Save money on your international currency transfers

As the modern world gets smaller under the influence of globalisation, the variety of international money transfer requirements has expanded. Common examples range from buying property and emigrating overseas, to sending money to friends and family abroad or bringing funds back to the UK. Many people simply turn to their bank to conduct such transactions, rather than shopping around for the most cost-effective deal. Unfortunately, they are doing so unaware that banks do not typically offer the most competitive exchange rates – meaning that their transfer could prove expensive. *Based on exchange rate comparison taken 2nd November 2015 between Lloyds, Natwest, Barclays, HSBC and moneycorp. moneycorp’s rate is estimated and is based on the average margin applied to interbank rates for foreign exchange contracts for £100,000 entered into via telephone from 1st October 2015 – 31st October 2015. Please note that there are additional costs with the service. moneycorp transfer fees are from £5 online and cost £15 over the phone, compared to high-street banks who typically charge £20 - £40. Fortunately, there is an alternative. Mail Finance Money Transfers, provided by exchange specialist’s moneycorp, offers bank-beating exchange rates, low transfer fees and free, expert guidance.

Exchange rates

With moneycorp, the exchange rates are typically up to 3-4pc better than you might receive from a high street bank. On a transfer of £100,000 this could equate to a saving of up to £4,000 – if you’re starting a new life overseas, for example, this extra money in your emigration budget could be used to buy new furniture, carry out renovations on your new home, or buy a car.

Low transfer fees

As well as saving on the exchange rate, you may also find that transfer fees are cheaper with Mail Finance Money Transfers. High street banks can charge as much as £20-£40 every time you move money overseas. With the Mail Finance service, the transfer fees start from only £5 online, up to a maximum of £15 if you arrange the transfer over the phone.

Free expert guidance

Another important consideration when moving money internationally is the uncertainty caused by the foreign exchange market, which is sensitive to all manner of political and economic news and speculation. For example, on July 17th last year the prospect of higher interest rates in the UK, combined with the impact of the Greek debt crisis on the eurozone, sent the pound to a seven-and-a-half-year high against the single currency – £1 bought €1.43. At that rate a €250,000 property would have been priced at almost £175k in sterling terms. But fast-forward just a few weeks to August 24th and the pound had weakened to €1.36, meaning that same property would have been priced at almost £184k – a £9k increase in a relatively short space of time.

Every Mail Finance Money Transfers client

is allocated a personal account manager. Based at moneycorp’s London office, they can guide you through the transfer process and help you negotiate the often fast paced currency markets. They can explain the specialist tools available to help protect you from negative rate movements, such as a ‘forward contract’ (a forward contract may require a credit facility). This allows you to fix a current exchange rate for a transfer that happens up to two years in the future – allowing you to budget ahead with confidence.

Regular payment plan

If you need to manage recurring international payments – such as mortgages, salaries or pension transfers – you could benefit from using moneycorp’s Regular Payment Plan. moneycorp can collect your sterling by Direct Debit, convert it into foreign currency and automatically send it abroad as frequently as you wish – whether it’s weekly, monthly or at more irregular intervals. As well as offering convenience, the service can provide you with security too. You can fix the exchange rate for up to 24 months, eradicating any concern that exchange rate fluctuations could increase the cost of your transfers.

Security

When sending money between countries it’s important to be security-conscious. moneycorp, who provide the Mail Finance Money Transfer service, has been trading currencies since 1979. moneycorp is authorised and regulated by the Financial Conduct Authority for the provision of payment services and customer funds are safeguarded in segregated client accounts. Over 1,000 Daily Mail readers have already used the service – why not join them today? 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.