International Money Transfers

Ordered on amount received - all quotes shown are for indicative purposes only

    • Provider International Money Transfers

      HiFX

      International Money Transfers

    • Exchange rate €1.2542 rate updated 10.07.14
    • Amount you'll receive €14,423.30 when transferring £11,500.00
    • Description

      The company is one of the largest and best known international money transfer specialists in the UK with a reputation for consistently offering highly competitive, bank beating exchange rates to both private individuals and businesses alike. To date they have transferred in excess of £100 billion!

      more provider details
    • Go to site

    5*
    Rating

    5* ‘excellent’ rating on Trustpilot from over 4,000 verified reviews

    Great for
    Move money and make payments 24 hours a day, seven days a week
    Authorised by the Financial Conduct Authority
    Exclusive to Moneysupermarket – transfer £5,000+ and you’ll be entered into a monthly prize draw to receive one of 10 £50 M&S vouchers
    But be aware that
    Minimum transfer £250
    No cash, bank transfers & debit/credit cards only
  1. 5*
    Rating

    5* 'excellent' rating on Trustpilot - over 200 reviews

    Great for
    24/7 access to bank beating exchange rates over the phone or online
    Priority account opening for MoneySupermarket clients
    Exclusive: Transfer over £5k and you will be entered into a monthly prize draw to receive one of three £100 M&S Vouchers
    But be aware that
    Payment by bank transfer (any amount) and debit card (up to £20,000)
    Phone service Monday – Friday. Only online transfers are available at the weekend
    • Provider International Money Transfers

      TransferWise

      International Money Transfers

    • Exchange rate €1.2555 rate updated 10.07.14
    • Amount you'll receive €14,366.42 when transferring £11,500.00
    • Description

      Authorised & regulated by the FCA under the Payment Services regulations: 2009
      5 star "excellent rating on turst pilot - over 200 reviews

    • Go to site

    5*
    Rating

    5* 'excellent' rating on Trustpilot - over 200 reviews

    Great for
    Transferwise offer the mid market rate with a service charge
    Transfer fees are clear and transparent
    But be aware that
    There is a maximum transfer amount of £1,000,000 GBP
    Phone support not available 24/7
    You cannot make transfers over the phone
  2. Great for
    24/7 access to live transparent exchange rates
    Priority account opening for moneysupermarket.com customers
    Exclusive: Transfer over £7k and you will be entered into a prize draw to win a 16GB mini iPad
    But be aware that
    Maximum online transfer of £100k
    Bank to Bank transfers only
    Closed on Sundays
    • Provider International Money Transfers

      Moneycorp

      International Money Transfers

    • Exchange rate €1.2441 rate updated 10.07.14
    • Amount you'll receive €14,307.15 when transferring £11,500.00
    • Description

      With over 30 years experience helping individuals save money on their international transfers Moneycorp have achieved the Gold Trusted Merchant Certificate for outstanding customer service in 2013 from Feefo. They focus on long-term customer satisfaction rather than short-term gains and are authorised and regulated by the Financial Conduct Authority.

    • Go to site

    Great for
    No transfer fees for transfers of £5,000+ (exclusive to Moneysupermarket)
    Bank beating exchange rates with free expert telephone service and guidance on the currency markets
    Making fast online money transfers 24/7
    But be aware that
    Minimum online transfer is £50
    Maximum online transfers £30,000
    • Provider International Money Transfers

      PayPal

      International Money Transfers

    • Exchange rate €1.2246 rate updated 10.07.14
    • Amount you'll receive €14,082.90 when transferring £11,500.00
    • Description

      Authorised & regulated by the FCA under the Payments services regulation: 2009

    • Go to site

    Great for
    No minimum transfer amounts
    But be aware that
    Fees apply for currency conversions
    Exchange rate only provided when confirming transaction
    • Provider International Money Transfers

      Halo Financial

      International Money Transfers

    • Exchange rate €1.2015 rate updated 10.07.14
    • Amount you'll receive €13,817.25 when transferring £11,500.00
    • Description

      Halo Financial won the Feefo Gold Trusted Merchant Certificate in 2013 for outstanding customer service. It offers a combination of expertise, competitive exchange rates and efficient payment processing. Halo Financial is authorised and regulated by the FCA under the Payment Services regulations 2009.

    • Go to site

    Great for
    Same day & next day transfers available Monday - Thursday 8:30am - 8:00pm, Friday 8:30am - 5:30pm
    Personal telephone servicing
    But be aware that
    Minimum Transfer is £250
    No online transfer servicing
    Bank to Bank transfers only

Ordered on amount received - all quotes shown are for indicative purposes only

  1. Great for
    Up to £5k can be transferred by phone
    But be aware that
    You must hold a Lloyds Current Account to use this service
    Additional fees and charges apply
    Online charges £17.50 for payments of £5,000 or more

International money transfers

If you want to send money overseas, a foreign exchange or currency broker can be a good option. They often charge no fees and usually offer a better exchange rate than a high street bank. So how do they work?

Let’s say you want to send 10,000 euros to France as a deposit on a French property purchase. You’ve contacted your bank but the service is expensive. You’ve also checked out a money transfer firm but, again, the charges are high. You therefore decide to use a foreign exchange broker.

Set up an account

First, you have to register to set up an account with the broker. A dealer will then usually contact you to discuss the transfer. If you are happy with the costs and exchange rate, you can book the transaction, give details of the recipient’s account and pay the agreed amount, typically by electronic transfer from your UK bank account.

Once it has received the funds, the broker will send the currency electronically to your beneficiary. The whole process shouldn’t take more than one or two days, though this depends on the currency – with popular currencies such as euros or US dollars, the time taken should be shorter than for less familiar ones.

Exchange rates

Foreign exchange brokers do not normally charge a fee for transfers of more than £3,000. They also generally offer better exchange rates than the high-street banks. For example, you might need £8,410 to send £10,000 euros through a broker, compared to £8,850 through a bank.

The bank would also charge a fee on top, which could be as high as £40. In other words, you could save about £480 by choosing a currency broker.

Types of transfer

You can also benefit from exchange rate movements by using a foreign exchange broker. There are normally three types of transfer, and you can select the one that best suits your needs and time scale. A transfer at the current exchange rate, sometimes called a spot deal, is the quickest and most straightforward as you simply send the funds immediately at the today’s rate of exchange.

Forward contract

If you do not need to send the funds straightaway, you could consider a ‘forward’ contract, which allows you to lock into today’s rate but effects the transfer the money at a given date in the future.

A forward contract can be appealing if you don’t want to have to worry about exchange rate movements, or if you expect the rate to get worse. Remember, however, that currencies can be volatile and the rate could move against you.

Put down a deposit

The exchange rate on a forward contract is calculated by adjusting the current rate for so-called “forward points”, so is not the same as the current exchange rate. Your broker should explain the terms and conditions of the contract, but it’s worth making sure you understand the cost before you go ahead.

You do not have to pay the full price of a forward contract up front, though you will normally have to put down a deposit, with the rest due on the transfer date.

Limit orders

A limit order is another way to play the currency markets. If you choose a limit order, you nominate your ideal exchange rate. When the rate is reached, the broker automatically buys the currency and transfers the funds. Limit orders are not normally appropriate for small amounts, and many brokers insist on a minimum of £30,000.

Regular payments

Foreign currency brokers can also usually arrange regular payments to a recipient overseas, perhaps if you pay a foreign mortgage or school fees. The minimum payment tends to be about £500.

Consumer protection

Security is paramount if you are sending money overseas, so you should always check that your broker is authorised or regulated by the Financial Conduct Authority. The firm must then operate within certain guidelines to safeguard consumers. Ideally, the firm should offer the protection of the Financial Services Compensation Scheme, so you are guaranteed to get your money back if something should go wrong.

Compare brokers

The cost of international money transfers varies from broker to broker. MoneySuperMarket’s free independent comparison service allows you to quickly and easily compare the deals on offer from all the major currency brokers, so you can make the most of your money.

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