Compare international money transfer
When you need to send money internationally the best option is to use a foreign exchange broker. Engaging such a service usually incurs no transfer fees and they generally offer a better rate than your regular bank. With the number of currency brokers available on the market, it can feel overwhelming when it comes time to choose. How can you find the one that’s best for you? It’s always a good idea to compare international money transfer services instead of simply picking the first one that comes to mind. There are several trustworthy forex broker comparison sites that can facilitate your decision. Once you’ve made your choice, there are some steps to sending the money that are common for most services.
You will first have to register and set up an account with the broker. You will likely have a one-on-one conversation with a dealer in order to go over all costs and exchange rates. If you’re satisfied with all the terms, you will then confirm the transaction by providing the details for the recipient, and paying the amount agreed upon. Large sums of money are typically transferred directly from your bank account to the broker’s.
The broker will then transfer the funds received electronically to the intended beneficiary. The transfer process normally takes one or two days. However, the length of time will depend on the particular currency of the exchange. The more popular currencies such as the euro or US dollar will incur less time than others.
When you come to compare international money transfer options, it is good to bear in mind that specialist forex brokers will usually not charge fees to clients who want to transfer money overseas. Each broker with have a different threshold. The exchange rates offered are usually much more attractive than the high-street banks. In addition, banks usually charge a money transfer fee. Ultimately, you will save money with a currency broker.
A forex broker can allow you to benefit from the changes in currency exchange rates. In this aspect there are three types of currency transfer that you may choose from. The most straightforward is what is referred to as a “spot deal” in which you get make the transfer using the current rate of exchange. However, if you don’t have to send the funds immediately you can consider the “forward contract” which would allow you to fix a rate for the future, no matter what happens to the exchange rate in the meantime. In order to confirm a forward contract, a deposit is usually required. The third option is a limit order. Here you can play the foreign exchange market in some way. You set out an exchange rate that you find favorable and once that rate is reached, your broker will automatically buy the currency and then transfer the funds. The minimum amount on this type of transaction is usually in the ten thousands.
One other important aspect of choosing the best money transfer service is security. Protecting yourself and your funds should be a major consideration. Therefore, check to make sure the broker is authorized by or at least registered with the national regulatory authorities – the Financial Conduct Authority in the UK, for example – so that you can be assured that your money is safe if something happens to the broker.