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An international money transfer is a safe and secure way to make one-off and regular international payments, which may be better value and faster than using your bank.
MoneySuperMarket has partnered with FXcompared.com to show you competitive money transfer deals from a range of registered currency brokers who can help move money to and from more than 125 countries throughout the world..
You can transfer money overseas safely and securely with an international money transfer. Book a rate online or over the phone and pay by debit card or bank transfer into the account you’ve created.
Pick which country you’re sending the money from and to and the amount you want to transfer
See exchange rates, fees and speed of transfer before deciding which transfer provider you want to use
Click through to the broker to start the transfer process safely and securely
International money transfers have a number of advantages for sending money overseas, which include:
There's a lot to recommend FXcompared.com's international payments comparison service. Here's a few things that make it a really good option when you need to move money overseas:
Find and compare great deals on fees and charges. No fee options are available in many cases
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You have several options to send money overseas and each has its pros and cons. The main ways are:
Bank transfer: Sending money from your current account might be slower than a debit or credit card payment, but you might get a better rate
Debit card: A fast and efficient way to send money internationally and often cheaper than a credit card
Credit card: Can be a good option if you don’t have the money in your current account immediately, but you may face extra charges
Swift: A secure method of sending or receiving money from banks anywhere in the world. You are likely to be charged fees from the banks sending and receiving funds
PISP: A payment initiation service provider is a faster way of transferring money, allowing you to make a payment without having to log-in to your online banking
Apple Pay: Can also be used to pay for a money transfer overseas. Quick and convenient, but will face fees if using a credit card
Yes, you should be able to make an international payment with an online banking app. Whether you want to pay a new or existing payee, online banking should be as secure as making the payment in a local bank branch.
Check to see what fees apply and the exchange rate you are being offered, as this can make a significant difference on larger amounts.
Don’t stick with your bank for international money transfers – there are much cheaper options out there. Adverts for some foreign exchange companies often promise the best rates or zero commission but to get the best deal you need to calculate how much foreign currency you can get for a set number of pounds sterling. FXCompared.com clearly shows the amount received when you make an international money transfer.
Emma Lunn Personal finance expert
The cost of international money transfers varies from broker to broker. Through our partnership with FXcompared.com, you can compare competitive money transfers from a range of currency brokers, so you can make the most of your money.
Select the countries you want to send the money from and to, as well as the amount you want to transfer and when
We’ll work out the cost of your international money transfer for each provider, to help you compare deals and pick the right one
You can sort the results on FXcompared.com according to price, user rating and their own score, so you can get the best deal
MoneySuperMarket has won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.
You can either send money to someone in another country using an international money transfer company (an online broker), or you can set up an international money transfer through your bank or building society.
International money transfer companies support payments to almost any country in the world, but there may be limitations.
With some countries, a provider may be able to send money to the country but not from the country.
A provider may also process personal payments to and from a country, but it may not be able to offer this service for business payments.
There may be limits to the amount of money you can deposit as a debit payment. Any larger payments may need to be sent via domestic wire.
There may also be limits to the currency they can send.
You will need to read the provider’s list of supported countries and restrictions to know if your international money transfer is possible.
When it comes to transferring money internationally and paying tax, it’s a good idea to seek the advice of an independent financial adviser (for instance an accountant).
Different countries have different rules on how much tax you should pay on any money received, and this will depend on the nature of the money – for example, whether the money is a financial gift, a pension or a regular salary.
An international money transfer can be paid directly into your bank account, just like with a regular bank transfer. The sender will need to provide the international money transfer company with the recipient’s bank details, namely their:
Name (the account holder’s name)
International Bank Account Number (IBAN)
SWIFT/BIC code
Depending on the location of the receiving country, you may also need to provide details relevant to your country’s banking system, including:
Your bank’s name and address
Your routing code (Australia/ New Zealand/ South Africa)
ABA number (USA)
IFSC code (India)
Your international money transfer company should give you a confirmation number for your transaction, which you’ll then be able to use to track your money transfer online or over the phone.
The international money transfer limit will depend on where you’re sending the money from and to, and the security limits that your provider applies to this payment method.
It’s a good idea to read the provider’s terms and conditions so you know if it’s possible to send that sum of money abroad through them, or whether you need to approach a different provider.
International money transfer companies might have a minimum limit for how much you can send per overseas transaction – if the amount you need to send doesn’t reach the minimum then an international transfer through your bank might be more suited.
The time it takes to send money overseas will vary from broker to broker and depend on the destination, size of the transfer and the method used. But most payments should be received within one to five working days.
While there is currently no legal limit on how much money you can send overseas from the UK, individual banks and other payments providers may impose their own limits. For example, you might be able to send £50,000 per transfer online depending on the selected country. There might also be a minimum amount you need to transfer if you want to use an international money transfer.
Western Union is an American financial services company that is set up to allow people to transfer money around the world.
It works in a similar way to other money transfer services and as well as online transfers you can also make payments for cash collections at a local branch.
As such, you will find many Western Union branches and agents on local high streets in the UK.
Western Union isn’t a service offered by MoneySuperMarket.
Foreign exchange brokers typically do not charge a fee for transfers of more than £3,000. They also generally offer better exchange rates than the high-street banks.
It’s common for banks to charge a fee on top of an international bank transfer, which could be as high as £40.
If you tally up how much you can save by avoiding fees, plus any money you save thanks to a better exchange rate, you might find that a currency broker is the more affordable option.
A forward contract can seem 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 there is the risk that the rate could move against you.
The exchange rate on a forward contract is calculated by adjusting the current rate for so-called “forward points”, so it’s 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.
Foreign currency brokers can usually arrange regular payments to whoever is receiving money from abroad, perhaps to cover a foreign mortgage or school fees, for example. The minimum payment tends to be about £500.
You should always check that your broker is authorised or regulated by the Financial Conduct Authority (FCA) for peace of mind that your money transfer will be secure. The firm must then operate within certain guidelines to safeguard consumers and keep your money separate from the money transfer company’s own money.
Ideally, the firm should offer the protection of the Financial Services Compensation Scheme (FSCS), so you are guaranteed to get your money back if something should go wrong. The FSCS covers deposits of up to £85,000. Some money transfer companies won’t offer FSCS protection.
It can be a good idea to keep an eye on fluctuations in currency pair exchange rates, and secure a favourable rate for your future transfer when you see it – this can help you save money on larger transfers.
Popular (major currency pairs) typically include:
EUR/USD (euro/US dollar)
USD/JPY (US dollar/Japanese yen)
GBP/USD (Great British Pound)
USD/CHF (US dollar/Swiss franc)
Other major currencies that are often included against the USD include AUD, CAD and NZD.
Minor currency pairs (cross pairs) do not include the US dollar but can still be frequently traded, and against major currencies (excluding US dollars) and other minor currencies. Exotic currency pairs are made up of a currency from an emerging market.
In a currency pair the first currency (shown left) is the base currency and the second (right) is the quote currency. The figures indicates the amount of the quote (second) currency is required to buy one unit of the first currency (base).
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