International money transfers are part of life for many people. Whether you’ve got a child studying abroad, family living the other side of the world or a holiday home you rent out you’ll need to send and receive money from time to time. Sometimes it can be a one off, a birthday for example, but often it’s a regular thing.
When you’re making transfers you want to be sure that you’ll get the best deal for your money in terms of transfer charges and currency exchange rates. Far too many people transfer their money from their home bank account to a foreign one, and vice versa, without really questioning the charges which are incurred.
Whether you’re transferring for business or pleasure you should always be on the lookout, not just for the charges you’re informed of but the hidden fees too. Some banks for example charge an ‘overseas delivery charge’ on top of the flat fee for a foreign transfer. These ‘overseas delivery charges’ can vary depending on the country or bank you’re sending your money to, but are ultimately unnecessary. Barclays for example will charge £40 for a priority transfer, plus the ‘overseas delivery charge’ and £7 if you fail to provide an IBAN (international bank account number), sending the possible total over £50.
It gets worse if you want to transfer money on a regular basis. If a bank was to charge you £30 for a transaction and you need to make monthly payments to or from your foreign account you’ll pay £360 per year just for the privilege of moving your money around. These days it seems that the general public have given up and accepted bank charges as the norm, which to be fair they almost are. But a little research can save you a lot of money.
Try searching around for companies who won’t charge you and check out money advice websites for advice on what to do. After all, the amount you can end up paying in transfer charges is often enough to pay the utility bills or treat yourself to a holiday, so it’s well worth trying to manage your money more effectively.
Companies like Currencies Direct will transfer your money to and from foreign accounts for no charge. All they charge is the rate for currency exchange, which you’d be paying anyway, and they offer excellent commercial rates on that anyway to make sure you get the best deal for your money. You can check out their website at Curencies Direct for advice on foreign transfers and managing your money abroad, and don’t worry; they’re a recommended and reputable provider.
