There are a wide number of reasons why you may need to transfer money abroad, as a gift, to pay for a product, service or for a completely different purpose. Whatever the reason, each time you’ll want to ensure you are sending money at the best possible rate and not getting ripped off.
Added to this, security will be of upmost importance, especially when transferring large amounts in one go. Many different methods exist to send regular, one-off, little and large amounts of money to recipients in hundreds of different countries, but these are three of the safest and most efficient ways of getting your finances there securely and on time.
Sending money abroad via your bank or building society is one of the safest and easiest ways to do so. Often all you need to do is contact them and they will guide you through the process. Depending who your bank is you may be able to do it online and it is a great way to set up regular payments.
These services are some of the safest and most secure, as your money will be protected. However, banks do not always offer the best exchange rates compared to their competitors and there are usually a lot of hidden charges such as a commission, which can ramp up the price.
Money Transfer Services
Many online money transfer firms such as CurrencyFair have appeared in the past decade or so as competitors to banks and building societies. These usually provide a wide variety of options for sending money abroad, whether it is a one-off payment or setting up regular transfers.
They often offer a cheaper way to transfer money as they do not have as expensive overheads as banks or high street money transfer companies. Always check that the one you are using is covered by the Financial Services Compensation Scheme (FSCS) in case anything goes wrong.
Foreign Exchange Brokers
For anyone looking to transfer large amounts, over £3,000 or more, a forex broker is one of the best options. They specialise in currency exchanges so can provide the best rates, especially for large and regular payments.
They are also one of the quickest services, depositing transfers into recipients’ accounts the same or following day. It’s not as efficient for smaller amounts and the FSCS doesn’t generally cover these firms if there is a problem.
Consider these three choices if you need to transfer money abroad in the near or long-term future.