HBOS International Funds Transfer Review

“HBOS International Funds Transfer Review - On...”

Written on: 21/04/2008 by letik (14 reviews written)

Good Points
It's an option.

Bad Points
1. Expensive. 2. No web access. 3. A 5-minute phone call to their 0845 number is the only way to find out today's exchange rate.

General Comments
HBOS International Funds Transfer Review - On 21.04.2008 I compared the rates for changing GBP into SEK in the following ways.

1. In cash, at an exchange office in Sweden (1 GBP = 11.7409 SEK at Forex or 11.713 at X-Change)
2. In cash, ordered via HBOS (1 GBP = 11.3436 SEK)
3. Electronic transfer via HBOS (1 GBP = 11.3095 SEK)

An electronic transfer via HBOS will give you 3.6% less SEK than changing GBP cash in Sweden. Additionally, for an electronic transfer, HBOS charges a flat fee of £19.50 a time.

Assume that a day trip to Sweden costs £120. If you need to send £3000 or more to Sweden, you'll get a better deal by flying there with a bag of cash than by sending the money electronically via HBOS.

(PS: I have not mixed up the "buy" and "sell" rates. Buying 1 GBP costs 12.116 SEK)