Whenever you make a payment overseas, your provider will ask you to provide the reason for sending money in order to comply with money transfer laws that are there to prevent money laundering. As a result of our partnership with currency specialists moneycorp to provide our readers with international transfer services, we have an insight into the many reasons why people send money overseas.
Here are some of the most popular reasons why people send money abroad.
Buying or selling a property overseas
Thousands of people buy and sell properties abroad every year, either to use as a holiday home themselves, or to let out, or so they can move or retire overseas, particularly to a sunnier climate or a place with a better quality of life. According to Lloyds Private Banking, over 1.6m Brits have moved abroad over the past decade, with Australia, Spain, USA, France and New Zealand the five most popular destinations.
Making overseas mortgage payments
If you have a mortgage on a property you’ve bought overseas, you’ll need to transfer money every month to cover the monthly mortgage payments. Bear in mind that if your mortgage is in a different currency to your income, there’s a risk that your mortgage payments will fluctuate due to exchange rate movements, so it’s worth seeking expert guidance on how best to manage this. Most foreign currency specialists, including the Telegraph’s International Money Transfer service provided by moneycorp enables you to set up your own schedule to automatically send money overseas, so you don’t have to remember to make your payment every month. You can fix the amount of sterling you’re sending, the amount of currency received overseas, or both if you prefer the budget certainty.
Helping family or friends living or travelling abroad
Many people with friends or family living overseas regularly send funds, either as a gift, to help fund international travels or pay student fees abroad. A currency specialist can provide access to a secure online account which allows you to make international payments 24/7 and even via a mobile app, which can be particularly useful if a loved one requires additional funds in an emergency.
Paying international suppliers
Businesses often need to make currency transfers abroad if they have overseas suppliers. A foreign exchange specialist can provide a service specifically tailored to your company's needs, giving you up-to-date market information and insight, so you can advantage of any opportunities and mitigate the risk of currency fluctuations.
Planning a wedding abroad
If you’re planning on getting married overseas, a wedding overseas may be cheaper than a UK ceremony, and you’ll have the added benefit of an exotic backdrop and sunny weather. However, you will still have currency costs for paying for your overseas wedding; if the ceremony wedding is several months away, you may be able to arrange a ‘market order’ whereby you tell your money transfer service the rate you want, and if this rate is reached, the deal will be booked on your behalf. This helps you make the most of your overseas wedding budget; in addition, saving money on transaction fees can help you pay for the added extras and personal touches for your big day.
Best ways to make international money transfers
Specialist foreign currency transfer companies often provide a convenient, great value way to move money overseas. That’s one of the reasons we’ve teamed up with currency specialist to bring our readers Telegraph International Money Transfers. With great rates, you’ll also have access to specialist currency tools to help you make the most of your money. You can manage your account over the phone or online via a secure online platform or mobile app. Whatever the reason you’re sending money overseas, you can enjoy better exchange rates, no transfer fees* and a secure online platform with Telegraph International Money Transfer service.
Save time and money with Telegraph International Money Transfers
*excludes regular payment plans
moneycorp is a trading name of TTT Moneycorp Limited, a company registered in England under registration number 738837. It is registered office address is at Floor 5, Zig Zag Building, 70 Victoria Street, London SW1E 6SQ and it is VAT registration number is 897 3934 54. TTT Moneycorp Limited is authorised by the Financial Conduct Authority under the Payment Service Regulation 2017 (firm reference number 308919) for the provision of payment services.
The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here.
Information correct at date of publication.