There are many reasons why you may need to make overseas payments and convert sums of money from one currency into another. For example:
- The purchase or sale of an overseas property
- Receiving salary/other income from abroad
- Payment of legal or other fees of overseas professionals
- Receiving pensions/ paying living or maintenance costs
By treating overseas payments in the same way as single currency payments, you may be losing hundreds if not thousands of pounds.
The rate of the currency exchange can have a huge effect on foreign payments, yet it is often a forgotten aspect amidst all of the excitement of buying a property, or in the admin of maintaining a property abroad.
When making payments overseas many people often automatically make the transfer via their bank without consideration of the conversion rates and other charges that will be applied by the bank. This could have a huge effect on the overall costs of the payment.
Exchange rates are one of the ways in which High Street banks make huge profits at the expense of their customers. Their exchange rates are generally uncompetitive and banks often impose large commission charges just for transferring the money. This can often end up costing you unnecessary, significant additional sums.
It is highly advisable to make a transfer of money which involves a currency exchange through a recommended currency specialist instead of through the banks.
One of the reasons for this is that the exchange rates offered by foreign currency specialists re considerably more competitive than the rates of exchange offered by the banks.
Currency specialists usually don’t charge the excessive fees that the banks do just to transfer funds providing further savings.
The main aim of currency exchange specialist companies is to offer superior exchange rates compared to the banks. They are able to do this is due to the volume of foreign transfers they make and typically save around 3-5% of the transfer value when compared to the banks.
Currency exchange specialists can help in a number of additional ways too. For example they can arrange to set budgets and rates for your transfer so you will know exactly how much will be transferred at a given time without leaving matters to the mercy of the fluctuations at the time of the transfer.
can make a vast difference to the amounts actually received or the amount needed to be paid to obtain the required amount.
Using a recommended foreign exchange specialist is also very time efficient. You can set up an account and send a payment within minutes. Transfers can also be made much more quickly through a currency specialist as opposed to a high street bank.
It is recommended to contact a currency specialist should you need to make or receive an overseas payment, whether it is a one off lump sum payment or a series of regular payments. A good currency specialist will also advise you regarding the timing of your transfer to help you get the most from your money.