Why use a specialist for AUD money transfers?
Over the past few years, the pound has had a pretty bumpy ride on the international currency markets. Of course, in the midst of this turbulence, life has continued. Businesses and individuals the length and breadth of the UK, still trade with Australia and need to transfer money to AUD accounts. However, without the certainty of an ever-strong pound, shopping around for currency transfers is now essential for getting the best deal.
Maximising your AUD money transfers requires a bit of research, and many of the firms that offer these services are not household names, so why would you use them in preference to your business/personal bank account provider? Well, in a nutshell, they tend to save you money (give you more money).
How can Aussie Dollar transfer specialists save me money?
Unless you have a particular type of UK current account, your bank is likely to charge you for transferring money abroad. There are two main ways they do this.
Depending on your bank account supplier, different fees will be applied for transferring money. Sometimes these are flat fees, but, in many instances, they are charged as a percentage of the transferred amount. So, if you're transferring a sizable sum, these fees can be pretty high.
Although exchange rates aren't a charge per se, if they are poor relative to the current market rates, they become a defacto charge.
Ideally, your rate of exchange should broadly match the publicly available market rate.
Of course, fees and the exchange rates are also a consideration when using a money transfer specialist. However, unlike banks, who do not compete for money transfer business, competition amongst specialist suppliers keeps the charges down and exchange rates very competitive.
How safe are money transfer specialists?
If you have your money in a bank account, you know it has a certain level of protection through the FSCS. Unfortunately, most money transfer specialists cannot offer this protection. However, there are ways you can ensure your money is 'safer'.
We rank the suppliers featured in our money transfer table based on their credit score (sourced from independent business credit reporting firm - Creditsafe). So, if security is your main concern, you can quickly identify the businesses which are understood to be the most robust.
The other way you can protect yourself when assessing money transfer businesses is to check their FCA accreditation. Firms 'authorised' by the FCA are required to keep client money ring-fenced, so that it can be easily retrieved if they become insolvent. Companies that are 'registered' with the FCA are not required to ring-fence monies - Using them is a more risky undertaking.