If you want to send money overseas to a friend or family member, it is important that you know how to do it and what your options are. This can be a little tricky unless you know what you are doing, which is all the more reason to get this information. No matter who you are sending money to, it is a good idea to review the different ways of doing it. The following steps will help you get through this process as smoothly as possible.
There are a few different ways that you can send money overseas, including:
- Bank: You can choose to send money through your bank, which is one of the easiest and most direct methods. It is likely that you will have to pay some sort of a fee. Contact a local branch of your bank to learn about the fees associated with doing this.
- Foreign exchange broker: If you are sending more than a few thousand pounds at a time, a forex broker is probably the way to go.
- Money transfer firm: You also have the option of sending money through a firm like Western Union. This is one of the fastest ways to send money overseas, but the steep fees make it the most expensive option.
If you are going to send money through a foreign exchange broker, it is important to keep in mind that the rates are changing on a daily basis. You should take the time to compare different rates, but make sure to do it within a short period of time.
There will be fees for sending money overseas, but there is also a fee for receiving. You can request that the receiving fee come out of your end if you don’t want the other person to pay it. Some exchanges will give you a lower rate if you choose to send more money at once. This is definitely something to look into before making a decision as to how much you should send.
When you have all the details worked out, you will need to make sure that the agency or financial institution can handle the amount of money you want to send. Some agencies might not be able to send your money if it is a particularly large amount. You should make a point of keeping any paperwork you get just in case.
Is the Money I transfer Safe?
All of the money in your savings account will be perfectly safe thanks to the Financial Services Compensation Scheme in the event that the firm you use goes under. This is not the case if you choose to send your money through a foreign exchange broker. Those who are planning transfer a large sum of money at once should use an FCA-backed firm. This way you won’t have to worry about losing any money that you transfer.
Using a Bank
You have the option of going through your bank to send money overseas. There are a number of advantages and disadvantages to doing this you should be aware of. One of the best things about this option is that it is completely secure, as your money will be protected. It is also a very convenient option that doesn’t require much time or effort on your part. One of the downsides of using a bank to send money overseas is that it can take up to six business days for the other person to receive it. If you are going to send at least five thousand pounds, you should consider going through a foreign exchnage broker due to the lower rates.
Using a Money Transfer Firm
You can also use a money transfer firm to send funds overseas. This option is probably the fastest, but the fees can be substantial. It is important to compare your options so you don’t pay more than you need to. It’s also important to remember that your money won’t necessarily be safe. The funds you send won’t be protected the way they would if you went through your bank.
Watch out for Scams
There are a number of money transfer scams that you should be aware of if you are going to send money to someone overseas. If you are ever offered a deal by a person or business that sounds too good to be true, it probably is. You should never give out any of your banking details to any business that isn’t 100% reputable.
Anyone who wants to send money overseas should keep all of these options in mind. If you are going to send a large sum of money to another country, you should think about using a foreign exchange broker. If keeping your money secure is your top priority, you should go through your bank for the transfer.