I was talking to a friend who's children just started studying in UK (United Kingdom). He was explaining how he remits money to his children.
Typically to transfer money to UK, the transfer fees are quite high if use standard bank remittance and SWIFT.
He mentioned that there is 2 ways to do it at lower fees. One method for the rich and the other method for the not so rich.
Method 1 : Have a HSBC Premier bank account (rich man method)
Basically open a HSBC Premier bank account (250K in deposits to qualify) and maintain UKD 5000 at the destination account. HSBC will not charge any remittance fee for the transfer.
Method 2 : Get a trusted money changer to remit (poor man method)
This method you will need a money changer that can do cross border transactions. Basically this money changer has got a network of contacts in other countries that can do the transaction. The flow is as below
1. You take cash and pay the local money changer
2. Local money changer contacts (whatsapp,line,messenger) his UK contact
3. UK contact will transfer the money to UK bank account
The local money changer do not charge any transaction fees, he only earns on the spread between the buying and selling price of the currency. This method is technically might not be legal as there is no record of the transfer of monies from you.
He mentioned that there is 2 ways to do it at lower fees. One method for the rich and the other method for the not so rich.
Method 1 : Have a HSBC Premier bank account (rich man method)
Basically open a HSBC Premier bank account (250K in deposits to qualify) and maintain UKD 5000 at the destination account. HSBC will not charge any remittance fee for the transfer.
Method 2 : Get a trusted money changer to remit (poor man method)
This method you will need a money changer that can do cross border transactions. Basically this money changer has got a network of contacts in other countries that can do the transaction. The flow is as below
1. You take cash and pay the local money changer
2. Local money changer contacts (whatsapp,line,messenger) his UK contact
3. UK contact will transfer the money to UK bank account
The local money changer do not charge any transaction fees, he only earns on the spread between the buying and selling price of the currency. This method is technically might not be legal as there is no record of the transfer of monies from you.
