What is the cheapest way to send money abroad?

Laveta Brigham

Table of Contents Looking for the cheapest way to send money abroad? Learn how to get the best value from money you’re sending around the world.Reasons to send money abroadReasons people send money abroad:Why use online international money transfers?Can I just transfer money abroad from my bank?How to get the […]

You can now make international payments with no transfer fees online and over the phone with the Telegraph’s International Money Transfer service with moneycorp making sending money abroad a breeze.

Reasons to send money abroad

At a time of political uncertainty, which affects worldwide currency markets, it’s wise to protect yourself from future currency volatility if you’re planning to send a large sum of money abroad.

You could be living abroad yourself, you could have family and friends overseas or you could be planning on emigrating. Either way, sending money abroad would mean a currency exchange into an overseas bank account.

Reasons people send money abroad:

  • Buying a property internationally
  • Selling a property abroad
  • Overseas mortgage payments
  • Paying for a wedding or major event abroad
  • Funding student fees for relatives studying abroad
  • Helping family or friends living or travelling abroad
  • To pay international suppliers to your business

You could be living abroad yourself, you could have family and friends overseas or you could be planning on emigrating. Either way, sending money abroad would mean a currency exchange into an overseas bank account.

Why use online international money transfers?

Specialist currency services typically offer better exchange rates than UK high street banks, with significantly smaller fees or, in the case of The Telegraph Media Group, no transfer fees.  Organising your international payments online means 24-7 web access and apps can bring greater efficiency and convenience, and secure online transfer platforms with two-factor authentication and the ability to track the progress of payments can give greater peace of mind when handling sensitive data.

Can I just transfer money abroad from my bank?

You may have been with your bank your whole life – but they may not be able to give you the most competitive exchange rates or transfer fees and may not be in a position to provide expert market guidance when sending money overseas.

With some banks you can do international money transfers for free, but in most cases there may be caveats, such as:

  • If the international money transfer is to another branch of the same bank or one within the same corporate group: They must use the same bank as you and carry out the transfer online.
  • If both accounts are in your name: Danske Bank can transfer fee-free from Britain to branches in Scandinavia and many northern European countries, but in cases such as Lloyds and HSBC, international payments without transfer fees to the same account are restricted to those who have accounts with a significantly high regular salary or income, usually £100,000.

Using a specialist in international money transfers could help get the best deals that suit you and your needs – ideally with no transfer fees and at great exchange rates – as a convenient and cost-effective way to send funds overseas.

How to get the best rate when I send money abroad

Getting the guidance you need is crucial, and currency specialists like the Telegraph Media Group’s service with moneycorp can give you peace of mind that the money you send lands  where you want it to go, and at great rates.

Once you start using international money transfers with the Telegraph Media Group, you can:

  • Benefit from sending money abroad with no transfer fees
  • Be guided all the way by a currency exchange expert
  • Have your funds safeguarded in segregated client bank accounts
  • Lock into an exchange rate for up to two years with a forward contract (May require a deposit)
  • Set up a payment plan to automatically transfer money abroad to a specified schedule

Send money abroad with the Telegraph Media Group

While it can cost a lot of money to send money overseas via UK high street banks – up to £30 in transfer fees per transaction in some cases – the Telegraph Media Group’s service charges no transfer fees. You can use our secure, online platform to manage your payments or speak to an expert, who can guide you through the transfer process, talk you through how markets work and help you understand the tools to protect your money from future risk such as forward contracts.

Get competitive exchange rates when making international money transfers with The Telegraph Media Group International Money Transfers

Open an account and get fee-free international transfers

*excludes regular payment plans

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.

Information correct at date of publication.

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