's any good. For large transfers it's usually better to transfer this way. Companies like transferwise charge a % so can be a high GBP charge
I've just read the small print....it's not good....no mention that you can send GBP so this means that First Direct will manipulate the rate you get and convert before currency is sent. So no guarantee it will be a good rate, certainly not worth opening a first direct account. If you were allowed to send GBP it would be good.

A big COLD vote now
scubascuba3

This is very good, Santander charge £25 for a transfer.The exchange rate … This is very good, Santander charge £25 for a transfer.The exchange rate you would get when sending GBP is the receiving banks rate, that can vary, isn't necessarily the interbank rate so you need to compare to see if it's any good. For large transfers it's usually better to transfer this way. Companies like transferwise charge a % so can be a high GBP charge



Transferwise is the cheapest way to send money internationally, they give you mid market rate and take 0.5% commission.

I get paid in Danish DKK and spent a lot of time looking into the cheapest way of converting my money back to GBP.
yass! I can now transfer some cash to the prince of Nigeria who sent me an email recently looking to borrow some cash for free!!
scubascuba335 m ago

I've just read the small print....it's not good....no mention that you …I've just read the small print....it's not good....no mention that you can send GBP so this means that First Direct will manipulate the rate you get and convert before currency is sent. So no guarantee it will be a good rate, certainly not worth opening a first direct account. If you were allowed to send GBP it would be good.A big COLD vote now


No mention that you can, but any mention that you can't?
laurentmahe5 m ago

No mention that you can, but any mention that you can't?


In the details it says about confirming the exchange rate you will get, this means they decide on the exchange rate not the receiving bank. First Direct have been sneaky with this and you have to read between the lines. If you were allowed to send GBP they would of said so as its a good selling point. Cold
Original Poster
scubascuba3

In the details it says about confirming the exchange rate you will get, … In the details it says about confirming the exchange rate you will get, this means they decide on the exchange rate not the receiving bank. First Direct have been sneaky with this and you have to read between the lines. If you were allowed to send GBP they would of said so as its a good selling point. Cold



Why don't you call them and find out? I will be very surprise if there is no option to send payment in GBP. Even the marketing headline reads “Send up to £50,000 (or currency equivalent) online with no payment fee”.
p9dyl

Transferwise is the cheapest way to send money internationally, they give … Transferwise is the cheapest way to send money internationally, they give you mid market rate and take 0.5% commission. I get paid in Danish DKK and spent a lot of time looking into the cheapest way of converting my money back to GBP.


I found Azimo to be the best, plus you always get a code for extra £5 or £10 off the transfer.
flamethrower

I found Azimo to be the best, plus you always get a code for extra £5 or … I found Azimo to be the best, plus you always get a code for extra £5 or £10 off the transfer.



Azimo is ok imo as at times it does takes 2 full next working days before money is credited, means if you send money on Thursday it will be Tuesday money will show up in receivers a/c.
I my experience Transferwise is the best out there, recently money only takes 4hours to showup and genuinely live rates (much better than Azimo, lebara, xenday etc.) and I think there fees is also very competitive. Often offset against better exchange rate they give.
scubascuba3

I've just read the small print....it's not good....no mention that you … I've just read the small print....it's not good....no mention that you can send GBP so this means that First Direct will manipulate the rate you get and convert before currency is sent. So no guarantee it will be a good rate, certainly not worth opening a first direct account. If you were allowed to send GBP it would be good.A big COLD vote now



Rubbish, they will give you live intraday exchange rate. Also says on it 'Know your exchange rate
With rates updated by the second during market hours, you'll know how much you're sending'
p9dyl

Transferwise is the cheapest way to send money internationally, they give … Transferwise is the cheapest way to send money internationally, they give you mid market rate and take 0.5% commission. I get paid in Danish DKK and spent a lot of time looking into the cheapest way of converting my money back to GBP.



+1 for Transferwise. That service has saved me so much money in transfer/conversion fees. Especially good for larger amounts of cash.
scubascuba3

In the details it says about confirming the exchange rate you will get, … In the details it says about confirming the exchange rate you will get, this means they decide on the exchange rate not the receiving bank. First Direct have been sneaky with this and you have to read between the lines. If you were allowed to send GBP they would of said so as its a good selling point. Cold


** first direct / would have / it's.
adi060421 m ago

Rubbish, they will give you live intraday exchange rate. Also says on it …Rubbish, they will give you live intraday exchange rate. Also says on it 'Know your exchange rateWith rates updated by the second during market hours, you'll know how much you're sending'


You're not comprehending what's going on. There doesn't appear an option to send GBP and receiving bank to receive GBP. Still don't understand?
Edited by: "scubascuba3" 26th Jul 2017
lhwjud55 m ago

Why don't you call them and find out? I will be very surprise if there is …Why don't you call them and find out? I will be very surprise if there is no option to send payment in GBP. Even the marketing headline reads “Send up to £50,000 (or currency equivalent) online with no payment fee”.


As you are the Op I'll leave it to you, good luck
They good thing with this is it will be a Swift payment which means it is traceable unlike when sending money with the likes of Transferwise, Azimo etc. which utilise local payments.

With First Direct, the free payment charge is relatively unimportant in comparison to the exchange rate which is poor, coming in at close to 3% of the mid-market rate, so would avoid using them.

Better to use a International Payment specialist.
Thanks for this. I'm looking into the easiest and cheapest way to send money to daughter from the UK to the USA when she starts her studies there next month.
Master.G47 m ago

** first direct / would have / it's.


Sadly you don't have anything constructive to say about the original post
scubascuba3

You're not comprehending what's going on. There doesn't appear an option … You're not comprehending what's going on. There doesn't appear an option to send GBP and receiving bank to receive GBP. Still don't understand?



It isn't that complicated, either they can put margin on intraday live rate or they can offer exact live forex rate similar to which I get from HSBC. FD will firstly show rate and exact amount and only once confirmed by the account owner they will proceed with transfer.
The fact is I don't have FD account, so anyone who has can check this by login their FD a/c and cross check with current intraday exchange.
scubascuba3

Sadly you don't have anything constructive to say about the original post


I could say the same about you.
Just compared the live rates it's 0.99% less in exchange rate still the best I could find. Even better then Transferwise or Remitly
intercreate

They good thing with this is it will be a Swift payment which means it is … They good thing with this is it will be a Swift payment which means it is traceable unlike when sending money with the likes of Transferwise, Azimo etc. which utilise local payments.With First Direct, the free payment charge is relatively unimportant in comparison to the exchange rate which is poor, coming in at close to 3% of the mid-market rate, so would avoid using them.Better to use a International Payment specialist.


I compared India rates and found them charging 1% of mid-market rate and is more favourable then specialist. However, I understand the rates (commission) could differ country to country
Edited by: "siddhant4u" 26th Jul 2017
This is potentially amazing for me. Im moving to Shanghai next week and will be transferring funds between English and Chinese accounts for the foreseeable future. already have a first direct account too!
I called them - they weren't very helpful to give me the rate they are charging. Even the live rate, they can only give me that if I'm a customer.
The rate they offer appears to differ dependent upon transfer size - with the best rates on offer for the maximum transfer of £50,000. The following is what I could determine for a euro transfer. It does give the option for a sterling transfer. You'd probably need to check that the receiving bank would accept this as opposed to just bouncing it back.

First Direct:
Current Rate as per XE.com: EUR 1.121440
Rate offered online by FD: EUR 1.103506
GBP 50,000.00 = EUR 55,175.30

Transferwise
GBP 50,000.00 = EUR 55,786.07

Transferwise will give an extra GBP 610.77 for a transfer of this size (1.22154% more).
Edited by: "marathonic" 26th Jul 2017
Transferwise every time. Rastafari is the almighty.
Original Poster
marathonic

It does give the option for a sterling transfer. You'd probably need to … It does give the option for a sterling transfer. You'd probably need to check that the receiving bank would accept this as opposed to just bouncing it back.



Thanks for confirming the option to send GBP directly.
marathonic

The rate they offer appears to differ dependent upon transfer size - with … The rate they offer appears to differ dependent upon transfer size - with the best rates on offer for the maximum transfer of £50,000. The following is what I could determine for a euro transfer. It does give the option for a sterling transfer. You'd probably need to check that the receiving bank would accept this as opposed to just bouncing it back.First Direct:Current Rate as per XE.com: EUR 1.121440Rate offered online by FD: EUR 1.103506GBP 50,000.00 = EUR 55,175.30TransferwiseGBP 50,000.00 = EUR 55,786.07Transferwise will give an extra GBP 610.77 for a transfer of this size (1.22154% more).



Thanks for confirming. Seems ideal for me.
AndyRoyd

Who sets the forex rate? Can the forex rate be viewed at point of … Who sets the forex rate? Can the forex rate be viewed at point of transaction? Thanks.


You can choose, where it gets converted - sending/receiving bank (usually better at receiving bank)
Most banks use their central bank's published rate less "1% (minimum) or more"
Edited by: "foxabcd1234" 26th Jul 2017
worse for me for Spain. They were giving 1.0785 euro to the pound, against transferwise, azimo, and lebara around 1.12. Makes a difference of £4 per hundred before the others' fees if any.
I see it says you need to switch a current account to them and pay in £1k every month, or keep a balance of £1k. I have no wish to switch my account and don't want to pay a £10 pcm fee, does anyone know if you can opt out of the £100 incentive and not 'switch' as it were, and take advantage of this please?
I see a few on here speaking highly of Transferwise.

Anyone know how they compare to MoneyCorp ?
rodulett

I see a few on here speaking highly of Transferwise.Anyone know how they … I see a few on here speaking highly of Transferwise.Anyone know how they compare to MoneyCorp ?



Found TransferWise usually has best rates when I sent few x,xxx transfers always compared and it was cheapest and now its even same day some cases depending on when you send it.

Bank rates will be pretty bad but nice to see fee removed.
Edited by: "kiish" 26th Jul 2017
Post a comment
Avatar
@
    Text