How to send money abroad
HOW TO SEND MONEY ABROAD
If you want to send money abroad there are several factors to consider; how much are you sending, how soon you need the money to reach, how often will you be transferring. The main two factors which are going to affect the cost are:
(2) exchange rate
Many companies keep these charges hidden so beware and ask before you agree on transaction. Ask directly how much money (currency in the recipient’s country) will be received after all the charges are deducted. The transfer will take on average 3-5 working days but it may take up to 2 weeks in some cases. Some providers offer same day transfer for extra charge.
WHERE TO EXCHANGE YOUR MONEY
▪️BANKS ▪️BUILDING SOCIETY ▪️POST OFFICE ▪️MONEY TRANSFER PROVIDERS ▪️FOREIGN EXCHANGE (FX) BROKERS▪️
Linked bank accounts:
▫️safe and convenient
▫️sending money on a regular basis,
▫️opening a bank account with the same banking group in both countries allows you to do so without any fees. Ask your bank which bank abroad they are linked with.
Online or via telephone:
If you do not have linked bank accounts you can still send money online or via telephone. Banks will charge you for these services and the recipient will also end up paying charges.
▫️ free of charge and you can use your credit or debit card to transfer money.
▫️you can also use a telephone service to make a transfer.
▫️minimum transfer is normally £250.
▫️ offers a fixed exchange rate for 12 months, meaning that even if the GBP gets weaker you will not lose out.
MONEY TRANSFER PROVIDERS
▫️fast service (within minutes)
▫️Higher fees apply
▫️variable exchange fees
▫️May carry some risk as The Financial Services Compensation Scheme does not cover these providers, meaning you can lose your money without any compensation in the event of bankrupcy.
You can also transfer money using PayPal, hiFX and many more providers. Some offer free money transfers but always check the exchange rate. It is helpful to visit a comparison site which will compare different exchange rates, fees, advantages and disadvantages.
ℹ️To compare providers for the best deal visit the money supermarket website
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