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If you’re an expat or soon-to-be expat, it’s likely that you'll need to make currency transfers to move savings to fund your emigration, buy a car, move your pension overseas or meet your accommodation rental costs. Whatever your requirement our recommended currency brokers can arrange your transaction for free, at a highly competitive exchange rate – usually bettering the bank by more than 3%.
So, on a transfer of 10,000 pounds or dollars, you’d typically save around 300 by using our recommended broker compared to using one of the large banks.
TorFX is a leading foreign exchange broker with a five-star reputation for customer care and a real commitment to helping its clients save money on their currency transfers. Whether your transactions are going to be small or large, regular or one-off, you can maximise your return with TorFX.
· No Fees, 0% Commission – Free transfers on over 50 global currencies.
· Dedicated Account Managers – Looking after your transfer every step of the way.
· FCA Authorised – Segregated client accounts for maximum fund security.
· 24/7 Online Trading Platform – Move money overseas day or night.
Tips and advice on making an international money transfer
When making a transfer from one currency to another there a number of things to think about.
Exchange rates are highly volatile, even for major currencies like the dollar, pound or euro. While future exchange rates are impossible to predict, there are things that can be done to mitigate the risk and save on the transfer costs.
Using a bank to manage your international currency transfer
All major banks are able to do international money transfers, however as foreign exchange is just one of the many services they offer, most banks aren’t able to provide the same level of support and guidance as a specialist provider. You are also likely to find that the exchange rates offered by banks can be bettered, particularly when you take into account the extra transfer fees and commission that some banks charge.
Using a currency broker to manage international money transfers
Most specialist currency brokers are leaner businesses than the big high street banks, and the margins they work on mean that they’re able to secure their clients a better exchange rate. Also, most brokers don’t charge transfer fees or commission, which can save you up to 90% of the cost of making an international money transfer.
An experienced currency broker and offer you a greater range of options than your local bank when it comes to moving money abroad. A "spot transfer” is a transfer at the current exchange rate, and is used when you need to purchase currency for immediate delivery. If you do not need to send the funds immediately, you could consider a “forward contract", which allows you to lock into today’s rate but make the transfer at a given date in the future. A forward contract may suit you if you don’t want to have to worry about exchange rate movements, or if you expect the rate to get worse. You will not have to pay the full price of a forward contract up front, you’ll normally just put down a deposit, with the rest due on the transfer date.
If you are an expat or business owner, you may want to arrange a regular payment to a recipient overseas. Foreign currency brokers can usually arrange regular payments to a recipient overseas, perhaps if you pay a foreign mortgage or school fees. The minimum payment tends to be about £500. A benefit of making regular monthly payments is that the currency risk is lowered, as you will pay the average exchange rate for the year rather than making a spot transfer on one particular day.
When choosing a currency broker it is essential that you check that they are authorised by the relevant financial regulatory authority, within the UK is the Financial Conduct Authority (the FCA). Ensure they are FSA Authorised not just registered, as this means little in reality. Torfx is authorised by the FCA. This guarantees that the firms operate within certain guidelines to safeguard consumers. It is also important that the companies hold your money in a segregated client account.
The cost of making an international currency transfer can vary considerably from broker to broker. We have selected two competitive and reliable brokers, who can guarantee the best exchange rates.
Research your options
Your international money transfer could cost thousands more depending on the currency exchange provider you choose to manage the exchange. Take the time to look into the options, get exchange rate quotes and seek guidance from market-leading forex experts.
It pays to be prepared
If you arrange your international currency transfer at the last minute you won’t have the option to move your money when the exchange rate is most favourable. We suggest to sign up to a professional currency broker as soon as possible.
Get a quote from Torfx now!
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