Money transfer to another Country or Continent
Sending payments? Money transfer to another country. Do you need to make payment or send money to another continent? There are several ways to transfer money abroad. Using online methods, including via banks and by availing the services of foreign exchange companies. A client should understand the various benefits the different methods offer. And choose one depending on what his own particular requirements are in terms of frequency of payments, security, cost savings, etc.
Money Transfers
Sending payments to Continent or another country. If you are planning to transfer money abroad. There are two important factors you must consider when choosing which money transfer broker or bank to use to make your money transfer abroad. The transfer fee and the exchange rate will greatly affect the cost of your money transfer. When you’re making a product on another continent, it is important to use the best fund transfer company and have the right info on international transfers.
Transfer Fees – Fee’s can be applied at either the sending or receiving end of your transaction. Most currency brokers will send your money for free whilst the banks tend to charge £15-£30 per money transfer. Regular monthly payments overseas through a high street bank can cost up to £360 in transfer fees alone!! If you are sending regular money transfers abroad, it is important to get free transactions
Exchange Rates – The large the amount of money you send abroad the larger the impact the exchange rate will have on your conversion.
For example, with a pound to euro money transfer exchange rate. At the same point in time currency provider A offers you a rate of 1.13 whilst currency provider B (a bank) offers you 1.10.
From the example, you can see that it is vital to get the best exchange rate. If you use a foreign currency broker to make your money transfer abroad, it can help you to save you thousands of pounds.
Transfer Money sites
Consequently, Exchange rates do fluctuate 24 hours a day, so when you compare one currency provider against another make sure you do so at the same point in time. It is good to send the best and most convenient time.
Using an ATM Cash Card
One of the quickest ways to send money abroad is by using a newer concept. Where some financial institutions offer the client an ATM card. Which can be topped up with the required amount every time the client needs to send money abroad. As soon as the card is topped up. The receiver can withdraw the money within 30 seconds from an ATM in his country.
Especially relevant, Banks and foreign exchange specialists make a profit on international money transfers. And travel money by selling currency at the mid-market rate plus adding a margin. In many cases, this can be significant and in this scenario represents a bad deal for the customer. The variable cost of using a bank to make a foreign payment. Between 3-5 % of the value of the transfer. Nonbank foreign exchange companies on the other hand typically take under 1% of their profit margin. The ‘hidden’ fee at play here is the exchange rate, built into the exchange rate.
