THE most common reasons for making an international transfer include buying or selling property abroad, sending money to family or friends overseas and repatriating wages.
Whatever the reason though, it pays not to get complacent about how you send money abroad.
Despite people’s willingness to embrace lifestyle opportunities on a global scale, many of us are guilty of laziness when it comes to making overseas money transfers.
We often revert to our bank to make these transactions rather than trying to find a better deal.
High street banks offer a multifaceted range of services, meaning that when it comes to foreign exchange, they may not offer competitive exchange rates or provide their clients with expert guidance about market fluctuations.
Using a foreign exchange specialist can have a number of advantages over your bank.
The exchange rate is critical of course, but synonymous with that is the bespoke service you will receive – not only helping you to achieve the best rate, but helping you time it to the best moment possible.
Let’s take the love affair between the Great British pound and the euro. It’s been in a relatively stable range of 1.08 (euros to the pound) to 1.18 for the past few years.
At the time of writing, it broke a new five-year high and crept over that critical 1.20 level, even venturing into the 1.21s and higher.
This is exceptionally good news for anyone sending euros abroad, less so for those needing to transfer euros into a UK bank account.
What does this mean in figures? In March 2020, when the Covid outbreak really hit the UK, had you sent €250,000 to a French bank account to secure your dream chateau in the Dordogne, this would have cost you £233,600.
Doing it today, in March 2022 – could have cost you £206,600 – a whopping £27,000 less.
Exchange rate movements are, by nature, unpredictable. They don’t just baffle novices; they catch economists off guard too.
With a bank, buyers rarely get the right help they need to protect themselves from the movements of complex currency markets.
With Moneycorp however, you receive expert market guidance from your own personal account manager who is only a phone call away. Click here to open an account.
Security is key
You will be entrusting your money to a credible organisation when using Moneycorp, which has been in the foreign exchange business since 1979.
It is authorised and regulated by the Financial Conduct Authority for the provision of payment services, and all customer funds are safeguarded in segregated client accounts.
Click here to open an account with Moneycorp.