An electronic transfer of money overseas is commonly called an international money transfer. Often if you’re buying a home abroad, sending money to family overseas or simply paying for services people look to their bank to facilitate the transaction.
Unfortunately making an international money transfer with a bank is often the most expensive way to send currency.
Our guides on these pages will help you understand the benefits of using a currency specialist to send your transfer, and how they operate. We will explain how they can give you a better rate than your bank, and how they can charge zero commission.
Using a currency specialist is reasonably straight forward. At most the best companies, you simply open an account (free online), make a deposit and instruct them where to send the currency.
Rest assured, as you will be in the hands of an expert who will guide you through the process and often advise you of the best time to make a payment. In comparison to a high street bank who offer no help, other than a general telesales rep, and charge you £40 to £50 each time you make a transaction. This can add up fast if you send regular payments overseas.
Reasons People Send International Money Transfers
1. Buying property abroad means you will have to get some money into an overseas bank, or make a payment to a financial entity. If you’re buying a property you may need to send a sizeable deposit, and then make regular transfers for mortgage payments, this is when you will save with a service that has zero cost transfers.
For this type of situation it is highly recommended to use a currency transfer specialist. The rate they can quote you will beat most banks, and the fees will be a saving regardless.
2. Sending money to family or relatives abroad means you may need to make regular international money transfers. As an example, if you have a son or daughter studying in another country sending them a few hundred Euros or Dollars per month will get expensive when your bank charges you £40 to £50 each time.
Once again, a currency transfer specialist will be a more cost effective way in this situation. The zero fees that most big specialists offer will save you money.
3. Paying for goods or services as a business can mean sending regular, and large international money transfers. A supplier could be located in China, United States or anywhere.
Why pay an inferior rate of exchange, and be charged for the privilege by your bank?
It’s a fact that businesses in this situation often save thousands per year by setting up a business account (free online) with a currency specialist, and sending money overseas through that account. They give you a better rate than your bank, and save you a whole bunch in fees.
Guides To Learn More
Here are some other useful guides on getting the best from international money transfers, and currency services.
- Sending US Dollars International – What You Need To Know
- Sending Euros Internationally – What You Should Know
- Methods You Can Use For Sending Money Overseas
- Sending Money Overseas and How To Do It Safely
- Services For Sending Money Internationally Fast
- How To NOT Get Scammed Sending Money Oveseas
- The Reasons People Send Money Overseas
- How Safe Are International Money Transfers?
- Mistakes To Avoid When Sending International Money Transfers
- How Can I Make An International Money Transfer?