International money transfers: Don't let the banks cash in!

Why use money transfer companies to send money abroad?

For international payments, specialist money transfer companies have several benefits. Whether you are buying or selling a property overseas or sending funds for livings expenses or bill payments, money transfer companies can offer very cost effective ways to send money around the world.

Foreign exchange companies will offer more value for your money

When you send money overseas, you will look obviously look for the best exchange rate possible. While many high-street banks offer an international money transfer service, regulated money transfer companies will offer competitive exchange rates and in many cases saving you up to 5%. Additionally, high-street banks often charge transfer fees as high as £30 per transfer. So over 12 month period, that will cost you nearly £400 a year in fees alone.

Whether you are sending adhoc money transfers or sending larger sums of money overseas, you will be keen to make the most of your well-earned savings.

Foreign exchange companies are advantageous

The majority of foreign exchange companies will provide you with an online trading facility, allowing you to make transfers and manage your payments when it suits you. Along with this, you will be able to take guidance from experienced currency traders, who can offer a wide range of currency products.

You will be able make a one-off international money transfer to pay a bills abroad, or even set up regular payments for mortgage repayments etc.

Foreign exchange companies will allow you to reduce risk and plan for the short term future.

Most foreign exchange companies will also provide you with a dedicated account manager with whom you can discuss the volatility of the currency market and explain to you how to transfer funds to ensure a smooth and painless process.

For example, did you know that you can fix the exchange rate for future payments even if you don’t have all the funds available immediately? This is known as a forward contract. Also, many foreign exchange companies have the ability to notify you if the exchange rate reaches a level that you dictate – this is known a rate alert or market order.

The currency market can be volatile, but with a foreign exchange specialist they will offer you fast transfers, competitive rates and expert guidance. There are over 150 Foreign exchange companies in the UK alone so if you would like to receive further information with one of our chosen FCA authorised providers who have assisted our clients since 2007 then please contact us and we will arrange for them to get in contact with you for a no obligation discussion.