Moneyfacts.co.uk has chosen HiFX to offer an International Money Transfer service. Any legal or contractual relationship will be with HiFX. HiFX is authorised by the Financial Conduct Authority and any customer money held by them will be in a safeguarded account. Money in that account is protected and cannot be used by HiFX to pay off any debts in the event they become insolvent.
Buying or selling international investments or property, transferring pension payments and salaries, topping up an overseas bank account or simply sending a lump sum home?Whatever your reasons for making an international money transfer it pays to shop around for the best deal.
This simple step by step guide gives you all the information you need to understand the best ways to send money abroad saving you serious cash.
When making international payments, the costs fall into two simple areas: fees and the exchange rate. When shopping around and comparing one company to another regardless of whether it’s your high street bank or one of the many currency specialists in the UK, it’s important to pin point both.
Despite these complications, getting the most for your money actually boils down to a very simple question…
“How many Euros/ Dollars/ Swiss Francs etc. will I receive for my pounds, after all charges?”
Remember exchange rates often change by the minute, so to compare providers properly you need to do it one after the other.
For larger bank to bank international money transfers i.e £1,000 and over, it pays to compare your high street bank’s exchange rates with those offered by some of the many currency specialists that exist within the UK. Every month HiFX use an independent company to check all its main high street banks and building societies to make sure their overall price (including bank charges, exchange rates and other fees) is better.
The rate you are offered by HiFX will be dependent upon a number of factors including:
As the exchange rates are constantly changing, an important aspect to your international payment will be the timing.
In many cases, people don’t pay much attention to what’s happening to the exchange rate and simply leave their decision to make the international money transfer to the last minute hoping for a good rate, assuming, that without all the funds available, there isn’t much they can do.
Regardless of why you’re sending your money abroad, the larger the amount you're looking to move overseas, the more important it is to maximise the timing of your transaction and minimise the risk that the exchange rate could get worse and make your money worth less.
Remember, as soon as you decide to move overseas or buy and sell an asset abroad such as a property, you are exposed to adverse moves in the currency market.
Unlike many banks, currency specialists can offer additional services and tools that can help you manage your money transfers more effectively, when the currency markets are unstable:
Choosing which option is right for you is relatively straight forward as it depends on three key factors:
Your options are as follows:
Q. I have access to all of the funds - what are my options?
A. If you have access to all the funds and want to convert all or part of them immediately, you can buy at the spot rate. Essentially this is a ‘buy now, pay now’ scenario, where you will need to arrange an immediate transfer of the full value of the currency sold.
Q. I do not have access to all of the funds - what are my options?
A. If you do not have access to all of the funds at the outset you can wait or act now and buy one or more forward contracts.
HiFX is giving away 10 £25 Marks and Spencer vouchers in a monthly prize draw. To enter, simply register with HiFX here and transfer a minimum of £1,000 in three months. Vouchers can be used in store and online.
For more information, terms and conditions, visit the HiFX website.
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