There are many reasons why you might need to send money abroad. You may be about to move overseas, or you may have a friend or family member who is doing so. You may need to transfer money for an international business transaction. Whatever your reasons are for sending money abroad, you’ll want to make sure that they are completed quickly and at a low cost. Here are some ways to save money when you transfer money abroad.
- Avoid Using a High Street BankBanks often charge fees and commission on international money transfers. On very large transactions, this could cost hundreds, or even thousands, of pounds. Always use a company that specialises in money transfer services. By using one of these specialist brokers, you could lessen, or even eliminate the cost of fees and commission completely.
- Use an FCA Authorised BrokerBy using an FCA authorised broker, you can feel confident that they will adhere to regulations guaranteeing the safety of your money. This will mean that they will ensure that your money will reach its destination safely, potentially saving you time and money spent on problems along the way.
- Choose the Best Time for Your TransactionOne of the advantages of using a specialist currency broker is the wealth of knowledge and expertise that they have. They spend a lot of time watching the markets and tracking fluctuations in rates of exchange. A broker will be able to advise you as to the best time to make your transfer to ensure that you receive the best exchange rates.