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.
Stay Safe
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?
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I have not used an international money transfer before! This was really interesting to read about as I have never heard of it before.
Thanks for your comment Tonya. I’m glad you found it interesting 🙂
This seems a really good option to explore. I haven’t really heard about this yet.
About international money transfers I haven’t heard of these really before. It sounds good.
I’ve never had to do an international money transfer! I never realized they were so involved but it makes sense. This is a great resource!
It sure is useful.
I’ve never done an international money transfer before! Sending this article to my husband though. Thanks for sharing! xo, Jaime
Ha, I’d leave it to my husband to do too 🙂
Oh wow! I’ve never had to do this, but I am traveling a lot more. I need to check into this next time I go away for a long time.
This is a common thing in our country, Philippines. Yes, I’ve used money transfer a lot. It’s good to have trusted companies to go to.
It does make a difference when you have reliable companies for this 🙂
This is a really interesting article indeed. It’s handy to have all the information here like this I found it really helpful.
I have never done an international money transfer before but this article is very helpful for sure, will keep it in mind for future reference.
I’ve never needed to do an international money transfer, but some interesting points, thank you!
great advise. There’s so much info out there it’s hard to decide where the best deals are.
This is really useful. thank you
Great review, I’ve never needed to do an international money tranfer, its great to have an insight
ive never done international money transfer but you never know when you might need to
Interesting post, i have never needed to transfer money, I see lots of people transfering money in the post office
That’s not quite the same 🙂
It confuses the hell out of me will definitely be doing more research next time
It confuses me will definitely be doing more research
Im not sure I will ever need this, but will bear it in mind for the future.
Interesting read. Have never used this facility before
It depends o needs I think many businesses will find it very useful.
This is great to learn about and understand – thanks.
Glad you found it interesting Rebecca 🙂
Fab information, I hadn’t heard of this before today
Interesting read and advice. I usual get my money through a travel agency when I’m going abroad.
That can be handy when you book a holiday through them.
I do have family abroad and have always wondered about this.
This is a super post, One that I have bookmarked to show my partner later, We are off on our first holiday next summer, this is very useful thank you.
this is something i have not heard of before, maybe because not been abroad with the kids yet, but it was interesting read and hopefully will be able to try it out soon
Thanks for visiting Diane. I’m glad you found the post interesting.