Transferring Money Abroad

Transferring money abroad – find the best deals with Compare Money Transfer

There are numerous reasons why you might need to transfer money abroad. Perhaps you’re buying a place in the sun for family holidays or investment purposes. Or maybe your child is attending university overseas and you need to make regular payments to support their education.

Whatever the reason, you’ll be keen to find the best deals possible on foreign exchange, especially if you’re transferring large sums. At Compare Money Transfer, we can help you find them. We are the first foreign exchange comparison site to hit the internet and we only list FSA registered brokers.

Our foreign exchange information and comparison tables provide you with live exchange rates and transfer charges to help you compare banks and foreign exchange brokers and find the best deal for you, saving hundreds, if not thousands of pounds in the process.

Why might you need to transfer money abroad?

International money transfers can be made in a number of circumstances. If you’re buying property abroad, you may be looking to make a one-off transaction, sending money from the UK to an overseas bank in the quickest and most affordable way possible.

An overseas home will need to be maintained, so you may also need to send money abroad to pay bills and cover repair costs. In this case, you’ll need to carry out regular money transfers from the UK overseas.

You may also need to transfer money abroad if you have relatives living in another country and you want to send money to them, perhaps to cover education costs or pay for elderly care.

Similarly, you may be an overseas national working in the UK and looking to send money home on a regular basis to cover mortgage payments, bills and household costs.

Another reason for transferring money abroad may be a sabbatical or a gap year. If you’re spending six months or more overseas, it may make sense to transfer a lump sum instead of relying on credit cards, travellers cheques or other forms of payment, as you are likely to get a better exchange rate deal.

How to transfer money abroad

There are several ways to transfer money abroad depending on the amount you need to send, how often you need to send it and how soon you need it to get to your chosen country.

Most banks and building societies offer money transfer services, although you usually need to have an account with them to make a transaction. The rates charged by banks also tend to be higher than those available from a money transfer company or a foreign exchange broker, and transactions can take longer.

If you use a money transfer operator, you generally do not need to open an account with them and you can send money abroad either through an agent or online. Money can be collected from a branch agency overseas using an ID or reference number. These services can be very fast, although fees may be higher.

For smaller sums of money or non-urgent transfers, secure internet money transfer services can be an option. Fees are often small, but funds can take time to get from one bank account to another.

If you’re transferring large amounts, then a foreign exchange broker may be the best choice, as they can offer good exchange rates for high sums and most do not charge fees. You can also make arrangements that suit your individual needs. For example, you can fix exchange rates for a set period of time.

How can Compare Money Transfer help you?

At Compare Money Transfer, we can help you save vast sums of money on your overseas money transfers by allowing you to compare every FSA regulated foreign exchange company in the UK. Using our comparison tables, you can view transparent information about their fees, rates and benefits.

Some banks and international transfer agents charge high fees and offer poor exchange rates, but we can help you root out the best deals, making your overseas money transfers as easy and cost effective as possible.

If you plan to transfer money abroad in the future, you can start your search for the best rates now by signing up to our Rate Watch service. Simply enter the amount of money you’re looking to transfer and your target rate, and you’ll be informed when this rate is available.

To find out more about our foreign exchange comparison service and how it can help you save money, complete our online form and we’ll call you back.