In case you have relatives or your children are studying abroad, then you are pretty used to international transfers. On the other hand, if this is your first time transferring money overseas, it might seem scary, and you may question each move.
However, to make every transfer seamless and to get the best out of each transfer, you must keep a few things in mind. Nowadays, it is possible that each international transfer is reliable, fast, and 100% secure.
We have jotted down a few tricks and tips that can ace every international transfer that you do.
Once you are prepared, transferring money internationally becomes very straightforward. Here are a few tips that you must definitely consider before making an international transfer:
Choose the option that suits you best
Some of your options include wire transfers, money orders, bank drafts, or through online remittances. This is when you must consider what to prioritise and what is important to you. For instance, these options differ in the time taken to make the transfer and the cost of making the transfer.
However, do make sure that you choose the services of any trusted and reputable international money transfer service provider. Your bank is a legitimate option when you need to make multiple transfers from the UK, and it can cover multiple financial requests via one convenient source. However please note they are unlikely to be the best value and using a reputable currency specialist like The Currency Club could help you save money when sending money abroad
Fluctuating exchange rates
The exchange rate is the relative price of converting one currency into another. It fluctuates by nature and depends on which bank or currency specialist you choose to get the job done.
Other factors influencing the exchange rate include macro economic factors of the country's involving the exchange rate such as inflation and interest rates. The exchange rate plays a major role even when transferring a small sum of money. It is advisable that you compare the cost of transfer across various reputable currency specialists and then choose if the transfer is also applicable.
Schedule every transfer
Whether you are sending or receiving money, you need to schedule every transfer you make. Otherwise, religious, public or bank holidays might cause a delay in the process which will further cause you to miss out on that good exchange rate.
Take note of the fact that transferring money during the weekend is the worst decision that you can make as the world market is closed and the exchange rate will not be very favourable. Currency fluctuations, exchange rate and transfer fees are the main factors that vastly affect your international money transfers. Always opt for a currency specialist that have no hidden fees when sending money abroad.
Make sure you are aware of everything
Every time you make an international money transfer, ensure you have all the information you need to make the transfer. Furthermore, ensure that you check and double-check everything before ultimately pressing the transfer button.
If you are considering making payments through digital wallets, pre-check with your recipient if he/ she can access the same service that you are using. International money transfers can differ when making transfers to different countries from the UK. Therefore, knowing your jargon is wise to avoid making costly mistakes. Furthermore, ensure facts like if you will receive real-time exchange rate, is your service provider charging fee upfront or extra? As a result, estimate how much your recipient receives in their bank.
Beware of transfer scams
If you choose a service provider apart from your bank, then be aware that your provider is trustworthy and not involved in any scam. Ensure that the company falls under the authorisation of any regulatory agency such as FCA (Financial Conduct Authority) in the case of the UK, the Financial Consumer Agency of Canada, or the Consumer Financial Protection Bureau of the USA.
Some signs of a scam can be -
The provider is rushing you to part with the money
It is sending you unnecessary QR codes to initiate 'collect' requests.
Continuously requests you to share personal information and passwords.
It is asking you to make wire transfers via unusual means and methods.
Or if your service provider is working on commission.
Furthermore, you must also be aware of the associated terminologies before sending money abroad.
SWIFT is also commonly known as a SWIFT number and stands for Society for Worldwide Interbank Financial Telecommunications. A SWIFT number is 8 to 11 characters long and incorporates a standard format code that financial institutions and banks easily identify across the globe.
When making an international money transfer, a SWIFT code is necessary as it facilitates the money transfer and is required for making SEPA payments and international wires.
On the other hand, BIC stands for Bank Identifier Code, and it represents a code of 8 to 11 characters and is used by banks for verifying global identification. A BIC code is essential to ensure that the money gets directed to the right place.
A SWIFT and BIC code contains 8-11 characters, and each character represents the following:
First 4 Letters
The first four letters represent the 'Bank Code', and it represents an abbreviation of the bank name.
2 Letters
The two letters represent the 'country code' where the bank is located.
2 Letters or Numbers
This determines the 'location code' of the bank's main office.
3 Digits
It is identified as the 'branch code' and represents the particular branch of the bank. 'XXX' is used for determining the bank's head office.
The list below contains all the important information that you must consider when transferring money from the UK to the following places.
If you are planning to send money from the UK to the USA, then make sure you -
Choose a trustworthy service provider for securely initiating the international money transfer.
Provide your valid address proof, identity proof, and other basic details.
Compare across service providers and choose the one that offers you the highest exchange rate in the market.
Opt for online services, then you would not have to spend unnecessarily on hidden and unreasonable charges.
Do not forget to check the estimated transfer date and track the progress to get a vivid idea about the transfer speed.
Break free from the traditional methods of transferring money internationally and choose better alternatives that are fast, flexible, secure, and comprise lower costs. When you send money to Canada from UK, make sure -
You have appropriate bank details and other required information of your recipient.
Provide correct address proof and identity proof.
Enquire about the maximum limit of transferring money from the UK to Canada.
Demand for the breakdown and transparency of the fees charged by your service provider.
Compare different service providers and choose the one that offers you the best market rate.
Also, exercise a clear understanding of the transfer speed.
The UK and Australia are on friendly terms and wholeheartedly welcome immigrants every year. It is child's play to send money from UK to Australia. To ensure a smooth transfer experience, consider the following -
Compare international money transfer service providers to choose the one that offers the best market value.
Enquire about additional charges and complete transparency to not fall into the hands of fraud.
Make sure that your service provider is offering service under government authorization and not working under commission.
Demand a clear understanding of their offered exchange rate and transfer speed.
Check and recheck every piece of information that you provide from your side and that of your recipient.
Lastly, have clear knowledge about the transfer limit.
Transferring money from the UK to South Africa has never been easier. All you have to do is get yourself a trustworthy and reputed service provider who can send money from the UK to South Africa seamlessly. Some of the facts to take note of include the following -
Check and recheck all information that you provide.
Ensure you get the transfer during weekdays to get a favourable exchange rate.
Demand complete transparency of the fees charged and ask for the breakdown if possible.
Take note of the transfer speed and the maximum limit of transfer.
Complete the registration process by providing exact information as required.
Keep a few photocopies of the receipt for future reference.
The United Arab Emirates is one of the biggest economic hubs for the British, and they welcome numerous British immigrants each year. Therefore, it is easy to send money from the UK to UAE. However, if this is your first time, consider the following factors -
Choose a trustworthy service provider for securely initiating the international money transfer.
Provide your valid address proof, identity proof, and other basic details.
Compare across service providers and choose the one that offers you the highest exchange rate in the market.
Exercise a good understanding of the maximum transfer limit.
Choose a service provider who initiates online services. That way, you can save yourself from getting burned out by paying additional charges.
Do not forget to check the estimated transfer date and track the progress to get a vivid idea about the transfer speed.
Turkey and the UK share strong bonds, and they have multiple immigrants living in each other's countries. As a result, you can send money to Turkey to their respective families and friends, and the process is seamless. Some of the important things to be well aware of include the following -
Make sure that you make the transfer during working days in Turkey to get a favourable exchange rate.
Complete the registration process by providing exact information as required.
Demand complete transparency of the fees charged and ask for the breakdown if possible.
Check and recheck all information that you provide.
Take note of the transfer speed and the maximum limit of transfer.
Keep a few photocopies of the receipt for future reference.
It is pretty common for the residents of the UK to migrate to Hungary and vice versa from time to time. Therefore, to send money to Hungary, you don't have to take up a lot of hassle. All you need to do is keep note of the following important things -
Compare different service providers and choose the one that offers you the best market rate.
Make sure you have the correct bank details and other required information.
Provide correct address proof and identity proof.
Enquire about the transfer speed and the maximum limit for transferring money from the UK to Hungary.
Demand for the breakdown and transparency of the fees charged by your service provider.
Earlier the UK was a part of the European Union, so the currency exchange was not a big issue. But after Brexit, you need to transfer Euros to Pounds and vice versa. However, this is not a cumbersome issue and can be handled easily. You need to take care of the following things -
You need to choose the right currency specialist. They should charge no hidden fees during the transaction. You can perform the transaction via the phone in a guided way or make a transfer online.
Make sure that you have registered properly by entering your ID and account details properly.
Secure the EUR/GBP or GBP/EUR exchange rate.
After the transaction, make sure you receive some sort of proof. It could be a receipt or counterfoil.
If you wish to send somebody money abroad, be it a relative or a friend, you need to know how you can make the send money abroad cheaply. Here are some tips regarding this:
You need to know the different methods by which you can make a transfer. You can do it by three ways - cash-to-cash money transfers, cash-to-bank money transfers, and bank-to-bank money transfers.
Cash-to-cash money transfer is performed through channels like The Currency Club, where the sender and receiver exchange cash through the transaction agency.
Cash-to-bank transfer connects the remittance firm to the bank. It is not a very popular method these days.
Bank-to-bank transfers include making an international money transfer through banks in two different countries.
Remember to check transaction fees in each case. Prefer the one with the lowest fees.
In a nutshell, transferring money within nations is relatively easy now. Just like the friendly bond that most countries share among themselves these days, international money transfer is similarly seamless today. Moreover, with partners like the Currency Club that exercises modern technology and advanced methods transferring money cross-border is now fast, reliable and secure.
There is no limit to the amount of money you can legally transfer from the UK to overseas. However, the HM Revenue and Customs and the Financial Conduct Authority (FCA) will monitor your entire money transfer process.
If you are not a resident of the UK or your permanent home is in another country, then you won't have to pay any tax. However, if you are a resident of the UK, then you have to pay tax.
All you need to provide is your receiver's bank account number, address, contact number, and ABA (American Bankers Association) routing number.
Bank details like bank name, address, account number, and correct IBAN. Other details include the full name and address of the recipient.
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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