by Kay » Fri 14 Jul 2006 11:41 GMT
Hi Nicole
One option - not necessarily the best one for your father, you should shop around to see how to minimise charges and maximise your money - would be to go through a currency broker, such as Currency UK. See their banner on the right. We've used them for transferring our own money in the past and were pleased with their service.
For regular transfers, such as pensions, it works like this. First you need to set up an account with Currency UK. Then set up a standing order from the UK bank to Currency UK's client account (this is held with HSBC) , then Currency UK (CUK) does the exchange and transfers it to your account in the foreign country.
Our bank wanted to charge us 1% for currency exchange. As we were transferring money to buy a house you can imagine that we were not pleased at the thought of that! CUK does not charge anything for the transfer. (Being currency brokers, they are effectively wholesalers of currency and make their money by getting better rates than the banks will offer you, thus they can pass on discounted rates to you and still make a profit.)
If you do decide that this is the best option for you/your father, please use our links as we get commission (at no extra cost to you).
As I said, their banner is on the right...
Hope this helps.
Kay
Not Delia - Foodie blog with lots of reviews and recipes.