transfering kuna from UK to Cro

[backinaction]

Hi
Are any of the money transfer companies (MoneyCorp and the like) offering a service to transfer Kunas from UK to Croatia? I'd heard some were thinking of doing this, but not sure if any are yet.

Can anyone advise on this?

Cheers

[valj]

We found Moneycorp the best transferring money - they charge less commission than banks - we found it better to transfer our money in euros as we were wanting to purchase property but they will send it in an currency you wish - they were great and when we did want the money transferring from UK we just gave them a short phone call and the money was in bank within two hours

[janskov]

Some Croatian banks are getting IBAN account numbers.
Just got mine from PBZ. That alone will save you 2/3 of the fees.

[Graham - Bosmere]

IBAN numbers should make the transfer faster and more accurate but if you use a currency dealer there is not a big saving. The IBAN numbers are great for inter bank transfers but the banks give such a bad exchange rate they are not worth using unless the amount is small or does not involve an exchage rate.

[Carol]

There are 3 options if you want to change your money into kunas:-
1. Use a FX company like moneycorp.
2. Transfer your money in euros/ sterling to a Croatian bank and have them change it for you.
3. Ask your bank at home to convert the money and then send it.
I've listed the three options in order of how expensive it will be. The cheapest by far is the FX company.

Most of the foreign exchange ("fx") companies now offer to change pounds or euros to kuna. Moneycorp are one of the biggest, but I am not sure they are the cheapest. Some others you could try for quotes:
www.halofinancial.com/,
www.completecurrency.co.uk/index.php
www.fxsolutions.co.uk
There are many others, just look on the internet.

Anyone who uses these companies will almost certainly get a better rate than using a bank to change their money. They do not charge commission and they usually give much better exchange rates than the banks. FX companies make their profit from trading at even better rates than they give you. Part of their service is to arrange for the money to be delivered, usually same day or next day to your Croatian bank account.
Minimum trade is usually £3000.
Be aware though that there is another charge in the process: raiffessen bank take 0.2% of your money as it passes through their hands. Even if your account is not at raiffeissen it will probably pass through them as they are the main reciprocal bank for Croatia which means that UK banks (e.g. Barclays) send any money they need to send to Croatia to Raiffeissen who then forward the money onto your bank (Erste, PBZ etc) who then put it into your account.
I've seen the whole process take 1 day and i've seen it take a week. It depends on how fast the banks process your money.
All the FX companies use either Barclays or HSBC to send your money out of the UK.

I did some research last year and found that you typically save about £1000 for every £100,000 transfered by using an FX company.

Regarding IBAN codes, most Croatian banks use them (though not HPB). By the end of 2006, they will all use them by law.

Generally, it is much cheaper and faster to transfer money using IBAN, even when using an FX company. When you call the FX company to arrange to transfer your money, make sure you give your IBAN code (its like an international bank account number), and for good measure also give your bank's SWIFT code if you know it (look on the back of your bank card). A SWIFT code is like an international sort code for banks.

[Carol]

Valj - I hope you were buying privately and not through the company route if you needed euros! If it was a Croatian doo purchasing the property, rather than you personally, then you would have just made an illegal transaction by paying in euros!

In case anyone does not realise if a Croatian company or a Croatian private person buys property in Croatia then they must pay in kunas. I know all prices get quoted and agreed in euros, but there should be a clause in your contracts which state that you'll pay the kuna equivalent.

[valj]

Carol - yes we did buy by private route as we had been told before we came out here and when found property knew we had to have to pay in euros - that is why we used Moneycorp and also with me working for Lawyers in Uk previous I had EVERYTHING translated before signing contract - but thanks for your advice anyway - have a good day