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Comparing Money Transfers FirmsBy Expert Author: Money Cloud
In the past, banks used to be the only means of transferring money across borders. That has changed - you can now make money transfers through foreign exchange firms offering these services at competitive rates.
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How it works
In the past, banks used to be the only means of transferring money across borders. That has changed - you can now make money transfers through foreign exchange firms offering these services at competitive rates. It would, therefore, be prudent to compare the cost of using various firms and banks before committing yourself to using one of the many available avenues of money transfers. It is, however, worth noting that a majority of these foreign exchange companies handle sizable transfers in the range of £5000. Small transfers in the range of £3000 will attract a fee. Be sure to compare various fee structures before committing yourself.
Making a transfer
First, you are required to open an account and transfer money or pay in to an account with the exchange broker. This may take a day or two. When making a currency comparison, you have two options: you can transfer the money abroad using the current exchange rate, or you can use a forward contract. The contract locks in the exchange rate for future trade. Some foreign exchange brokers will also handle regular overseas transfers. They can also offer travel cash, typically delivered to your door the following day via post. Currency comparison sites can help you identify currency traders near you.
If you encounter challenges
Keep all the paperwork in a safe place. If you encounter any problems with the transfer, your receipts will assist you in proving that you sent the money. If your foreign exchange broker becomes insolvent, there are no compensation schemes to cover your loss. Therefore, these companies may not be as safe as using a bank. It is imperative that you check out the firm before committing yourself, as you will be using the broker for large transfers. Conduct adequate research on currency traders before comparing them on money transfer comparison sites.
Companies authorized by the Financial Conduct Authority are required to safeguard your money by keeping it separate from the firms fund. Therefore, your money is paid back should the company become insolvent. Companies simply registered with the Financial Conduct Authority are not required to safeguard your money this way. Make sure that you always choose an authorized company.
A money transfer firm or a bank: which is the better choice?
The question on most peoples mind is: which is better? The good news is that there are a number of money transfer comparison sites that can help you make the right choice. These sites collate information on the exchange rates and fees offered by various foreign exchange companies, as well as banks. This simplifies the whole decision making process for you. It ensures that you make an informed decision that you will not regret. Using these sites enables you to get value for money. As with any other online product, it is essential that you conduct in depth research before settling for one company to work with. This way, you are sure that your money is safe.
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