Due to globalisation and increasing technological development, sending money overseas has become easier and hassle-free. Moreover, people are constantly on the move with different jobs or business opportunities, meaning they have to send money abroad with companies such as Mandar Dinero for both personal and business reasons.
Traditionally, sending money abroad has always been for business reasons, especially if you have an international client. However, transferring money to a foreign bank account can also have multiple personal reasons.
These can include buying an overseas property, paying tuition fees in an international institution, sending money to friends and family or investing overseas.
If you want to transfer money abroad for the same reasons, here are some tips that will help do that safely.
- Compare International Money Transfers
Sending money abroad can cost you a fortune if you are unaware of the hidden charges that many institutions tend to levy. On most occasions, banks and money transfer companies charge hidden markups on the exchange rate apart from a transfer fee. This can lead to a lot of expenses and is not preferable.
Comparing different international money transfers can save you from such exorbitant expenses and help you transfer money overseas with just a few clicks.
If you want to compare different money transfer companies in the UK, do the following:
Step 1: Type your required currency in the search bar against the GBP
Step 2: You will come across several listing pages, click on one of them
Step 3: Browse through the list of such money transfer companies and check their rates
However, you can also opt for providers who display a comprehensive list of currency exchange companies and their market best rates.
- Know the Transfer Limit
If you are interested in international money transfer limits, consider learning about tax implications as well. While presently there are no limits on the amount you can send abroad, be it via bank, wire, or online transfer, some payment providers may have their limitations.
This is applicable for both receiving and sending money internationally as there can be legal obligations for tax purposes on such transactions.
For example, if you want to send a hefty amount of money abroad, there can be extra checks. This may require you to pay a minimum transaction amount. Hence, it is imperative to be aware of international money transfer regulations, as the same can vary.
- Explore Ways to Send Money Abroad
It is wise to consider several factors before transferring money to a foreign bank account. For example, the fees may vary depending on the payment mode, delivery, location, or speed. Hence, it is advisable to learn about the various payment modes in detail before opting for one. Some potential options are:
- Bank Account
If you want to send money abroad, choose a UK bank with branches in other countries. This will get you some free transfers and help in overseas transactions. With this, make your abroad money transaction smooth and easy as in most cases, the exchange rates are generally poor, with hidden charges as well.
You can opt for multi-currency bank accounts or digital banks as well. While the first allows you to manage payments instead of opening a new account, the latter offers you low-cost money transfers with a nominal fee.
Hence, opt for either of these depending on the amount and your requirement. Also, keep in mind that banks do not change their exchange rates throughout the day. Meaning you will be stuck with something less beneficial while there are institutions offering better exchange rates.
- Currency Brokers
A foreign exchange broker, or an FX company helps you purchase and sell currency. This financial service provider allows you to trade foreign currency, usually suitable for large transactions.
While opting for a currency broker, compare them using an FX comparison site or getting quotes from each company.
Consequently, after selecting a broker, open an account to initiate the transaction. To do so, you can use a credit card, debit card, or bank transfer, along with the recipient’s details.
The FCA should authorise and regulate these currency brokers to ensure maximum safety. The best way to transfer money abroad through a broker is online as the offline options usually tend to charge hidden fees.
- PayPal
PayPal is a preferred payment method because of its accessibility and user-friendliness. You can transfer your funds instantaneously into a recipient’s PayPal account, provided both parties have a PayPal account.
With PayPal, you can transfer money between more than 200 countries hassle-free.
However, one downside of using this payment mode is that these international transfers come with a hefty fee.
Even though it allows you to transfer a considerable sum, individual transactions are limited to $10,000.
You can send money abroad via the app or browser through the PayPal balance-linked bank account, debit, or credit card. The charges can range from $0.99 as the minimum fee and $4.99 as the maximum.
- Ensure a Safer Transfer
Safety is one of the paramount concerns for people opting for international transactions. Hence, avoid going for any random FX broker if you want to go for safer transactions. Instead, go for those payment providers with stringent security and credibility standards with valid authorisation from all relevant financial authorities. In addition, ensure that the institution is authorised or registered under the Financial Conduct Authority (FCA).
Besides this, ensure a safe bank transfer by following the below-mentioned tips:
- Ensure you have access to the proper documents or receipts in case of a mishap
- Verify that the FCA registers the foreign exchange service
- Inform the recipient about the transaction beforehand for security
- Validate the necessary details for the international transfer
- Confirm with the concerned firm about the additional charges and safety procedures.
- Use a unique password with numbers, alphabets, and special characters that will be hard to guess
- Do not save or share your password with scammers
- Find the Safe Option
It is necessary to ensure the safe transfer of funds via any money transfer company. Otherwise, it can lead to the loss of the amount or risk of leaking sensitive information.
However, with Sterling FX you can get rid of such risks. They have been in this business since 1972 and are registered with the Financial Conduct Authority under the Payment Services Regulations 2017.
They safeguard your funds with their banking partners and ensure that your money is kept separate from their commercial funds as per the regulations.
You can get their assistance by following these simple steps.
- Select your preferred currency
- Choose your exchange rate
- Pick a suitable delivery slot
- Make your payment via bank transfer or debit card
Consequently, you will get a confirmation mail with the tracking details. They also use Royal Mail Special Delivery, a fully insured and safe home delivery service.
Conclusion
Planning and research can go a long way to help you decide the best way to send money abroad. Before opting for a money transfer company, analyse its benefits and downsides and then make your pick. Keep a tab on your needs and look for the best rates you can get with the lowest fee. Consequently, pick the right provider for simple, fast and cost-effective international money transfers.
Links to include:
- https://www.sterlingfx.co.uk/international-transfers
Main points to cover & references for information:
- Reasons why people may need to send money abroad for. Outline both personal and business reasons.
- How to compare international money transfers.
- Is there a minimum or maximum amount you can send?
- Ways to send money abroad (bank, currency brokers, paypal etc.)
- Tips to ensure your bank transfer is safe
- How Sterling FX safely transfer money abroad and offer the best rates
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