Thinking of transferring pension payments abroad, buying or selling international property, or quite simply sending a lump sum back home? Whatever your reasons for making an international money transfer, you should always do your homework to get the best deal around.
Of course, there is no one answer that is right for everyone and changing currency can often seem confusing as exchange rates are constantly fluctuating. Many people, therefore, use their banks to make a transfer, but they may not realise that there are many currency specialists available like HiFX that enable you to transfer money without the high fees and rates of the banks. If you’re an expat or planning a move abroad, then take a look below at the main points to remember when sending money abroad.
Whether you’re sending the payment or receiving it, the costs can be categorised into two main parts. When shopping around, make sure you keep note of the following:
This makes it very hard to compare one supplier with another and so it comes down to one question: “How much foreign currency will I get for my money after those charges have been applied?”
Exchange rates change every six seconds, so you may want to compare suppliers simultaneously – just make sure you add on the hidden charges before you make your mind up!
If you’re making an especially large transfer for a mortgage overseas or transferring your pension, then you need to know that your money is fully protected. If you decide to register with a currency specialist, make sure you undertake the following checks:
At HiFX you’ll benefit from consistent bank-beating exchange rates, 24-hour account access and top-class customer service as well as the ability to transfer to over 160 countries around the world.