Save money on international transfers

Consider using a currency specialist instead of your bank

With the campaigning done, votes cast and the nation holding its breath prior to the much anticipated European Union (EU) referendum result being announced, sterling was in the ascendency courtesy of anti-Brexit sentiment emanating from the final opinion polls.

However, it soon became clear that a separation from the EU was no longer an unexpected possibility but a reality as news began to break that the Leave campaign had secured a narrow 51.9% majority. A historic outcome that was swiftly followed by the resignation of David Cameron. Consequently, UK financial markets braced for one of their most volatile days ever – the pound plummeted to a 31year low against the US dollar – as traders reacted to the prospect of life outside the EU. The pound had hit a 2016 high above $1.50 on polling day, before those gains evaporated as it became clear the Brexit camp were on the brink of declaring victory against all odds. In terms of its relationship with the euro the pound was down 6.4% to €1.2222, as investors moved into the safe haven yen, Swiss franc and US dollar. A weaker pound isn’t bad news for all, however: exporters benefit from these currency movements as UK goods have become relatively cheaper to their foreign customers – and people who have sold property abroad and are planning to repatriate funds to the UK will now receive more pounds for their euros or dollars. The major concern for anyone with a foreign exchange requirement during these uncertain times is the extent to which downward pressure on the pound could increase the cost of your international money transfers. Fortunately, there are measures you can take that will enable you to budget ahead with confidence. By using a foreign exchange specialist to send money across borders you can benefit from competitive exchange rates, low transfer fees and a bespoke personal service. With this in mind the Daily Mail has joined forces with foreign exchange specialist’s moneycorp to bring our readers Mail Finance Money Transfers

Save money

Mail Finance Money Transfers gives customers access to exchange rates which are typically 3-4% cheaper than offered by high street banks. Such a difference could help you save up to £4,000 on a £100,000 transfer. Additionally, banks often charge high transfer fees – up to £40 – every time you send money overseas. Transfer fees with

moneycorp are from £5 online, up to a maximum of £15 for transfers arranged by telephone. What’s more, until 31st July moneycorp is offering free transfer fees to all new and existing customers.

Personal Service

With moneycorp every customer is assigned a personal account manager. Not only will they take the time to understand your requirement and talk you through the transfer process, they offer free expert guidance on the currency market and explain how to use specialist tools such as a forward contract - which allows you to lock in an exchange rate for up to 2 years ahead, so that you can budget with confidence (forward contracts may require a deposit).

Security

moneycorp is authorised and regulated by the Financial Conduct Authority for the provision of payment services and client funds are safeguarded in segregated client accounts. moneycorp has been in the foreign exchange business since 1979, and last year alone conducted £22.6 billion in currency trades across 7.2 million transactions.