How do I make overseas transfers of money
Making overseas transfers of money abroad might seem complicated but there are two main ways to facilitate the movement of your money to another country.
You can use a regular bank to do your transfer, but exchange rates are rarely competitive and transaction fees are high because this service is just one of many that banks offer.
Instead, look for an online currency exchange specialist that is authorised and regulated by the FCA to ensure you get maximum protection for your money.
When you choose a currency specialist, you will enjoy much more competitive exchange rates and lower fees for converting your currency.
Why make an overseas transfer of money?
You might be sending money to friends or family living overseas, paying bills on a holiday home abroad or perhaps even making a permanent move to another country. Whatever your reason for sending money to a different country, you will need to make an international money transfer.
When looking for the best deal, you need to be aware that there are fees and charges to consider:
1) The transaction fee
This is the fee charged per transfer, which may be a flat fee or a percentage of the transfer.
2) The exchange rate
This is the rate at which your money is converted into the new currency. It can sometimes be hard to find the exact rate as providers may not publish this information, making it harder to make comparisons between providers.
So how do you make overseas transfers of money?
To make overseas transfers of money with a currency exchange specialist, you will first need to open an online account which is a simple process.
Once your account is open, you can order your currency over the phone or directly using your online account. You can transfer funds directly to the provider’s client bank account or in some cases, you may be able to pay by debit card.
The currency specialist will transfer the money to the recipient account and keep you informed of the progress of the transaction, usually via email or you can access your online account to keep up to date.
What are the advantages of using an online currency exchange specialist?
Competitive rates
The biggest advantage over a high street bank is you will get a more competitive deal. When you are transferring large sums of money abroad, say for a property purchase, this could save you thousands of pounds in fees.
Budgeting
Currency exchange specialists have access to different options for purchasing currency. You can choose to take a forward contract which allows you fix your exchange rate in advance. You can also take a limit order which sets the minimum rate at which your transaction will take place. This can help you avoid losses associated with fluctuating exchange rates and help you to plan your finances more accurately.
Convenience
Money is transferred at the touch of a button, from the comfort of your own home. You can also set up regular payments to make overseas transfers of money saving you multiple trips to the bank.
Customer service
Currency exchange specialists tend to provide each client with a dedicated account manager who will provide you with a personalised service. If you need reassurance or advice when making international money transfers, being able to speak to someone who fully understands the complexities is vital, especially when the sums involved are large.
Moving Currency is a specialist currency exchange provider who can get you the best deals on currency for any overseas transfers of money you need to make, whether for a property purchase, regular business payments or sending money to relatives in another country.
Get in touch and our team will be happy to answer any questions you have or open an account online in just 5 minutes today.
Contact us on UK 0207 435 7052 or USA 516 548 6485 or email info@movingcurrency.com
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