When sending money abroad, one of the key priorities is to make the most of your funds. And if you need to exchange a large amount of currency , there are a number of ways in which a currency specialist can help you to get the best rate on an international money transfer.
Factors such as the current exchange rate, fees and the way you manage a transfer can all determine its value. The advantage of using specialist money transfer companies is that an expert member of their team can explain your options, talk you through the process on the phone or offer assistance with online transfers via a dedicated secure online platform or mobile app.
Is it better to exchange money at a bank or currency exchange?
Timing can also play an important role in determining the final value of a transfer. A specialist can provide expert guidance on the timing of a transfer, including email and SMS alerts if you wish either to keep up with movements in the market or track a target rate.
As such, a specialist company is often better placed to get the best exchange rate than a high-street bank that offers a wide range of services, and when it comes to fees, high-street banks may charge up to £30 for each transfer.
In contrast, Telegraph International Money Transfers is transfer fee-free.* Since Telegraph Media Group and moneycorp teamed up in 2009 to offer Telegraph readers this specialist service, more than 10,000 of them have benefited from its great rates, no transfer fees and expert, friendly service.
But whichever route you take, it’s important to remember that currency markets do fluctuate.
What are the risks of transferring large sums of money abroad?
Trusting a company with your money can be a daunting prospect, but moneycorp understands how important it is to repay the faith of its customers. Over more than 40 years, it has developed a reputation as a reliable and trusted foreign exchange specialist, which is why it has consistently won the platinum service award from review platform Feefo.
As an Authorised Payment Institution, it is required to safeguard relevant customer funds held overnight (or longer) into segregated client accounts, provided such funds are held in respect of a payment service, so no one else has access to your funds. It also utilises the latest in technological innovations and regularly updates security training for employees to ensure your money is being looked after.
Security is one of the most important aspects to consider when choosing a payments company, and so if you have any questions about Moneycorp’s business practices, please call 0207 589 3000 and one of its representatives will be happy to address any concerns.
What is the limit for currency exchange?
There is no limit with Telegraph International Money Transfers currency exchange deals made over the telephone. The maximum you are able to send online is £100,000 or the equivalent in the currency of your transaction. The minimum amount you can transfer online is £50 or the equivalent of the currency you are converting.
Three best ways to exchange large amounts of currency…
…with a spot contract
This is buying or selling a currency for immediate delivery, for example if you want to make a transfer at once or you already know that you only have a single transfer to make. They are ideal, whether you are purchasing property abroad, receiving money from a loved one or paying for a wedding overseas.
…with a currency forward contract
If you are transferring a significant amount, or sending money frequently, a foreign exchange specialist can set up a currency forward contract to protect against subsequent rate movements and secure a prevailing exchange rate for up to two years. (Note such contracts may require a deposit.)
…with a market order or stop-loss order
If timing is not an issue, you could set up a ‘market order’ in anticipation of a more favourable rate in the future. If that rate is reached, the transfer automatically takes place. Similarly, a ‘stop-loss order’ means you can set a minimum level at which you buy or sell your currency. Your order will be fulfilled automatically if this rate is reached.
TTT Moneycorp Limited is authorised by the Financial Conduct Authority under Payment Service Regulations 2017 (reference number 308919) for the provision of payment service. The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here
*Excludes regular payment plans
Information correct at date of publication.
