Whether you are buying property overseas, paying for a foreign celebration or sending money to family living abroad, specialist money transfer companies offer a clever way to send money around the world.
If you need to send money abroad, using a money transfer company has three big advantages.
1. Money transfer companies offer value for money
When you plan to send money abroad, you will naturally look for the best exchange rate. While most high-street banks provide an international money transfer service, specialist money transfer companies offer competitive exchange rates.
Furthermore, high-street banks can charge transfer fees as high as £30 per transfer. Over 12 monthly payments, that would cost you nearly £400 a year in fees.
One way to avoid transfer fees and receive competitive exchange rates is by using the Telegraph International Money Transfer Service, run in partnership with the money transfer company moneycorp.
Whether you are making small money transfers or sending large sums of money abroad, you will be keen to make the most of your cash.
2. Money transfer companies are convenient
The best money transfer companies provide you with an online account and access to an app, allowing you to make transfers and manage your payments at the touch of a button.
As well as this, the Telegraph International Money Transfer Service includes expert guidance from experienced currency dealers, plus a wide range of currency tools.
You can make a one-off international money transfer to pay a bill abroad, or set up regular payments – for example to repay the mortgage on your holiday home.
3. Money transfer companies let you to plan ahead
The best money transfer companies also provide you with a dedicated account manager who can explain the ups and downs of the currency market and show you how to use transfer tools to budget ahead.
For example, if you need to make regular money transfers, you can fix the exchange rate for future payments using a currency forward contract.
In addition, some providers notify you if an exchange rate reaches a level that suits you, or can help you place a market order to book at a preferable rate.
The currency market is a movable beast, but money transfer companies can offer value for money, convenience and peace of mind for the future.
To register for a free international payments account with the Telegraph International Money Transfer Service, call freephone 0808 149 7975 or click here. Lines are open Monday–Friday, 7.30am–9pm.
- For transfers at competitive exchange rates, join the 10,000 readers sending money overseas with the Telegraph International Money Transfer Service
moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services. All customer funds are safeguarded in segregated client bank accounts. Information correct at date of publication.