What does it cost to transfer money abroad?
The cost of a currency transfer consists of a transfer fee and the exchange rate. Additional fees can often be paid for a faster transfer and some banks and companies can charge a standard charge for a transfer below a specified amount.
How is the exchange rate I get calculated?
The exchange rate you get will be based on the interbank exchange rate. This is the rate at which banks trade currency between themselves. This is not available to individuals or companies. The exchange rate available to individuals will contain a minor mark-up of the interbank exchange rate. To track today’s exchange rates visit our live interbank exchange rates page. To learn more about what affect exchange rates click here.
When is the best time to transfer money abroad?
It is worth stating there is no best day of the week, month or year to buy currency. You will only know the highest to have bought at once it has passed by which time you will have missed out.
The currency markets are unpredictable and even with all the research in the world, it is impossible to get the timing absolutely spot on. Having said that, it is important to make the best plans you can. Leaving everything completely to chance is not a good strategy and could mean you end up paying a lot more than you perhaps should have.
Often targeting a particular level that has been within your budget makes sense. With an overseas property purchase once you have bought the currency you will know what it costs and can guarantee it will not suddenly get more expensive. Such reassurance and peace of mind can be invaluable when having to move such large sums.
There are a number of contract options that can help you guarantee the exchange rate you get. Learn more about contract options here.
Transferring money overseas can be very simple. You could use a high street bank, but they’re rarely offer the best exchange rates. At Foreign Currency Direct we have a simple 3-step process.
- Open your Foreign Currency Direct account here and a member of our team will then get in touch to discuss your requirements. Once your account is open and your exchange rate is agreed, the process is very simple.
- You will receive a contract note via email which will contain all the details of the transaction, our bank account details for you to transfer funds to and a section for you to fill in with the details of where you would like the funds to be sent.
- Once a rate is booked we ask for settlement within 2 working days, and once funds are received and everything in place we send your funds out as a SWIFT international transfer – they should arrive in your designated account within 24 hours.
If you would like any further information about how to transfer money abroad please feel free to call us on +44 (0)1494 787 462.