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Mairi
Joined: 29 Dec 2010
Posts: 9
Location: Scotland
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 Posted: Thu Jun 16, 2011 10:53 am Post subject: Banking, but for a UK account |
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Hi all,
I see there is already a thread for banking concerning a U.S. account, so I was hoping for some help with UK transfers. I'm preparing to leave for South Korea in October (if all goes to plan, still gathering visa stuff at the moment), but I'm having trouble sorting out my banking options. I will need to transfer money from the account I'll have out there into my British one as I have several outgoings (credit card, student loan, etc). It is not possible to leave enough money to last the whole year for these things when I leave (this is the advice I've been given so far) and to be honest, this defeats part of the reason for going away in the first place, I want to teach not only for the obvious exciting reasons, but also to get some money behind me (I work part-time at the moment and can't find full time work). I'll be able to leave some cash in there but I will need to transfer some of my wage over to my U.K. account every few months. Is this possible? I've had so much trouble getting straight answers about this stuff, even from my bank! I'm with the Bank of Scotland at the moment, and their lack of ability to give me straight answers worries me, so I'm thinking of moving to another bank, such as HSBC.
Can anyone help me?
Mairi |
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tttompatz
Joined: 06 Mar 2010
Posts: 1951
Location: Talibon, Bohol, Philippines
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| Posted: Thu Jun 16, 2011 12:59 pm Post subject: Re: Banking, but for a UK account |
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| Mairi wrote: |
Hi all,
I see there is already a thread for banking concerning a U.S. account, so I was hoping for some help with UK transfers. I'm preparing to leave for South Korea in October (if all goes to plan, still gathering visa stuff at the moment), but I'm having trouble sorting out my banking options. I will need to transfer money from the account I'll have out there into my British one as I have several outgoings (credit card, student loan, etc). It is not possible to leave enough money to last the whole year for these things when I leave (this is the advice I've been given so far) and to be honest, this defeats part of the reason for going away in the first place, I want to teach not only for the obvious exciting reasons, but also to get some money behind me (I work part-time at the moment and can't find full time work). I'll be able to leave some cash in there but I will need to transfer some of my wage over to my U.K. account every few months. Is this possible? I've had so much trouble getting straight answers about this stuff, even from my bank! I'm with the Bank of Scotland at the moment, and their lack of ability to give me straight answers worries me, so I'm thinking of moving to another bank, such as HSBC.
Can anyone help me?
Mairi |
Transfers to the UK are possible (and quite easy actually).
The ONLY real problem lies in the fees for transferring the funds (up to 50 quid per transaction by the time you add up all the fees for transfers from bank to bank).
Cheapest way to send money is to get a money order made payable to yourself and mail it to your home account with the endorsement "payable to the account of the payee only #xxx-xx-xxx-xxxx. It is still safe and secure but will take 1-2 weeks to get to your account and your bank may hold the funds for up to 30 days pending clearance of the money order.
Wiring is the fastest but not the cheapest. The good news is that the fees are flat rates so if you save up for a few months and send one large remittance it will cost less over the course of a year (3-4 remittance fees instead of 12).
You will need the SWIFT code from your bank (receiving bank) as well as the routing and account numbers.
This is the same for most countries in Asia (not sure about the current status in China) and NOT just for those going to Korea.
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Thu Jun 16, 2011 2:57 pm Post subject: |
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There's more info on the Korean boards, but it's pretty straightforward to wire money.
As with ANY bank, remember to get your bank's
SWIFT
routing
name
address
your account
your name on your account (if you're like me, you've changed your name so many times and can't remember  )
bank's phone number
That's it! Of course, you usually need residence in the place that you're sending money from, but sometimes that's waived. Depends on the country.
tttompatz is right about fees. Basically if you can send money 6 times a year instead of 12, you'll save a nice bundle. Ask about automatic transfers, sometimes you can do them from ATMS and they save money. |
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Cezzie
Joined: 05 Jun 2011
Posts: 8
Location: Wales
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| Posted: Thu Jun 16, 2011 8:20 pm Post subject: |
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| I like this topic. I had the same questions over how to transfer money from bank accounts in Mexico/Central/South America to my UK account. |
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Mairi
Joined: 29 Dec 2010
Posts: 9
Location: Scotland
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| Posted: Thu Jun 16, 2011 8:51 pm Post subject: |
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I can't thank you guys enough for this info  It's been so helpful, preparations continue to move along swimmingly now...  |
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