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Transfer-money.co.uk : Guide to international money transfers –

Whatever be the reason for making a international money transfer, be it buying or selling international investments or property, transferring pension payments and salaries, topping up an overseas bank account or simply sending a lump sum home, it is always desirable to compare international money transfer costs and pay less.

We understand your needs and hence we provide you with this simple step by step guide that gives you all the information you need to understand the best ways to send money to and from the UK saving you serious cash.

International money transfer charges explained –

When shopping around and comparing one company to another regardless of whether it’s your high street bank or one of the many currency specialists in the UK. The international payment cost falls into two simple areas, it’s important to pin point both.

  • The Fees. ‘The charges you see.’
    The key charges to look out for include transfer charges and overseas bank receiving fees.
  • The Exchange rates. ‘The charge you don’t see.’
    Many companies claim to be ‘commission free’ then load the exchange rate. Also it’s often really difficult to get hold of the exact rate and compare it, as some providers simply don’t provide the information.

Despite these complications, getting the most for your money actually boils down to a very simple question…

“How many Euros/ Dollars/ Swiss Francs etc. will I receive for my pounds, after all charges?” You must also remember that exchange rates often change by the minute, so to compare providers properly you need to do it one after the other.

Selecting / Finding the best FX deal –

For larger bank to bank international money transfers i.e £250 and over, it pays to compare your high street bank’s exchange rates with those offered by some of the many currency specialists that exist within the UK.
Typical reasons for making international transfers include:

  • Large purchases abroad such as stocks and shares, property, boats and cars.
  • Regular transfers; pension transfers, overseas mortgage payments and salary transfers.
  • Smaller one off transfers; topping up an overseas bank account or transfers to family members.

How is the exchange rate calculated?

The rate you are offered by FX companies will be dependent upon a number of factors including:

  • Amount to be transferred.
  • Time duration of trade (i.e whether you are looking to lock into an exchange rate for up to 12 months into the future).
  • Volatility of the currencies you are buying and selling.
  • Exchange rate levels at the time of purchase.

How can foreign exchange rate volatility affect you?

As the exchange rates are constantly changing, an important aspect to your transaction will be the timing.

A European property priced at €200,000 would have cost £165,975.10 mid January 2013. Due to exchange rate movements, that same property would have been £6,218.03 more expensive at £172,191.13 just one month later.

In many cases, people don’t pay much attention to what’s happening to the exchange rate and simply leave their decision to make the international money transfer to the last minute hoping for a good rate, assuming, that without all the funds available, there isn’t much they can do.

Regardless of why you’re transferring your money, the larger the amount you’re looking to move overseas, the more important it is to maximise the timing of your transaction and minimise the risk that the exchange rate could get worse and make your money worth less.

Remember, as soon as you decide to move overseas or buy and sell an asset abroad such as a property, you are exposed to adverse moves in the currency market.

How to decide which option is best for you?

Choosing the right option depends on the following three key factors:

  • The time duration you are working to
  • Amount of fund available at the time of transaction
  • The level of security you want

Your options are as follows:

Q. I have access to all of the funds – what are my options?
A. If you have access to all the funds and want to convert all or part of them immediately, you can buy at the spot rate. Essentially this is a ‘buy now, pay now’ scenario, where you will need to arrange an immediate transfer of the full value of the currency sold.

Q. I do not have access to all of the funds – what are my options?
A. If you do not have access to all of the funds at the outset you can wait or act now and buy one or more forward contracts.

You may not realize it but your bank charges you a lot to transfer money internationally. But it does not have to be like this.

We are an independent group that offers you a choice of safe, reliable and cost-efficient ways to transfer your money around the world. We provide you with a list of top forex companies around UK.

Why Use Transfer-Money.co.uk listed traders?
  • Safe and Secure transactions
  • Best in the market Exchange Rates
  • Some of them provide No Fee Options
  • Full time Dedicated Service
  • Different traders cover almost all global currencies

So no need to pay more, when you can save more, by using Transfer-Money.co.uk. Check our list of top Forex Traders in UK.