If your friends and family are currently abroad, you might want to send them money now and again. Whether it’s for their birthday, supporting elderly family members, or for any other reason, sending money should be easy and convenient.
Some transfer methods can make the transfer process seem complicated and expensive, with hidden fees and exchange rates adjusting how much money will be received. Keep reading as we explore the methods you can use to support your loved ones while they’re abroad, without breaking the bank.
Choose the right method
Exchange rates are always changing. That means the money you send one day will be worth a different amount on the next. Unfortunately, there’s no way to predict exactly what rates will be from one day to the next, but we recommend keeping an eye on exchange rates for the recipient’s country. If you know in advance that you’ll need to exchange money, you can watch for a rate you’re happy with.
Additionally, when deciding who to use for your international money transfers, there are several transfer options, depending on your needs. For instance, most UK banks will allow regular transfers to a single location. Since it’s typically an overseas arm of the same bank that’ll handle the transaction, you’re unlikely to face any fees.
Avoiding hidden fees
On the other hand, if you’re sending money on irregular or one-off occasions, you may need to use other channels. While many international money transfer businesses will be upfront about any costs and fees, they can still be difficult to understand.
Typically, when you send money through an international transfer, the business will claim a small percentage before the exchange. This reduces the amount converted, and consequently impacts the amount received too.
Additionally, as exchange rates fluctuate, you may find that your transfer is only guaranteed at a certain rate for a limited time. If you don’t accept the transfer within the allotted time, the exchange rate may be subject to change.
Keeping it safe
Whenever you send money abroad, we urge you to use trusted and FCA-regulated services. These companies have to follow certain trading standards, which means they’re much more secure channels when sending money.
While unregulated services may seem to offer better deals, they frequently have hidden costs and reduced security, which puts your money at risk.
You should also expect an international transfer to take up to 5 working days. If it takes any longer, you may need to check with your chosen service if there have been any issues.
