Post Office free (no charges) for sending money abroad
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Post Office free (no charges) for sending money abroad

49
Found 3rd Jan 2013
Been free for quite a while but not many people know about it. You dont need a Post Office account either

49 Comments

Good fast service, I use it for my business to send small amounts to US, easy so set up online, the only downside - no payments over weekends...

Have used it once. Easy to set up. No Fees and a very good exchange rate>

I agree, used P.O. before to send to America.

Banned

Trouble is: the exchange rate is not good at all, it's rubbish.

Compare it to (say) HIFX before you commit.

squillion

Trouble is: the exchange rate is not good at all, it's rubbish.Compare it … Trouble is: the exchange rate is not good at all, it's rubbish.Compare it to (say) HIFX before you commit.



How do their rates compare with the halifax?

Original Poster

squillion

Trouble is: the exchange rate is not good at all, it's rubbish.Compare it … Trouble is: the exchange rate is not good at all, it's rubbish.Compare it to (say) HIFX before you commit.



You're looking at the exchange rate for changing pounds into foreign notes, not for transfers.

You cannot compare unless you register with both and set up a recipient, as you dont know what the Post Office exchange rate is for these transfers. I have just registered for both and both have exactly the same registration procedure.
Edited by: "mccririck" 3rd Jan 2013

thanks! I'll give it a try

Thanks. Just signed up.

Brilliant, thanks for this!

squillion

Trouble is: the exchange rate is not good at all, it's rubbish.Compare it … Trouble is: the exchange rate is not good at all, it's rubbish.Compare it to (say) HIFX before you commit.



Are you trolling here?? It is not currency exchange, it is money transfer service without TT charges and good rates. And you know that what you send other part is going to receive. NOW try to do this with your bank and then come back and let us all know how much did it cost you, how long did it take to do it and whether other part received full amount. Silly billy...

Good direction for people. Period.

thanks

Much better off using currencyfair.com/

Always cheaper, even than a "free" service.

Can highly recommend. Their exchange might not be the best but they've got to pay their way somehow. If the recipient bank places a charge, the Post Office will refund it.

senukas

Are you trolling here?? It is not currency exchange, it is money transfer … Are you trolling here?? It is not currency exchange, it is money transfer service without TT charges and good rates. And you know that what you send other part is going to receive. NOW try to do this with your bank and then come back and let us all know how much did it cost you, how long did it take to do it and whether other part received full amount. Silly billy...Good direction for people. Period.

Surely the exchange rate is key to the service, and the fact that you send in one currency and the recipient receives is an exchange?

The post office sending money abroad for free, nothing new our governments have been doing it for years

I used to have a Citibank US$ account, and used it to send money to a relative in the USA. But recently they started charging for it; it was previously free so long as you maintained a total balancer across all accounts, but now you have to have a high balance in the US$ account.
A few months ago I had to used Citibank to transfer money directly to a US$ account, and despite paying fees of something like £25, it wasn't a next day service!

So I recently changed to use a fairfx card to send money to my relative abroad and it's easier than her having to process cheques. There are often ATM fees but normal payments don't incur costs: fairfx.com/

Mod edit: referals are not allowed on HUKD, removed.

posters' followup to mod edit: a referral which actually saves people money was removed. why doesn't HUKD get a fairfx account and then can get its own referral?
Edited by: "speculatrix" 4th Jan 2013

Could come handy. Thanks.

Balls - wish I'd known about this earlier. Just been charged £8 by rob dogs Halifax (with a discount!) to send and £2 to receive.

Original Poster

Scissorhands

Much better off using http://www.currencyfair.com/Always cheaper, even … Much better off using http://www.currencyfair.com/Always cheaper, even than a "free" service.



If you can show us a comparison I'll listen.

I've been using World First.

Has anyone used these transferwise.com/ ?

Just make sure whoever you use is FSA Authorised (it means they keep your money separate from their own), especially after the Crown Currency Exchange nightmare.

Despite what has been said, the problem is the exchange rate. Post Office is usually terrible.

If you send say £1000 to an account abroad, from your bank you might pay £20 charge.
But compared to the much lower exchange rate the PO has, it is actually better.

My advice is do your homework, and find the best deal.
Dont be fooled by "commission free" and "free transfers" they are meaningless.

All you want to know is how much your £1 will be worth when transferred to the foreign account.
Work it out, and then choose the deal whereby you have the highest answer.

mccririck

If you can show us a comparison I'll listen.



If you can read as well as listen you'll see a pretty clear illustration on their front page.
Edited by: "Scissorhands" 4th Jan 2013

Original Poster

Scissorhands

If you can read as well as listen you'll see a pretty clear illustration … If you can read as well as listen you'll see a pretty clear illustration on their front page.



Well, we need that compared to the Post Office, can you do that? You seem to think your one is better. Show it.

A quick check shows you're £10 better off with Currency Fair on a £500 > Euro transfer.

So better.

It really is as simple as checking. You post this as a deal because you used it and saw the words "free" but you clearly don't understand how the service works and are now offering misleading advice to posters here.

Original Poster

JonDOnnis

Despite what has been said, the problem is the exchange rate. Post Office … Despite what has been said, the problem is the exchange rate. Post Office is usually terrible.If you send say £1000 to an account abroad, from your bank you might pay £20 charge.But compared to the much lower exchange rate the PO has, it is actually better.My advice is do your homework, and find the best deal.Dont be fooled by "commission free" and "free transfers" they are meaningless.All you want to know is how much your £1 will be worth when transferred to the foreign account.Work it out, and then choose the deal whereby you have the highest answer.



But can you give an example of the Post Office exchange rate?

Original Poster

Scissorhands

A quick check shows you're £10 better off with Currency Fair on a £500 … A quick check shows you're £10 better off with Currency Fair on a £500 > Euro transfer. So better. It really is as simple as checking. You post this as a deal because you used it and saw the words "free" but you clearly don't understand how the service works and are now offering misleading advice to posters here.



Where are you doing this quick check? Because I dont see the Post Office exchange rates for transfers on their website.

Original Poster

Scissorhands

A quick check shows you're £10 better off with Currency Fair on a £500 … A quick check shows you're £10 better off with Currency Fair on a £500 > Euro transfer. So better. It really is as simple as checking. You post this as a deal because you used it and saw the words "free" but you clearly don't understand how the service works and are now offering misleading advice to posters here.



I havent used it. That is why I do not know why the exchange rates are, do you?

Original Poster

Scissorhands

http://www.postoffice.co.uk/foreign-currency



That's for ordering foreign currency. It's not the same service.

Edited by: "mccririck" 4th Jan 2013

Also while there are no additional fees with Currency Fair, the Post Office online checker has a caveat that there may be additional fees. You have to log in to see if these apply and since I'm happy with CF I see no reason to set up and online account just to back up your deal. You posted the ruddy deal, you do the work!

Original Poster

Scissorhands

You posted the ruddy deal, you do the work!



You're criticising the deal in a less than satisfactory way.

mccririck

Where are you doing this quick check? Because I dont see the Post Office … Where are you doing this quick check? Because I dont see the Post Office exchange rates for transfers on their website.



So you just blindly trust them then? While it is indeed a different service to the travel money division, a company that (in my view) fraudulently advertises it's currency exchange business isn't one that I'd trust without reassurance - regardless of whether it's a different department or not.

Original Poster

callum9999

So you just blindly trust them then? While it is indeed a different … So you just blindly trust them then? While it is indeed a different service to the travel money division, a company that (in my view) fraudulently advertises it's currency exchange business isn't one that I'd trust without reassurance - regardless of whether it's a different department or not.



Can you explain?

mccririck

Can you explain?



It advertises it's services as "commission free" while charging commission by loading their exchange rates. I am astounded the practise it still legal, and it fools a huge number of people.

The old saying of "nothing is free" works well here, they stiff you on the rate.

Its the same con as Travelex offering Commission free currency exchange in departures at the airport....they give you an awful below market rate.

Original Poster

callum9999

It advertises it's services as "commission free" while charging … It advertises it's services as "commission free" while charging commission by loading their exchange rates. I am astounded the practise it still legal, and it fools a huge number of people.



You suspect they load the exchange rate. We havent had anyone show this yet.
Edited by: "mccririck" 4th Jan 2013

I would've thought that every business needs to charge for its services, or it isn't a business; the most obvious methods are to load the rate or to charge a visible fee.

mccririck

You suspect they load the exchange rate. We havent had anyone show this … You suspect they load the exchange rate. We havent had anyone show this yet.



No, the travel money section categorically does load the exchange rate. There is plenty of evidence.

And the reason why no-one has shown it yet is because the Post Office won't tell you. Not dodgy at all...

Original Poster

I am in the process of finding out. I think the Post Office one might be run by the same people as HIFX.

mccririck

I am in the process of finding out. I think the Post Office one might be … I am in the process of finding out. I think the Post Office one might be run by the same people as HIFX.



It is, that means nothing with regards to fees etc. though.
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