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International money transfers
If you want to secure a better exchange rate than many high street banks can offer and cut out fees when sending money abroad for business or personal use then using a broker could be the best way forward for you.
When can International Money Transfers be used?
Whether for one off international payments or regular transactions overseas international money transfers (IMT) can be used to provide a quick, easy and cost effective way of sending money from one bank account to another in a different country. Comparing deals in both instances can help you secure a path that suits your business or personal needs. There is usually a minimum for the amount of money to be transferred.
International money transfers FAQs
Whether for one off international payments or regular transactions overseas international money transfers (IMT) can be used to provide a quick, easy and cost effective way of sending money from one bank account to another in a different country. Comparing deals in both instances can help you secure a path that suits your business or personal needs. There is usually a minimum for the amount of money to be transferred.
Using a company through which to send your money abroad could in fact save you money as well as time. Transfers can be arranged easily online or over the phone and, in many cases, the funds will arrive at their foreign destination within a few days. Another appealing feature of IMT is that it is possible to fix future payments at the current exchange rate to eliminate the risk of fluctuations. Whether for one off international payments or regular transactions overseas international money transfers (IMT) can be used to provide a quick, easy and cost effective way of sending money from one bank account to another in a different country. Comparing deals in both instances can help you secure a path that suits your business or personal needs. There is usually a minimum for the amount of money to be transferred.
In order to qualify to use IMT you need to check that you are sending the required minimum amount of money overseas. In most cases this is around £250. Whichever company you use you will need to pay a fee. This fee may be charged up front or built in to the exchange rate. Either way, check the cost to you in source currency or the amount being received by the beneficiary to ascertain which provider is offering you the best deal.
Finding the right deal for your company or for personal transactions can save you time, money and ensure peace of mind when transferring money abroad. On larger transfers in particular you can save thousands of pounds. So why not let us help you compare deals? We can show you how much you’ll get with our comparison tool.
What else should you take into account?
Forward contract
A forward contract allows you to secure today’s rate to effect the transfer of money at a date in the future. It’s important to take into consideration that, whilst this could work in your favour, it may also work against you. If the rate improves you are locked in at the pre-agreed price. You will need to put down a deposit for this service.
Limit orders
You nominate your ideal exchange rate and when this is reached your broker will automatically buy the currency and transfer the funds. Many brokers insist on a minimum of £30,000 for this service. Some brokers set a minimum of £10,000. Below that they may set a ‘Rate Alert’ and contact a client if their target rate is achieved. They can then decide whether or not to buy at that price over the phone.
Regular payments
The minimum payment for this tends to be around £250 but will vary depending on the foreign currency broker used so you should always check. The facilitation of regular payments is useful if, for example, you are paying a foreign mortgage, salary or school fees.
If you need guidance, we're here for you
Should you have any queries, simply contact us to help you get the right deal for your international money transfer.