If you are looking to transfer money abroad there are many options these days to allow individuals and businesses to send money abroad especially what with the ease of online banking. In order to save money and to make sure that your money is secure we have a list of top tips on how to transfer money abroad quickly, safely and securely:
1 | High street banks are the most expensive
There are three types of international money transfer companies which consist of high street banks, specialist money transfer companies and foreign exchange brokers. Before the internet and online banking came along the majority of people would use high street banks to send money abroad. However, as online payments and international banking has become more digitalised it has made the ease of sending money abroad much more, easier and now people have the option of specialist money transfer companies and foreign exchange brokers to send money overseas online using the internet.
This has made the online money transfer market very competitive and you’ll generally find that high street banks offer a very poor exchange rate and they will charge an additional money transfer fee as well. We would advise shopping around for the best exchange rate between the above three types of companies using our online money transfer comparison table as this could save you hundreds of pounds if you are sending large amounts of money overseas for property transactions, booking self catering accommodation, sending money to friends and family or general business transactions.
2 | High streets banks offer better security
If you are sending money abroad then security is very important especially if you are sending money to a supplier or contact whom you have never done business with before. If you are sending money abroad through a specialist money transfer company or foreign exchange broker then you will find that that Financial Services Compensation Scheme does not cover you for any losses, however, if the money transfer company was to go bust then you should still get your money back as they keep money transfer funds separate from their own company money.
Even though high street banks are more expensive in exchange rates and fees they are more secure and in order to send money abroad with high street banks you will have to hold an account with them first before you can transfer money overseas and any money held in a bank is generally more secure.
3 | Foreign exchange brokers offer the best exchange rates and delivery times
If you are looking to transfer money abroad over the value of £5000 then you will find foreign exchange brokers will offer the best exchange rates and delivery times. Sending money overseas through some money transfer companies and high street banks can often take time and for an express service this can often cost more money when compared with foreign exchange brokers who can deliver funds overseas either the same day or the following day at a lower cost for you.
4 | Always make sure the price quoted includes commission fees and delivery
When looking to get a quote for your money transfer from either your bank, money transfer company, foreign exchange broker or money comparison website we would advise to always ensure that your quote includes the final amount of currency you will get in exchange for your pounds which should include any commission fees and delivery rates. This will allow you to compare all money transfer companies to ensure you get the best deal for your money transfer abroad and that your recipient will receive the exact amount of money promised and within the time scale required.
5 | Always ensure that the money transfer company is FCA Regulated
If you are sending money abroad then we would always advise making sure that the money transfer, company is FCA Regulated for the security of your own money especially if anything went wrong with your transfer. If you are unsure if the money transfer company you are looking to use is FCA regulated then you can use the Financial Conduct Authority website to conduct a search on the money transfer company to make sure they are registered before you send any money with them and when you do send money abroad with any company make sure that you keep all receipts and reference numbers until your recipient has received all the money required.