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Avoid hidden costs when on international money transfers

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Avoid hidden costs for inter money transfers

So what is an International money transfer? Well typically international money transfers are when a business or consumer are sending money overseas to someone or a business. Common money transfers are buying foreign property or making regular payments for bills or services or even transferring your money when you emigrate

Most international money transfers are now straightforward with tight regulations in place to protect your money but there are still certain things you should know to protect and ensure you get the best exchange rate, information and delivery of service.

Compare exchange rates with the using international money transfer currency tables

So whats gonna cost me the most or what is the worst way to send money overseas?

The most expensive currency exchange companies that spring to your mind when considering an international money transfer are.

An High street bank such as HSBC, Natwest, Halifax ect, then Travelex, Western Union and the Post Office all offer international money transfers services but at a premium price and they don't bother with a low price as this is not in their sales strategy. Put it this way they can easily cost you an extra £20 to £60 more on a £1000 transfer.

Saving money with a currency broker

There are hundreds of currency brokers and most of these foreign exchange companies offer a cheaper middlemen service for making your international money transfers than your high street banks.

Some currency brokers now even settle their currency deals as peer-to-peer arrangements, where you exchange with other people and the broker takes a cut. This is putting strong downward pressure on exchange costs but companies like transferwise and currencyfair are leading the way with this service.

Finding out who is the cheapest is easy but its who can deliver the service and based on your timescales that also count and the main question you should be asking is. Is your money safe? are they placing your funds in a segregated account, are the FCA authorised? Is your money safe?

The cheapest currency broker is the last one you speak to.

The cheapest currency provider depends on their stocks of currency and the ability of their spending power on buying currency as this will determine what they can offer you in terms of exchange rates. Are they operating a euro account and keeping the currency in play rather than just using your funds? all these questions matter as it will determine what price you will get and if you are transferring millions it could be the difference in saving thousands .

Also check for the following before you buy using your currency provider.

1 Some currency exchange brokers are cheaper in one currency than another, so compare again every time you do an transfer especially in another currency and especially when buying exotic currencies.

2 Currency exchange brokers all have a specialised field for example manage to be cheaper on small amounts and others specialise in larger ones.

3 Be sure to re-compare rates if you do a transaction of an unusual size for you.

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