Written on: 10/04/2013 by lup3nlup3n (1 review written)
My wife needed to send £800 to Thailand but the last time we did it at the bank they charged us a stupidly high fee (£24!!) to do so and the exchange rate was whatever they said it would be (very low!) so decided to shop around for alternatives to the bank, eventually came across Travelex international payments.
Wasn't too sure at first because wasn't totally sure how it worked, but what I did like was I was able to put in how much I was looking to send and to where and I was able to get a real time instant quote, a lot of the other sites I looked at wanted me to phone them!
Anyway after a few days decided to go for it and use Travelex international payments, when I did it the first transfer was FREE, all subsequent transfers are £9, for those still a little confused about how they work it goes like this:
You keep checking the exchange rate, or set up an alert that will send you a text when the exchange rate reaches whatever you want (Beware this could even be at 3am in the morning).
When you have seen a rate you like you click to commit to that rate and amount of money to send.
Within a few minutes a rep from Travelex will call you (maybe they don't call you at 3am I don't know) to make sure of all the details, if you are he will LOCK that rate and amount you intend to send in, he will also tell you exactly how much will be received at the other end.
You then have about 3/4 days to electronically send your money in pounds to Travelex, just do an electronic online banking payment or go into your bank.
When Travelex receive your payment they send the money at the agreed exchange rate to who ever you are sending it too, FYI on the day they sent the funds the exchange rate was a lot lower than on the day I had LOCKED my rate in so I was very happy to be sending funds that I knew were at a better rate than on the day when they were being sent.
In my case it took about 2 days to get to Thailand and the amount deposited at the other end was exactly how much they said would be deposited/we had LOCKED in/agreed upon.
You can keep track of what the exchange rate is doing and can take advantage of sudden jumps by using the text alert service.
Free first transfer, flat rate afterwards of £9.
Rep who called me even helped spot an error I had made in the recipients bank details helping to avoid any delays.
wished I was able to give my debit card details over the phone so they could have taken the money at the same time the rep called me.
Minimum you can send is £600 which makes the process a bit unnerving the first time.
Overall was very impressed with the service and prices and will definitely use again.