It is too easy to lose out when sending money overseas. You could end up paying high fees and get a poor exchange rate.
But with these top tips, it’s easy to get a great deal on your international money transfers – whether you need a one-off payment to buy a property, make ongoing mortgage payments, pay for an overseas wedding or send money to friends and family around the world.
1 Alternative to the bank
You might be tempted to use your local bank to send your money overseas, it is traditional and most popular method of moving money overseas, but you should resist temptation. A foreign exchange specialist (such as Gay Star News partners – exchange experts Moneycorp) will help you to get more from your money.
If you make a transfer with Moneycorp you will enjoy more favorable exchange rates than a bank. Typical savings are normally £300 out of every £10,000 transferred.
The fees of £20 to £40 per transfer banks tend to charge will hit you hard if you have to make frequent or regular payments. Moneycorp’s fees begin from just £5.
2 Get free expert guidance
With exchange rates constantly changing, transferring money overseas can be a difficult business.
Moneycorp will give you access to your own personal account manager, these experts eat, drink and breathe the foreign exchange market. They can give you guidance to make sure you time your money transfer to get the best from the market.
3 Bigger savings with bigger transfers
If you group together all your money for one big transfer not only will you have to face only one transfer fee, but you stand to benefit more from favorable foreign exchange market rates. The more money you exchange at the right time the more money you stand to save.
4 Save money with a Regular Payment Plan
Moneycorp offers a Regular Payment Plans which can collect your sterling via direct debit and automatically send the currency abroad at a schedule you set.
The fee for a standard payment is £4 – this can mean significant savings on overseas mortgage payments and maintenance bills for a property for example vs the cost of using a bank.
5 Click for greater savings
If you’re someone who likes to micro-manage your finances it can be more convenient and cheaper to do it all online.
It’s a simple process – create a no-obligation account so you can log in whenever you want, and then just select the currency you want and the amount you wish to transfer. Using a UK debit card or a bank transfer you then buy the currency.
So you can make an international money transfer sat comfortably at home 24 hours a day, seven days a week.
6 Don’t leave your transfers to the last minute
If you prepare in advance you can have more flexibility to get the best deal on your money transfer
With a bit of flexibility from your end, your Moneycorp account manager can offer you tailor-made transfers.
This could be fixing the exchange rate as far as two years in advance of when you need to transfer, or targeting a better exchange rate you want, but isn’t currently available on the market, whatever suits your needs the best.