There are numerous reasons to send money abroad. Aside from the most popular – buying property – many people have to repatriate wages from abroad into pounds, send money or an inheritance sum to loved ones, or even settle bills in other currencies.
Whatever your situation is, using a foreign exchange specialist can provide you with a number of advantages over using your bank. Not only could you save considerable sums of money due to more competitive exchange rates, but the transfer fees are generally lower too. Plus, expert guidance can help you insulate your money from the unpredictable fluctuations of currency markets.
These are all reasons that the Telegraph has partnered with foreign exchange experts moneycorp, to bring our readers the Telegraph International Money Transfer Service. Below we look at a few of the reasons why the financially savvy are using a foreign exchange specialist instead of a bank:
Save money on transfers
Many people still don’t realise that using a bank to transfer money abroad could be costing far more than it needs to. This is because the exchange rates offered by many high street banks are typically 3–4pc more expensive than a foreign exchange specialist like moneycorp. You only need to consider buying a home abroad to realise the impact this could have. On a transfer of £250,000, for example, a poor bank exchange rate could cost you up to £10,000 extra.
Guidance to protect yourse lf from currency market fluctuations
The pound is relatively strong at the moment, which is great news for anybody using sterling abroad. But currency markets are known to be unpredictable, and any number of one-off events – from a political announcement to a piece of bad economic news – could see the pound relinquish its strength in a matter of days, even hours. The good news is that getting personal guidance from one of moneycorp’s specialists can help you to plan for adverse changes in exchange rates, using what is known as a ‘forward contract’. This allows you to fix a rate that you are happy with so that if there is a sudden currency market movement, it does not impact you. This can be particularly useful when buying a property, as a significant movement in exchange rates could end up scuppering your plans entirely.
A convenient online service
In a similar way to online banking, moneycorp enables you to manage your international transfers at the click of a button. This, of course, can be done from anywhere, without the need to rack up costly international call charges from abroad. What’s more, the transfer fees are only £4 when done online (compared to £20-40 for most high street banks).
And like online banking, once you have made a payment, the details are saved so that it is even easier to make a transfer the next time round.
Regular payments
As more and more of us have interests abroad these days, it is likely that some need to make regular payments abroad. It could be transferring pension money to cover expenses on an overseas property, for example, or converting sterling wages into the local currency of wherever you are working. Such recurring international payments can be done using moneycorp’s Regular Payment Plan, which allows you to set up repeat payments at a schedule of your own choice, whether weekly, monthly or even at irregular intervals. You can also fix the exchange rate so that you know exactly how much money is leaving your account each time, and you receive the peace of mind of a more competitive exchange rate on every individual transfer.
Security
These are just some of the reasons that more than 8,000 Telegraph readers have already taken advantage of the service. Last year alone, our partners moneycorp conducted about 9.2 million currency transactions in total.
The company is authorised and regulated by the Financial Conduct Authority for the provision of payment services and customer funds are safeguarded in segregated client accounts.
The Telegraph International Money Transfer Service offers great exchange rates, low fees, expert guidance and a secure service.
Source: The Telegraph
Website: http://www.telegraph.co.uk/financialservices/money-transfer-and-expat
Date: 11/11/2015
Time: 12:48GMT
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