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Take the hassle out of your international money transfere

By Ricardo Chaves features@algarveresident.com

Ricardo Chaves is Operations Director of Money Mais, the financial services company based in Almancil. Money Mais is an independent mortgage advisor and provides foreign exchange services in association with Moneycorp, who are one of the UK’s leading foreign exchange and international money transfer providers.

If you’re sending money overseas on a regular basis, getting more for your money when buying or selling currency is important – whether you’re paying for an overseas mortgage, making ongoing salary transfers or even moving your pension overseas.

However, you might also notice how time consuming and frustrating the process of sending funds overseas can be with a bank.

Staff at your high street bank have neither the expertise nor the breadth of market knowledge necessary to monitor the currency markets on your behalf.

When sending money overseas through your bank, you will simply have to accept the exchange rate on the day of transfer. And for regular payments, you will have to phone or visit the bank each and every time you need to make a transfer.

The good news is there is an alternative. Currency market expertise is no longer restricted to bank trading floors. There are currency specialists who have teams of trained and qualified dealers who can help consumers with all forms of money transfers, no matter what the size of the payment.

Automate your regular money transfers

If you are sending money regularly, currency brokers like Moneycorp offer alternatives to using a bank. They can collect your sterling by Direct Debit and automatically send the foreign currency abroad, so every month you can relax in the knowledge that your transfers are taken care of.

The Moneycorp Regular Payment Plan allows you to get better exchange rates than a high street bank and transfer fees are as low as £4.

Compared to a bank, you can save a significant amount on transfer fees alone. Banks in the UK typically charge between £17 and £40 for an international money transfer, so if you’re sending currency every month you can easily save over £250 on average by using a foreign exchange specialist.

When using the Regular Payment Plan, there are three options available to make your transfers straightforward.

Fix the sterling amount

If you make regular transfers from the UK to an overseas bank account, like a pension or a salary where the sterling amount is the same each time, you can fix the sterling amount with a Regular Payment Plan. You will know exactly how much sterling will be debited from your account for each transfer. The amount of foreign currency you receive will vary according to the exchange rate at the time of transfer.

Fix the foreign currency amount

If you make regular transfers from the UK to an overseas bank account where the foreign currency amount required is the same each time, for example a mortgage overseas, you can fix the foreign currency amount with a Regular Payment Plan.

You will know how much foreign currency that will arrive in your overseas account every time. The amount of sterling debited from your UK account will vary according to the exchange rate at the time of transfer.

Fix both

If you want more certainty over how much sterling will leave your UK account and how much foreign currency will arrive in your overseas bank account, you can fix the exchange rate for up to two years in advance with a Regular Payment Plan as well.

You will know exactly how much sterling will leave your UK account and how much foreign currency will arrive in your overseas account.

There are various options available for sending money overseas, so it’s important to plan ahead.

Make your payments online

Some foreign exchange specialists like Moneycorp also provide convenient and cost-effective ways to make your international payments and currency purchases online.

You can make payments and hold balances in multiple currencies, so you can send money overseas at highly competitive exchange rates – all at the touch of a button.

Payments are sent via SWIFT as ‘priority’ payments and transfer fees are often lower than telephone dealing.

You can make your payments using a GBP debit card or bank transfer – enabling you to send your funds overseas with ease.
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