Save money on your international currency transfers

If you are planning to buy property overseas, emigrate, want to send money to friends and family abroad or are bringing funds back to the UK, you will need to make an international money transfer.

This is based on an exchange rate comparison taken on 1st April between Lloyds, Natwest, Barclays and moneycorp. Please note that there are additional costs with the service. moneycorp transfer fees are from £5 online - £10 over the phone, compared to high street banks who can typically charge between £20-£40.

Many people would rely on their bank for this but high street banks may not typically offer the most competitive exchange rates on currency transfers. If you instead use Mail Finance Money Transfers, you could receive an exchange rate which is typically 3-4% more competitive than you might get from a high street bank.

On a transfer of £100,000, this represents a substantial saving of up to £4,000. This saving could help cover legal fees if you are buying property abroad or even pay for renovations to your New home.

And you’ll often pay lower fees for the transfer too; as low as £5 online, rising to a maximum of £10 for orders placed over the phone, compared to a typical bank transfer charge of £20-£40.

With Mail Finance Money Transfers, provided by the currency specialist moneycorp, you will be allocated a personal account manager who is available over the phone in moneycorp’s london office. They will be able to offer foreign exchange market guidance, to help you make the most of moving your money overseas.

Expert guidance can be invaluable in the foreign exchange market. exchange rates move constantly – in 2014 a pound would buy €1.19 at its lowest level, whereas in March 2015 the pound hit a seven-year high of €1.42. If you were exchanging £100,000 into euros, that’s a difference of €23,000 between the lowest and highest rate in just over a year.

Your account manager can help you plan for future transfers. If time is on your side you might decide to use a “forward contract”. A forward contract allows you to fix an exchange rate for up to two years, so you can budget ahead with confidence and protect yourself from Negative exchange rate movements. It is free to open an account and there is no obligation to use moneycorp – so you can plan ahead with free guidance from the experts.

The service can be used for regular transfers too. A regular payment plan also comes with the ability to fix exchange rates for up to 24 months, but for payments which can be set at your own schedule. So it’s easy to manage your recurring international payments-such as mortgages, pensions and salaries-without having to worry about exchange rate fluctuations.

As with any financial transaction, it is important to know that your money is safe. Moneycorp, who provide the Mail finance money transfer service have been in business since 1979. moneycorp are authorised and regulated by the Finance conduct Authority for the provision of payment services. IN the last year alone, they handled 9.2 million customer transactions and traded £13 billion in nearly 100 currencies.

Whatever your reason for moving money overseas, you could save money with Mail Finance Money Transfers.

For great rates, low fees and expert guidance call 0808 271 9482.