Transferring Money Abroad

Transferring Money Abroad Transferring money abroad is a task which needs extensive research on all the components included with the process. And if the money involved is a larger amount, then get ready to make some major pros and cons list. With this brief article, choose the best method suitable for you.

Transferring money overseas can be a daunting task sometimes. Choosing which method is best suitable for you require a considerable amount of time to think over certain components about the transaction to be made. The most important thing to keep in mind is the exchange rates and fees.

Below provided are the most suitable options you can use to transfer your money. These options are:

1. Bank Transfer Bank transfers are considered to be the most secure, reliable and convenient option to protect your money while transferring money to the U.K. It is the easiest method to set up a recurring payment and the most convenient option for long-term payment; it has its side of the downgrades too. Bank transfers do not provide the best exchange rates, causing the value of your money to tumble.

Another factor that comes with the Bank Transfer is the fees involved with transferring money.

It is important to consider whether the bank you are choosing to transfer your money from, is linked with the U.K branch, in which case there will be no added fees. The only requirement being, both the accounts should be under the same name.

Advantages of Bank Transfer ● ● ● ● ● ●

Bank Transfers are easy to set up for the regular transactions It is the safest option available to transfer money Most banks provide the convenience of online transactions.

No transfer fees required for the linked banks Suitable for small to mid transactions Banks provide 24/7 online money banking, allowing you to transfer money at your ease.

Disadvantages of Bank Transfer ● It is a little time consuming method, takes around 3-5 days, ● Banks do not provide the best exchange rates ● Often include fees for transferring money, if the bank is not linked to the overseas bank.

2. Money Transferring Firms Transferring firms are the best considered options for fast payments. While being the faster option than bank transfers, it is not the safest option as these firms do not provide any compensation scheme to protect your money if something happens to the firm. Transferring money via firms does not restrict transferring money to just a bank but also to the recipient’s phone.

Advantages of transferring firms ● Faster transactions ● Suitable for small amounts of money ● Transfers can be made online

Disadvantages of transferring firms ● High money transferring fees ● There is no protection scheme for money ● Account verification might take some time

3. Foreign Exchange Brokers The most efficient for large payments, with very low or often no fees included specially with large payments. Exchange brokers often provide best exchange rates adding value to your money, if a lot of cash is transferred in a single transaction. It is very important to transfer money only through a registered broker to make sure your money is protected.

Advantages of Foreign Exchange Brokers ● Highly competitive exchange rates ● Faster transaction usually taking 1-2 days ● Best method for large payments

Disadvantages of Foreign Exchange Brokers ● Lesser protection of money, compared to banks ● Not best for small amounts of money ● Changes to exchange rates can be tricky

www.interchangefinancial.com