What is the best way to transfer money overseas?
Vission360.com works in partnership with foreign currency specialist Currencies Direct who helps our users save money whilst safely sending money abroad when buying or selling an international property. Currencies Direct simplify the process of sending money abroad by removing fees and providing the best foreign exchange rates
Warning when transferring large amounts of money
When sending large amounts of money to another country using a bank or money exchange bureau could cost you a fortune. By using a specialist Foreign Currency Specialise like Currencies Direct you could save thousands when purchasing an overseas property
Currencies Direct help our visitors with:
- Bank-beating exchange rates
- Friendly customer service
- Simple process to move money abroad
Reputation is everything!
- Authorised by the UK Financial Conduct Authority
- FX specialist with the highest possible Dun & Bradstreet credit rating, meaning the lowest possible level of risk.
- They handled currency worth over £4.5£4.5 billion last year alone.
- More than 210,000 people have trusted Currency Direct to manage their currency transfers since 1996.
Sending Money Overseas Advice
Vission360.com promote thousands of homes for sale and to rent listed directly by owners, property developers and from real estate agents from over 50 countries worldwide. We work with real estate and homeowners helping them save money selling homes online. We also provide, tips, guides and advice about transferring money to Australia, France, India, Spain, South Africa, USA, Ireland.
How to plan a money transfer overseas
Our experience shows that people who do not plan their money transfers abroad make themselves vulnerable to fluctuating foreign currency exchange rates. The advice in our Currency Zone is an essential consideration for anyone buying selling or renting a property abroad.
Money transfers for international property
Planning your currency transfer could mean you make a profit on your overseas properties right at the beginning of your purchase alternatively bad planning, may mean end up costing you a fortune.
Don’t use your local bank to transfer money!
Compared to high street banks, currency specialists can offer a significant discount on exchange rates and many don’t charge any commission. We have seen buyers save up to 4% by using an FX company instead of using their bank.
How to send money overseas
Sending money overseas can make you very vulnerable to foreign currency rate fluctuations. What’s more, those who do not compare services offered by specialise foreign exchange currency companies stand to lose out on some of the best rates available? It’s no longer an option to simply use your local high street bank without seeking advice from specialist companies that help people every day save money and transfer safely.
Buying a property abroad will require transferring money overseas, however, this may not be your only costs, regular bills and renting a home overseas will require regular payments. How to send money to another country may depend on a number of factors including
- How much are you sending?
- How often you are sending it
- How quickly the money needs to get there
- How the person wants to receive it
- How much it is going to cost
Examine your options
- Bank or building society
- High street transfer firms (such as Western Union) and
- Foreign exchange (FX) brokers
As a general rule – banks are safe and convenient if setting up a regular payment. Money transfer firms are very fast but can be more expensive if sending smaller amounts. FX brokers are normally the best option if sending larger amounts, usually over £3,000£3,000.
How much does it cost to send money abroad?
Ensure you find out how the total amount of foreign currency your pounds will buy, after all, costs. What will be the fees associated with your money transfer?
Money transfer costs
- What you will be charged by the firm transferring the money
- Charges the recipient might have to cover to receive the money (although you can request to cover these at your end) and
- Foreign exchange rates
Foreign Exchange Companies that help transfer money online
Choosing the best foreign currency specialists can be daunting with a hugely competitive market who are the best players in the sector? It’s good to think about what you need and if they company can provide
- Individual advice from currency market experts so you can get the best exchange rates available.
- Services aimed at protecting you from the uncertainty of the currency markets.
- Dedicated account managers who will get to know your requirements.
- Proven reliable trustworthy companies that use only the most efficient, reliable and secure payment methods.
- Fast transfers that can be arranged in seconds online over the phone or via automated payments
Did you know to help you find the best foreign exchange rate XE.com allows you to set a target for the exchange rate, and if the market falls to that level it will send you an email alert – handy if you want to get the very best deal. Some good advice can be found at the Money Saving Expert Foreign Currency Advice and the Independent Guide To International Money Transfers.
In the UK bank accounts are covered by The Financial Services Compensation Scheme which will currently refund a member of the public up to £85,000£85,000 for any money they lose as a result of their bank or credit union going bust. (This figure will fall to £75,000£75,000 from January).
But the FSCS will not cover you if any currency exchange firm goes bust.
However, most reputable money transfer companies are FCA-authorised – meaning they keep client money ring-fenced separately from their own accounts. This means you are likely to get it back if the company does fold.
Making regular payments overseas
The independent UK government advice body at Money Advice Service gives the following advice for those individuals looking to regularly send money abroad.
“If you need to send regular payments overseas for your own use, the cheapest and easiest transfer option is likely to be setting up an account with the overseas branch of your UK bank. Many UK high street banks have their own branches overseas or special arrangements with overseas banks. This can result in lower charges (or no charges) on overseas payments as well as more competitive exchange rates.This is particularly useful if you need to make frequent payments abroad – as when, for example, you are paying the bills on a second home abroad”
What you’ll need
The International Bank Account Number (IBAN) and Bank Identifier Code (BIC) for the account you are paying to – the owner of the account can get these details from their bank or from a bank statement
You will also need the IBAN and BIC from your own bank account, though for a transfer to another branch of your bank abroad they may not be needed
How do you transfer money to an overseas bank account?
To transfer money to another country you’ll need the following information from your recipient:
- Their full name and street address (not a PO Box)
- The IBAN or bank account number.
- A SWIFT code or BIC (this identifies their bank) or the full bank address.
- Any other information they have like sort codes or routing code.
How to Send larger amounts of money abroad
Advice from the Money Saving Expert
“When the amount you wish to transfer jumps to the ‘serious’ level, the only players able to give a good rate is specialised foreign exchange brokers.There are a lot of companies, and the same lack of protection applies as above – so be very diligent in checking, as the amount you could lose is huge”
Who’s it suitable for?
This method only really adds up for sending a few thousand pounds at least. It’s possible to use this method for smaller amounts too, but then it’s costlier. Typical examples include:
Buying/selling property abroad.
Making regular payments – this includes overseas mortgages, bills or a pension.
If you’re moving abroad and want to convert all your cash.
It is very important to be aware that no compensation scheme exists if these firms were to go bust
The Best Foreign Currency Brokers
There is no hard and fast rule to which currency broker is best, so get quotes from all of them to find the best rate for your currency. The regularly quoted big brokers below are the obvious places to start – though of course, they’re still no more protected than any of the other