Money Abroad
How to make the most out of your money when making international payments
Make the most of your money when you make international payments
When it comes to sending money abroad, there are often a number of costs to take into consideration. Getting your head around exchange rates and international transfer fees makes it easier to get your money where it needs to be. That’s why at Mail Finance Money Transfers, we’re transparent about our overseas payments.
What can affect exchange rates?
The currency market can be a volatile place, with exchange rates constantly moving up and down as a result of political and economic factors. This subsequently alters the Pound’s standing against another currency and changes the official (or ‘interbank’) exchange rate. At the moment, the market is particularly volatile due to the economic pressure of the coronavirus pandemic and currencies are fluctuating according toa range of factors, from the effectiveness of government support packages to keep the economy moving to how quickly the virus is spreading across a particular country. While you may have no control over the markets, you can still choose the provider you wish to exchange currency with and select the best rate available for your overseas payment. At Mail Finance Money Transfers, the volume of transactions we process allows us to offer great exchange rates, helping you to get more for your money when you make an overseas payment.
How to navigate a volatile exchange rate
Exchange rate movements are often unpredictable, which can be difficult when you need to send money abroad. If you are trying to help loved ones overseas, for example, fluctuations in the market may mean that the amount you expect them to receive may be less than expected, or could cost you more than planned. If you’re sending a significant sum of money in the future or need to make a number of payments over time, then a forward contract can help. This may require a deposit but allows you to lock in the current rate for up to two years, and won’t have to worry about a shift in the rate affecting your budget. Our range of tools also allows you to target your desired exchange rate and receive a notification if this rate is reached. Alternatively, you could place a market order to have your payment automatically made if your target rate is achieved.
How are international transfer fees calculated?
Transfer fees are a charge that banks add to an overseas transaction, derived from the need to cover the cost of processing a payment to an international bank. Different banks and providers will charge different amounts in transfer fees, however some high street banks can charge up to £30 per overseas payment. This can add up significantly over the course of a number of payments and can greatly affect your budget if you are regularly transferring money between the UK and abroad. With Mail Finance Money Transfers, you can enjoy no transfer fees on your international payments, alongside great exchange rates and expert guidance from our team of currency specialists.