International Money Transfer Advice for Dummies
When you need to send money overseas, it's important to go with the right company. Comparing international money transfer agencies can be confusing and overwhelming, to say the least. What you need is a simple guide that breaks it all down into basics for you. Here, for anyone who's new to the world of sending money abroad, is some simple international money transfer advice for dummies.
International Money Transfers for Dummies
Who Needs International Money Transfers
First, there are money transfers for businesses and then there are transfers for individuals. Businesses are looking to minimize risk when it comes to the foreign exchange rate, while individuals are often looking for a cheap international money transfer that's secure and hassle-free.
Types Of Payments Are International Money Transfers Used For
There are recurring transfers and one-off international money transfers. Recurring transfers are handy when you are regularly sending money overseas to family, for example. You can set everything up so that an account feeds your regular transfers and you never have to remember to transfer your money. When you need to pay someone overseas, international money transfer agencies can work with you to set up recurring payments. Other reasons people use international money transfers might be emigration or buying property overseas.
How International Money Transfer Agencies Work
Many of the agencies that do the transfers have branches (we do) where you may walk in and set up your transfer. Most, however, are now leaning towards online international money transfers because they're quick, easy, and secure. Besides, technology can now offer what only banks could offer in the past. In other words, you don't need to go to a bank to transfer money abroad.
How Much Foreign Money Transfers Cost
International money transfer agencies make their money two ways: fees and exchange rates. Fees are usually based on the amount being transferred while the exact exchange rate can be hard to pin down since it's often stated as part of the whole package. If a cheap international money transfer is your first priority, then you'll be glad to know that ACE-FX offers the best exchange rates and no transfer fees on personal money transfers. Compare our no-fee transfers to FX International Payments through American Express, which charges £10 per foreign currency payment. Compare our exchange rates too. Based on transferring £100,000, you'll get £131,600 if you go with us*. Compare that to what you'll get at these other exchanges:
- RBS: £129,470
- Lloyds: £129,350
- Barclays: £125,070
How Many Foreign Currencies are Available
It varies from company to company, but ACE-FX offers payments to over 150 countries.
Security and Safety
Of course in any dealings involving money, you want to make sure you're working within a regulated system. The Financial Conduct Authority governs international money transfer agencies. Look for "authorised and regulated" by the FCA when you shop around for transfer agencies. ACE-FX partners with MoneyCorp to offer the transfers. MoneyCorp is regulated and authorised by the Financial Conduct Authority. On your end of the transaction, there are things you can do to ensure security and safety, too. Always keep your passwords and other login details private. You'll probably be asked to make an account with the transfer agency, no matter who you choose to go with. Never write down these details or type them into any document. Most importantly, learn how to identify phishing or scam emails. They'll be pretending to be from your bank or any number of international money transfer agencies.
Speed & Turnaround Time
Since the entire process of sending money abroad can be initiated online by you 24/7, things get rolling pretty fast these days when it comes to sending money overseas. You can choose between express service or regular service, for a turnaround time of between 2 and 4 days with MoneyCorp, our partner. They've been transferring money overseas for private and business customers since 1979 so they've got the system down pat. Speed as well as security and reliability are promised, and their customers can attest to how well they keep that promise. *Based on an exchange rate comparison taken on 03 February 2015.
