Niti Posted November 11, 2020 Share Posted November 11, 2020 (edited) Hi everyone, I am in the process of moving back to the UK and have a large sum of money I wish to take back with me. I have used transfer wise previously but for smaller amounts. Has anyone used TW for large sums of money.. or have any advice what is the best and safest way to do this (not banks) Also, would it be best to do in chunks or all in one go? Thanks Edited November 11, 2020 by Niti Quote Link to comment Share on other sites More sharing options...
Susan from Moneycorp Posted November 11, 2020 Share Posted November 11, 2020 Hi Niti, Good luck and all the very best to you and your family in this new chapter ~ Whilst we're in such politically turbulent times, the currency markets will be volatile and even more unpredictable than usual. I'd always suggest doing your sum in installments to protect yourself against unexpected moves - it gives you the chance to average your overall rate far more favourably. Another safety net is to leave an order with your FX provider so they can book the trade for you at the rate you would like, once the market reaches it. It saves you having to monitor it yourself 24/7. One thing to take off your plate whilst you have so much more to organise! Feel free to contact us at the Sydney office if you want to chat further ~ 0414 838586. 1 Quote Link to comment Share on other sites More sharing options...
Niti Posted November 11, 2020 Author Share Posted November 11, 2020 50 minutes ago, Susan from Moneycorp said: Hi Niti, Good luck and all the very best to you and your family in this new chapter ~ Whilst we're in such politically turbulent times, the currency markets will be volatile and even more unpredictable than usual. I'd always suggest doing your sum in installments to protect yourself against unexpected moves - it gives you the chance to average your overall rate far more favourably. Another safety net is to leave an order with your FX provider so they can book the trade for you at the rate you would like, once the market reaches it. It saves you having to monitor it yourself 24/7. One thing to take off your plate whilst you have so much more to organise! Feel free to contact us at the Sydney office if you want to chat further ~ 0414 838586. Thanks for your advice Susan. I will do the transfers in installments. Quote Link to comment Share on other sites More sharing options...
Sloth Posted November 13, 2020 Share Posted November 13, 2020 (edited) Bear in mind that doing your transfer in instalments means you'll pay a larger percentage in fees e.g if you have $1m to send via Transferwise, if you send 10x$100,000 you pay $4486.40, and if you send 1x$1m you pay $3432.40 (at today's rates). Edited November 13, 2020 by Sloth Quote Link to comment Share on other sites More sharing options...
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