Step by step process of doing a money transfer
Compare Money Transfer has reviewed the best foreign exchange providers on the market. Where all you have to do is select the company you wish to use and click on the apply link.
You will be directed to an online application form which is secure to complete.
Once you have completed the form the following step-by-step process happens.
Step 1
Completion of this form places you under no obligation to use their services and you can open as many accounts as you want which could save you additional money if you are transferring a large amount. or do multi money transfers.
Provide a telephone number on the form so the foreign exchange brokers can contact you direct to ensure they provide you an efficient service.
Step 2
The chosen company will phone you direct, on normal circumstances it will be your appointed account manager if you choose to go ahead, The account manager will go through the whole process in simple steps, inform you about compliance and terms and conditions, go through what you are trying to acheive and offer you alternatives if they are available and answer all your questions and any doubts you have.
Step 3
Once you are happy the account manager will email, post you all the necessary forms that need to be completed, this is to set you up with an account and to confirm your ID, On receipt of your transfer request form.
They will check the details and email back a completed official form for you to review. This will confirm the Indicative Rates for the currency you have requested. It also gives you a chance to check the details you have sent them are correct. This requires your signature and can be faxed back to them or scanned.
Once you are in agreement for the money transfer to take place. You will then need to transfer the funds to the bank for the money you wish to transfer. The form they send you contains the bank account details for your reference. Payment to our account can be by: Online banking transfer, BACS or Chaps.
Step 4
Upon receipt of the cleared funds to their bank account, They will confirm the rate with you and process the International Money Transfer on the date as agreed on your transfer request form.
Step 3
The money transfer will be actioned and once the funds have left the country, A confirmation sent to you, some companies even send you a text message to let you know this has been completed. Your conformation will contain a unique reference number for your transfer. For you to keep for your records.
What does it cost?
Please note all sums quoted are for GBP sterling equivalent amounts.
Transfer cost: - Can range from free minimum transfer £1000.00 to £15.00
Compare that with high street banks where they charge up to £30 for each transfer charged, by high street banks.
Please Be Aware
Some banks use an intermediary bank to process transfers on their behalf. These banks may make an administration charge.
All receiving banks make an administration charge for receiving transfers. We are unable to advise on these charges as they vary from bank to bank and country to country. It can also depend on the arrangement the recipient has with the bank. These are not Foreign exchange brokers charges and they are unable to accept responsibility for any amount deducted. Please check with the recipient, especially if the amount to be placed is critical, e.g. payment of bills, property purchase.
Restrictions
All the foreign exchange brokers we compare are unable to deal with cash due to anti money laundering regulations,
Transfer Amount
Our minimum transfer value is now £50. But on average minimum level is £1000.00 if you do not want to incur commission charges by the foreign exchange broker. . Just make cleared funds available to them and they will take care of the rest.
Faster than bank transfers
Usually it takes an average of just two working days to reach countries in Western Europe and North America, and four working days for the rest of the world. In comparison, bank transfers can take up to 14 days. Also options on same day transfers
General information
Compare Money Transfer Online is a free, highly convenient, secure and cost effective way to transfer money to bank accounts worldwide. Owing to the current political situation in many countries, some money transfer brokers have had to restrict the number of countries available. If the country you wish to transfer to is not available by your chosen broker, contact us using the enquiry form on the site. We will advise you whether we can help or not.
For further information on Money Transfer Rates send us an email.
Because of money laundering compliance regulations they may require additional information in order to transfer large amounts.
Tags international payments | money transfer | foreign exchange | bacs | chaps | international money transfer | foreign exchange brokers | money transfer internationally | cost of sending money overseas
