Sending regular payments for business and personal use?
Doing a Regular Overseas Payments service is a highly cost effective and simple way to send money abroad on a regular basis. The service is ideal for businesses and consumers wishing to send monthly / quarterly or annual payments abroad. Using a foreign exchange broker to set up your regular payment plan you can send regular transfers between £250 and £10,000 per month over a minimum period of 6 months.
Why use a Foreign Exchange Company to send regular payments abroad?
Money transfer companies can offer you a highly competitive exchange rate on your transfers overseas. Nearly all currency brokers charge 0% commission, based on this saving it will on average give a better return of 3% compared to rates offered by high street banks. Need an additional incentive to increase the money you want to save? Most currency brokers do not charge you when you to transfers so nearly all currency brokers offer free of charge transfers, compared to high street banks which have a typical charge of £30.
Your Money Saved on Regular Payments Abroad
Commission Transfer Fee Total Per Year Currency Brokers vs Bank
£0 £0 £0 £0
£30 x 12 £30 x 12 £720 £720
SAVING OVER 12 MONTHS = £720
*Based on a monthly transfer of £1,000
Additional Options - Fixed Rate Regular Payments
A Fixed regular payment options are if you require a specific amount of currency each month, for example payment of a mortgage or paying oversea suppliers you can fix the exchange rate on Euros or US Dollars for 12 months to 24 months depending on the currency broker. All payments are set up by direct debit to ensure you do not miss a payment and at the end of the selected period, you can review, and fix your rate for a further 12 months. This means you know exactly how much foreign currency will reach your intended account each month, avoiding the risk of fluctuating exchange rates.
Additional Options - Non Fixed Regular Payments
A Non fixed regular payments option allows you to take the prevailing exchange rate each month, this results in a varied amount of foreign currency reaching your account. If you feel the current rate is very low, and likely to improve, this option could be for you.
What ever option you decide to use for your international payments, a currency broker will ensure that you receive an better rate of exchange than high street banks, and your currency will reach your account on your chosen date each month when set up by direct debits.
But how easy is it to set up a regular payment plan?
Nearly all Currency brokers have made the sign up process and setting up regular payments a fast and track able process for businesses and consumers, just sign up to your preferred currency broker, ensure they are regulated by the FSA to ensure your money is protected once you set up the plan, you don't need to do anything, the payments will be made automatically.