When it comes to transferring money overseas you have two main options: using a bank or using a broker. If you wish to use a broker, this article will outline how the process works.
There are a number of currency brokers out there, all offering different services. Picking the right broker for you can seem a bit daunting, but taking the time to do a little research can make all the difference. Checking out online customer reviews can be a good way of getting a feel for a company, and reputable brokers usually include a review section on their websites.
Once you have selected a broker which offers the services you need, the next step is to register. Registering with a broker should be free and shouldn’t put you under any obligation to trade. The registration process is usually simple and conductible either online or over the phone.
Some leading brokers, like TorFX, will assign you a personal Account Manager. Once you’ve registered they’ll get in touch to introduce themselves, have a chat about your requirements and outline ways in which you can transfer your funds. Brokers can offer a number of different transfer options which can be tailored to suit your needs so having a personal Account Manager can be of real assistance. If, for example, you wish to make regular transactions, your Account Manager can help you automate the process and make sure to secure you the best exchange rate possible on every transfer.
It’s worth mentioning that not all foreign exchange brokers offer an Account Manger, so choose wisely depending on your personal needs and what you may wish to do for future transactions.
In conclusion, the most important thing you can do is research. User reviews are always worth looking at to gauge a company’s reputation, but word of mouth recommendation and online searches are also a good place to start. For your own peace of mind, chose a broker which is authorised by the FCA and offers segregated client accounts. And to ensure you maximise the amount of currency you receive, use a broker which offers the services most suited to your requirements.
Needless to say, purchasing a property overseas is a pretty challenging process for most. When you purchase a property abroad you’re putting currency exchange into the mix, adding a cherry on top of a many layered cake.
Read MoreAfter packing up your life and moving to a new country, you may find you need to either send money back home on a regular basis or else transfer it overseas. Using a bank might sound like the simplest way of managing such transfers, but is it?
Read MoreCurrency Solutions has helped more than 180,000 clients save thousands of pounds in exchange rates since 2003. They provide a safe and quick method of transferring money anywhere in the world.
Margin | Regulator | Fee | Mini | Ccy | Service |
---|---|---|---|---|---|
0.6% | FSA, HMRC | £10 / Free | £100 / €100 | All |
Overseas Property, Regular Payments, Forward, Spot, Online |
The Bank for Expats® is the name of BNP Paribas Personal Investors dedicated range of investment management solutions for expatriates. It offers a multicurrency account + international credit card, a multi- language service, a multilingual website, online trading, and a full range of products to suit your needs abroad, offshore mortgages etc.
Read MoreBright!Tax is the premier online tax preparation firm for Americans living in Haiti. They guarantee that your taxes will be done right and with every consideration made on your behalf, employing every tax saving opportunity while remaining absolutely tax compliant.
Read MoreTorFX is a leading provider of currency exchange services, offering ultra competitive foreign exchange rates. Their customers benefit from an unrivalled personal service and substantial savings on currency exchange rate transactions.
Margin | Regulator | Fee | Mini | Ccy | Service |
---|---|---|---|---|---|
0.7% | FSA, HMRC | Free | £500 / €600 | All |
Overseas Property, Regular Payments, Forward, Spot, Online |
"A fun compulsive read!"
J. Matcham, Amazon
"I strongly advise people ready to live abroad to read this book!"
Patrice, Amazon