Top tips for making a money transfer
Head of Private Clients
Whether you are looking to send a small amount of money back home for savings, or even looking to invest in a property abroad and need to send money overseas, it’s important to ensure you are getting a good exchange rate for your money, that the transaction is secure, and the payment is sent in a timely manner.
Here are a few tips to consider when the time comes to make an international payment that will ensure you are making the right decisions:
Check in advance for any money transfer charges you may receive
There are a couple of ways you could be charged for making an international payment:
- Transfer Fee: some banks and other providers can charge a fee for transferring your hard-earned money. This is often a fixed fee charge, or can be based on a percent of the overall sending amount.
- The Conversion Fee: typically providers can make most of their profits from the currency exchange rate they offer to you and the rate at which they purchase the currency, often described as the mid-market exchange rate. It’s important you ask the provider what the actual rate you will be offered, and ensure to seek out a favourable rate.
There are a number of cases where individuals that need to make an international payment quickly have not considered the conversion rate and consequently lost a significant amount of money in the transaction. For example, when sending an international payment from the UK to the UAE of £300,000 with a currency specialist you would typically expect to save thousands of pounds in the conversion rate when compared to a high street bank.
Check you are using a trusted payment provider
It is important you know who are using to make an international payment, and they will get your payment from A to B safely and securely. A few things you can do to check this are:
- Review whether the provider is regulated by any independent entity, such as the FCA in the UK or the DFSA in Dubai.
- Look at their customer reviews and check how other customers have found the service, on service reviews like Trustpilot, Feefo or Google reviews.
Have a quick look at the credentials of the business, by reviewing their history, where they are based, and where they are registered, such as on Companies House in the UK or on the DIFC in Dubai.
Consider if the provider offers you a stress-free money transfer service
- Check if they provide support over the phone, with someone to guide you through the process if needed.
- Look into if the provider offers an easy to use payment platform where you can manage your own payments online.
- Review if the provider offers you the services you need to make your payment; such as the range of currencies for sending and receiving payments, or the payment option you require.
Check how long the international payment will take
If the speed of your international payment is important to you then you should look at the options available. The time it takes for international payments to be made are determined by a couple of key factors:
- The two countries between which you’re sending money
- Which payment method you choose to send the money
Thankfully for the internet the speed of payments has radically increased, with most bank transactions being completed within twenty four hours.
Here are a few things you can do to ensure you get the payment done quickly:
- Setup an account before you make the transfer: the provider will need to ensure you have been verified. This can take a little time in some instances but with good providers is almost instant online.
- Choose the most effective payment method: it is worth reviewing how long a payment will take depending on your payment method.
- Have the funds available: make sure the funds are quickly available to you, and consider all the charges that may impact on the amount you want to send.
- Have your details ready: when making the payment you will need to ensure you have both your sending details for the payment, and also the beneficiary details to receive the money. If any of these details are wrong or input incorrectly this may slow down the payment.
Consider the things that are most important to you when making an international payment, then research it, setup an account, and you are ready to start making international payments.
Whatever you decide to do make sure you are working with a provider that gives you a trusted payment service, that is low cost, quick, secure, and stress-free.
Why not setup an account today with us, and start saving on your international payment requirements. It's free, takes only a couple of minutes, and means you can make secure low cost payments internationally.
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