Save Time & Money
Why spend hours trawling the internet when our online money transfer chart can help you find the best foreign exchange rate in seconds. We explain where client funds are held, which trading methods are available and how quickly your money can be sent.
How do I know my money will be safe?
Banks are notorious for offering uncompetitive rates yet many people still chose them for sending money internationally because they don't trust brokers. On a large money transfer this decision can potentially end up costing you hundreds if not thousands of pounds as a reputable currency broker could have offered you a far better currency rate.
There are a number of checks you can carry out to help you find a trustworthy company:
- Are they authorised by the Financial Services Authority (FSA)?
- Are they registered with HM Revenue and Customs as a money service business?
- How long has the company been running for? How many staff do they have? And what is the company turnover?
- Is client money held in segregated client accounts? - Are they happy to provide you with a bank reference?
- Have they professional indemnity insurance that can protect you from staff fraud?
- How strong is the company’s balance sheet?
Where is the exchange rate going?
We often get asked questions such as:
- Where is the Euro rate going?
- What is going to happen to the US Dollar.... will it strengthen or weaken??
We would be very rich if we knew the answer!!
Thankfully the money sending services listed above offer forecasting assistance. Their experienced staff can provide a great insight into how the currency markets have been performing and help you to minimise your exposure to exchange rate movements.
Other factors you should consider.....
As well as money rates there are a number of other factors which you must consider before you decide on which company to use. For instance, can they transmit your currency within your specific timeframe?
How you would like to deal with your chosen provider....You can carry out a money transfer online, over the telephone or face to face with a person in a branch.
Do they offer a number of different buying tools such as forward contracts and stop loss orders to ensure your maximise your currency conversion?
Some companies will change a fee on small money transfers whilst most banks will generally charge a fee on all transactions. How will this fee alter the cost of your transfer? Could you save more using another company with a slightly lower conversion rate that does not charge a fee? Do the math!!
Why do people make international payments?
There are a number of reasons why people send money overseas:
- Property purchase
- Overseas mortgage or bills
- Transferring UK pension or salary into a foreign bank account
- International tuition fees
- Paying a supplier abroad
- Sending money to a relative overseas
What information do I need to make a transfer?
You will need to supply details of your beneficiary’s bank account including:
- Account holders name
- Account number or IBAN (International Bank Account Number) for European bank accounts
- SWIFT BIC Code – Bank Identifier Code
Businesses can also benefit from our money transfer comparison table
If you have a business that uses overseas payments you should compare the foreign exchange rates offered from your existing provider against the most competitive currency rates being offered on comparecurrency.co.uk to see if you could save money and reduce your costs.
Experienced brokers are available to discuss your money transfer requirements and tailor the right solutions for your business regardless of whether you are a sole trader or a multinational corporation. Get a free business health check and find out how much you could save.