What is An International Money Transfer & Why Are They So Costly?
As the wording suggests an international money transfer is where money is transferred from one country to another. You can do this via your bank which can be costly or a dedicated money transfer company. Banks will add up to 5% for currency exchange and in addition wire fees are normally about £15 in the UK. Money transfer companies will take a lower margin for currency exchanges so you can make great savings.
Do All Companies Charge For Money Transfers?
In short NO. Not all companies charge for transfers so it’s vital you do your research before transferring money. It is important to know that banks and and brokers normally charge customers a higher rate than the one they use when they trade amongst themselves so it costs us more when we use them for International money transfers.
What are International Money Transfer Companies & How Can They Help You Save Money?
International Money Transfer Companies arrange the transfer of money from one country to another. This is normally done by wire transfer which is a form of electronic payment. There are numerous companies that offer this type of service so it pays (literally) for us to be diligent when selecting the right one for our requirements. When doing your research you should check to see if there is a personal dealer and whether they have wire fees. Some companies will have a dedicated dealer with no wire fees which is precisely what you need to look for. Of course, don’t forget to also check the exchange rate being offered as often they are more competitive than those of the banks.
What is Internationalmoneytransfers.
International Money Transfers ORG is a comparison website which compares the most competitive International money transfer providers to enable us to identify the one best suited to our needs. It’s great to helps us save those much needed pounds to spend on all sorts of other things like a lovely meal out or a toy for the little ones. The site offers guidance to visitors and reviews so customers can see the quality of service provided by each of the money transfer companies featured.
How Can IMT Help You Save Money Directly
This site is great for those looking to transfer money abroad as it offers unbiased information and guidance. They display preferential exchange rates with a good range of providers. By signing up to the site you can ensure you have access to the best rates possible.
Companies that have volumes of 3m or more a YEAR need to be authorised by the FCA, whereas smaller companies need to just be registered with the FCA. They are required to keep your money separate from theirs. With smaller companies your money is not protected by the Financial Services Compensation Scheme (FSCS) while it is held by the transferring company. It can make sense to go with the larger companies to avoid any issues arising. You can check a companies status on the Financial Conduct Authority’s Register.
Have you ever used an International Money Transfer company before?
Enjoying this post? You can subscribe to Melanie’s Fab Finds to have posts delivered straight to your inbox. These will include recipes, reviews, competitions etc. before anyone else. Don’t worry I won’t spam you.
Watch our product reviews on YouTube: