Here, we explain how regular international money transfers work, what to watch out for and how you can keep costs to a minimum.
- Free transfers and bank-beating exchange rates
- Transfer over the phone, 24/7 online or via their app
- Get ‘best rate guarantee’ on all your transfers
- Minimum transfer is £100
- Payment by debit card and bank transfer only
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- Access a dedicated personal service through the telephone dealing team
- Free Rate Watch Service
- Send money online or through the FairFX mobile app
- Transfers via telephone dealing desk. Minimum transfer amount of £3,000
- Payment by bank transfer only
- FairFX do not offer transfers from INR to any other currency
- Secure the exchange rate for up to two years in advance
- One-off or regular payments with a Best Exchange Rate Guarantee
- Transact online or over the telephone with a dedicated dealer
- Unable to facilitate transfers involving Chinese Yuan Renminbi and/or Indian Rupee
- Payments by bank transfers only
- Minimum transfer requirement of £500 per month for regular transfers
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- Helpful, impartial guidance rather than pushy advice - consultants not incentivised by commission
- No transfer fees or hidden charges - what Frontierpay quotes, it sends
- Ease of use - move money online, by phone or via email
- Minimum transfer is £500
- Payment by bank to bank transfer only
- This service is not available to anyone domiciled in India
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- High quality service from a dedicated, friendly and experienced currency consultant at the other end of the phone
- Online transfers, automatic rate watch and regular transfers services available
- Insights, updates and free guides on how currency markets affect you
- Minimum transfer amount £250. No cash transactions, bank transfer only
- For regulatory purposes, service not available to anyone domiciled in India
- Make money transfers online 24/7/365, using any device
- Competitive exchange rates and absolutely no transfer fees
- Authorised by the Financial Conduct Authority
- Minimum transfer £250
- No cash, bank transfers & debit/credit cards only
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- Paying mortgages and property maintenance bills, tuition fees, transferring pensions and overseas salaries
- Bank beating exchange rates with free expert telephone service and guidance on the various regular payment options
- Protecting your international transfers from sudden exchange rate fluctuations
- Minimum regular payment plan is £250
- Credit cards are not accepted for payment
- 24/7 online access to great exchange rates
- Award winning customer service
- If you get a better quote from another bank, contact Virgin within 3 hours and Virgin Money will beat it. Terms and conditions apply
- Minimum transfer amount of £1,000
- Telephone dealing team available 8.30am to 5.30pm, Monday to Friday
- This service is available to UK residents only
International personal regular transfers
Lots of people need to make regular international money transfers overseas, perhaps because they support friends or family, or because they own a holiday home and have ongoing costs to meet.
These payments can be for small or large amounts, and may need to be made weekly, or monthly. Usually payments are collected in sterling from your account by direct debit, and foreign currency is sent automatically abroad.
As a general rule, you can opt to have a set amount of sterling deducted from your account for each transfer, or you can fix the amount of foreign currency that arrives at the other end. If you opt for the latter, the amount of sterling that comes out of your account will vary depending on the exchange rate, while if you fix the sterling amount, the amount of foreign currency received overseas will vary.
Where can I set up regular transfers?
Many people simply opt to use their high street bank to make international money transfers, but it’s also worth investigating specialist currency brokers too, if you want to keep transfer costs to a minimum.
Fees can take add a significant chunk out of the amount you are transferring, so it’s vital to check exactly how much you will be paying. As a general rule, high street banks charge around £15 to £25 per transfer, while currency brokers can typically arrange fee-free or low cost money transfers for £3 to 10 per transfer.
Certain banks, particularly those with branches overseas where you can hold accounts in two countries, will also allow fee-free money transfers, which could save you hundreds or even thousands of pounds if you are making regular transfers over a long period of time.
In addition to transfer fees, you will also have to pay a foreign exchange rate and a fee from the bank which receives the funds. This is usually about 0.5% but will depend on which bank you use.
Check exchange rates
If you need to make regular international money transfers, it’s vital to check the currency rates on offer, as these can have a significant impact on the amount that ends up being transferred.
If you are relying on a high street bank to arrange your transfer, you will have to specify the day on which you want to make the transfer, and hope that you don’t end up transferring your money at a time when the exchange rate is working against you.
Some specialist currency brokers can help avoid exchange rate volatility by allowing customers to lock into favourable exchange rates months, or in some cases a year or more, in advance.
Of course, there are risks involved if you do this, as if the exchange rate moves in your favour, you won’t be able to take advantage as you will already have locked into a particular rate.
Will my money be safe?
If you are making regular international money transfers via a high street bank, then you have peace of mind that your money is protected by the Financial Conduct Authority. However, if you move money using a currency broker, then not all of these - particularly when it comes to smaller companies - are regulated by the FCA, so you’ll need to do plenty of checks to ensure your money is protected.
Find out how long the currency broker has been established and search on the internet for any customer reviews so that you can get an idea of how they rate from a customer service perspective.