If you're transferring and exchanging Euro for use abroad, you can save money and get a better exchange rate by using a money transfer specialist, rather than your bank.
If you're transferring and exchanging Euro for use abroad, you can save money and get a better exchange rate by using a money transfer specialist, rather than your bank.
If you go to Europe on holiday, you will need to arrange currency, which is usually pretty simple. However, what if you decided to buy a property abroad? It's unlikely your local bureau de change is going to have the bundles of Euros you require. Even if they did, walking the streets with that kind of money only really happens in the movies. So, obviously, you're going to need to transfer money.
Chances are, your high street bank could arrange this for you. In fact, they'll be happy to, because they tend to make pretty good returns on these transactions. However, if you are transferring a large amount, it's almost always cheaper (considerably cheaper) to use a specialist money transfer service, to undertake your transfer.
Money transfer companies are specialists in the field of money transfers. They take money in local currency (sterling in the UK) and transfer it abroad to a specified bank account. The main benefit of using these services is that their fee structures and exchange rates are considerably more transparent and advantageous than high street banks.
If you want to use a specialist international money transfer supplier, you will need to create an account, just as you would with a bank. You may also need to provide evidence that you are who you say you are, as money laundering detection/prevention is built into all the processes money transfer firms undertake.
Once you have an account, you will need to credit it with the funds you wish to transfer, which normally requires a debit card payment or bank transfer.
With money in your account, you are ready to make a transfer. Different suppliers offer different account management/transfer tools, including:
Many of these account management tools also include features that help optimise your transfer, like block settings at particular exchange thresholds (so you can rethink an exchange at a rate that is weaker than you planned). Obviously, you'll need to go through these features and set them up to get them working, but they can be very useful for ensuring you get more Euro for your sterling.
