Money Transfer Abroad
Do you want to transfer money abroad?
Perhaps, to your own overseas account or to a third party? Maybe you just want to purchase international products and services and need a reliable, cost-effective way to make payments?
The standard of pricing for international money transfers throughout the industry is opaque at best, not only leading to inauspicious currency conversion rates but also concealing the true cost of transactions from clients. This makes the comparing money transfer services offered by different institutions somewhat unmanageable.
We understand the hassles and unreasonable costs of making transfers abroad via banks. We want to help you find a transfer option that won’t break your bank account.
Sending Money Abroad
Do your son or daughter school in the United States of America and you want to transfer their tuition fees to their institution? Does your company want to import a specialist from Europe and needs to make an advance payment first? Are you an investor who wants to make an investment in one of Africa’s booming markets? Maybe you want to order some electronics from Asia. Or you want to book a holiday on an exotic island in Central America. Let’s look into some of the options and considerations that you should be mindful of with money transfers abroad.
You should note that there are two main types of fees applicable when transacting business with foreign exchange companies.
Foreign Currency Transaction Fees
This is a common fee that is usually made known to you by the agent before you complete a transaction. It may also be referred to as a ‘commission fee’. If you are dealing with a high street agent or a conventional retail bank, the fees are usually fixed depending on the total amount you are transferring. Hence the more you spend, the less the fees. For many non-bank forex companies, if you are sending a certain amount, there will be no charges.
Exchange Rate Markup
Be careful of making money transfers labelled “free-of-charge”. This is because such fees have been transferred into a significant margin on the currency exchange rates. As a result, it is necessary to understand the most important part of your international money transfer is how much the margin varies from the interbank exchange rates. The closer it is to interbank rates, the better.
Pro-tip: compare similar exchange rates offered between two trusted forex providers before transacting. You also try to make a bargain. You would be surprised companies allow to get your business.
When transferring money abroad, nobody fancies the idea of sitting around all day or even for many days, wondering if the beneficiary abroad has received the funds. Nor does anyone fancy the headaches that come with that idea. First, you want to be informed of the delivery date of your funds, and second, you want the assurance that the money will reach the beneficiary on time that is, on the agreed time
Transfer money to Europe
A number of banks allow you to transfer money to linked banks overseas without a fee though usually, it's just an overseas arm of the same banking group. So if both you and the person you want to send money to open accounts, you can move money between them cheaply.
There is one major difference though. One allows you to send money to anyone who holds an account with the same bank overseas, while the other group requires both the UK and the foreign account to be in YOUR name.
Sending money to Europe
Transfer money to Europe quickly and securely with these currency transfer companies ranked in our Top 100 Foreign Currency Companies
Here you can compare services to pay lower fees when you transfer money anywhere in Europe.
Who's it suitable for?
This is best for regular movements of money to people who stay in one country. Typical examples include:
Regular cash to family members who live overseas.
Payments for services on homes abroad.
International Bank Transfers
Many people prefer high street bank transfers when they want to send money abroad. Actually, this is a very expensive option. Banks often add between 3% and 5% margins, therefore £100,000 sent from London to Spain could cost someone up to £5000. So, it is necessary to make sure that your forex provider uses the best margins available. This is where non-bank forex companies are useful.
How to send money abroad without a bank account
There are a lot of non-bank foreign exchange agents in the market that can offer you deals with very competitive margins. These non-bank agents generally use margins lower than 1%, which is already 2% - 4% better than traditional bank rates.
They can give these rates because they conduct a lot of transactions and can afford cheaper margins on subsequent transfers. This is more suitable for large transactions.
Other useful transfer options include Western Union or Currency Direct for smaller amounts of money and convenience.
Sending Money Abroad
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