If you want to secure a better exchange rate than many high street banks can offer and cut out fees when sending money abroad for business or personal use then using a broker could be the best way forward for you. Read our terms and conditions to find out more.
Whether for one off international payments or regular transactions overseas international money transfers (IMT) can be used to provide a quick, easy and cost effective way of sending money from one bank account to another in a different country. Comparing deals in both instances can help you secure a path that suits your business or personal needs. There is usually a minimum for the amount of money to be transferred.
Forward contract
A forward contract allows you to secure today’s rate to effect the transfer of money at a date in the future. It’s important to take into consideration that, whilst this could work in your favour, it may also work against you. If the rate improves you are locked in at the pre-agreed price. You will need to put down a deposit for this service.
Limit orders
You nominate your ideal exchange rate and when this is reached your broker will automatically buy the currency and transfer the funds. Many brokers insist on a minimum of £30,000 for this service. Some brokers set a minimum of £10,000. Below that they may set a ‘Rate Alert’ and contact a client if their target rate is achieved. They can then decide whether or not to buy at that price over the phone.Regular payments
The minimum payment for this tends to be around £250 but will vary depending on the foreign currency broker used so you should always check. The facilitation of regular payments is useful if, for example, you are paying a foreign mortgage, salary or school fees.
Should you have any queries, simply contact us to help you get the right deal for your international money transfer.