International Money Transfers made easy

Using an international money transfer company can ensure you receive the best exchange rate. John Kinghorn from Moneycorp explains more.

moneycorpIf you are sending money to or from Australia, there are some useful tips below to ensure you are getting the most for your money.

Exchange rate

The exchange rate you are offered by a bank is likely to be wildly different compared with that from a foreign exchange specialist company. A specialist company, such as Moneycorp, can offer better rates of exchange than a bank by typically up to 3-4% – that equals a saving of £30-£40 on a money transfer of £1,000.

Expert guidance

Exchange rates are continuously moving. This factor is critical, as due to the rate fluctuations, this will affect the amount of foreign currency which ends up in your overseas bank account.

Your bank will generally offer little or no guidance when transferring your money overseas. Conversely, a specialist money transfer company provides free, expert guidance helping you to take advantage when exchange rates are in your favour.

Fees and charges

High street banks typically charge between £20-40 per money transfer, so if you are making regular overseas payments like paying for a mortgage abroad, you could be paying up to £480 a year on fees alone. By using a foreign exchange specialist company you would typically make a huge saving on these fees alone.

Moneycorp run a special offer for Poms in Oz members where transfer fees are waived on all transactions – click here to find out more.

Whether you’re making regular international payments, or simply need to make a one-off money transfer, the exchange rates you get and the transfer fees you pay can make a big difference to the amount of money you will end up with.

Register for free with Moneycorp by clicking here

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Category: Finance
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