If you are looking to send money abroad then you will need to use
the services of a company providing a money transfer service or a
foreign exchange broker. There are a number of companies which you could
choose from, and the one which you choose will depend on your
situation.
You may find that you could use your credit card abroad, so transferring money would be unnecessary. This is a convenient method to use but it is important to consult the credit card company to discuss rates or charges which may apply.
It may be worth speaking to your bank to see if they can provide a service where you could open a fee free foreign bank account to allow you to transfer funds. Although the transactions may be fee free, an important consideration is the exchange rate which the bank will offer you and how this compares to what other companies could provide.
If you are happy to transfer money via the internet, then a company offering an on-line money transfer service would be perfect. Setting up an account is generally very easy. Transfers over 1000 euros require you to provide some type of photographic ID and proof of home address. However, do not be surprised if you are asked to provide this ID when setting up the account, as you may choose to make further transfers in the future which may exceed the 1000 euros threshold. These documents are required so that anti-money laundering checks can be carried out. The transfer can typically take 1 to 3 days.
If you are in an emergency situation then you may decide to use a popular high street money transfer company. It is important to make sure that the company has an outlet at the destination of the money transfer. However, costs can be quite high when using such a money transfer service.
If you are a business which transfers larger sums of money abroad or perhaps looking to purchase a property overseas, then it would be worth speaking to a Foreign Exchange Broker. A broker can typically offer better exchange rates than a bank and when larger amounts of money are involved this difference can really add up. A broker may work on a 1% mark up from the interbank rates, whereas a bank may typically work on a 3% mark up, where the mark up is the margin of profit. Furthermore, if you are transferring a large sum of money, then there may be further room for negotiation. In addition, most brokers will offer a fee free service if the amount to be transferred is over a certain limit.
An important consideration to make when choosing a company will be that they are regulated with an appropriate body. In the UK it is best to choose a company who are registered with Her Majesty's Revenue & Customs(HMRC) and the Financial Services Authority(FSA). The company should be able to provide you with the registration number which can be verified via the FSA website.
There are several different ways to send money abroad, ultimately the method which you choose will depend on your situation and the amount of funds to be transferred.
You may find that you could use your credit card abroad, so transferring money would be unnecessary. This is a convenient method to use but it is important to consult the credit card company to discuss rates or charges which may apply.
It may be worth speaking to your bank to see if they can provide a service where you could open a fee free foreign bank account to allow you to transfer funds. Although the transactions may be fee free, an important consideration is the exchange rate which the bank will offer you and how this compares to what other companies could provide.
If you are happy to transfer money via the internet, then a company offering an on-line money transfer service would be perfect. Setting up an account is generally very easy. Transfers over 1000 euros require you to provide some type of photographic ID and proof of home address. However, do not be surprised if you are asked to provide this ID when setting up the account, as you may choose to make further transfers in the future which may exceed the 1000 euros threshold. These documents are required so that anti-money laundering checks can be carried out. The transfer can typically take 1 to 3 days.
If you are in an emergency situation then you may decide to use a popular high street money transfer company. It is important to make sure that the company has an outlet at the destination of the money transfer. However, costs can be quite high when using such a money transfer service.
If you are a business which transfers larger sums of money abroad or perhaps looking to purchase a property overseas, then it would be worth speaking to a Foreign Exchange Broker. A broker can typically offer better exchange rates than a bank and when larger amounts of money are involved this difference can really add up. A broker may work on a 1% mark up from the interbank rates, whereas a bank may typically work on a 3% mark up, where the mark up is the margin of profit. Furthermore, if you are transferring a large sum of money, then there may be further room for negotiation. In addition, most brokers will offer a fee free service if the amount to be transferred is over a certain limit.
An important consideration to make when choosing a company will be that they are regulated with an appropriate body. In the UK it is best to choose a company who are registered with Her Majesty's Revenue & Customs(HMRC) and the Financial Services Authority(FSA). The company should be able to provide you with the registration number which can be verified via the FSA website.
There are several different ways to send money abroad, ultimately the method which you choose will depend on your situation and the amount of funds to be transferred.
Get the best rates on your money transfer.
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