Travel Money

Working remotely or relocating to another country during Covid and need to send money abroad?

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currency club blog

December 2020

The way we work during this pandemic has completely changed. Companies have had to adjust as have employees. With more and more people being able to work remotely, there is less reason to stay in one country.

In fact, many people have taken this year to pack their bags and move temporarily to different cities abroad. Some individuals that have relocated to different offices within a company and may now be receiving their salary in a different currency. With this change in work life it's even more important to keep your money fluid and have access to cash when you need it and send money abroad from wherever you are based.

Why you may need to send money overseas

1) Paying utility bills for your home

2) Paying rent money

3) Paying family support

4) Paying off loans

5) Paying off mortgages

6) Sending money to friends back home

Whatever your reason for making an international transfer abroad, do your research to avoid any hidden fees and be knowledgeable about your options.

What should you consider when selecting a foreign exchange specialist to send money overseas?

What's the best exchange rate?

To get the most out of your earnings it is important that you compare exchange rates from various providers in the market.

The real exchange rate, also known as the interbank or spot exchange rate is the exchange rate which banks trade large volumes of currencies with each other. For this reason, it is regarded as the most fairest rate and this is exchange rate you want to transact at.

As a starting point find out what the interbank exchange rate is for the currency you wish to send using Google. It is worth noting that very few foreign exchange specialists that will offer individuals the interbank or real exchange rate. The majority of them will in fact take a margin off the interbank exchange rate and this means you will be sending even less money abroad.


Fees are something that can make erode the benefits of finding a good exchange rate. Some foreign exchange brokers or banks can confuse the terminology and offer other jargon to disguise fees. For example, one broker may say they charge no fees. However, the fees may well be hidden in a margin off the interbank exchange rate. Likewise some may state they offer you all transactions at the real exchange rate but then charge a substantial fee on top.

The best way to check all in is to simply compare the value of the total amount that will be sent overseas net of all deductions.

Speed of transfer

Various providers will be able to send money abroad in different time frames. Depending on the urgency you have of sending money overseas, you may have to pay a premium to get the international transfer completed quickly. Once again, compare whether there are any additional fees based on time scales.

Reputation of the foreign exchange company

The international transfers space is saturated. There are many companies offering a cheap and secure international payments service and it is important to do your due diligence on their business. Especially if it is the first time you are using them. At the end of the day you want your money to reach safely and use a trusted company. First check a few independent review sites to read other customers' experiences. Trust Pilot and Google are great starting points. You want to look at the number of reviews they have and their star ratings.

To give further piece of mind read about the company, their history and how long they have been operational for. Does it resonate with you? Do you like their mission? Does their website provide you with confidence and check whether they are regulated? If yes, check the registrar of their governing body and confirm their listing is accurate.

Security when transacting online

At the end of the day the most competitive exchange rates are found online but given that you are not doing a transaction in person, it is important to check that the website you are using is robust, safe and has the correct layers of security in place.

Two factor authentication (a unique 6 digit code is sent to your inbox during login) and adequate protection when paying by credit card should provide reassurance to you before entering into a transaction with an online foreign exchange provider. You should also always look out for the padlock icon in your web browser. This symbol indicates a secure mode and is designed to prevent anyone from reading or modifying the data you exchange with the website.

Using The Currency Club as a trusted partner when sending money overseas

The Currency Club has removed the complication of making an international transfer abroad. When you place your international payment online you get the real exchange rate every time, regardless of the currency and whichever country you are sending the funds to.

There are also no hidden fees and the more you transfer, the lower your fee. You are quoted the real exchange rate plus the fee on top as a percentage and if you hover over the fee value, the system automatically converts the fees into pounds and pence.

The platform accepts payments via debit card, credit card or bank transfer, with all progress updates on your international payment being sent via email directly to your inbox.

The Currency Club has over 350,000 members and sign up takes less than five minutes. With an "Excellent" Trustpilot score of 4.9 out of 5 what are you waiting for? Save money when sending money abroad at The Currency Club.

Best wishes


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We have made every effort to ensure that the information published here is correct and accurate, however you should check and confirm the latest exchange rates with The Currency Club directly prior to making a decision. The information published is general and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available

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