Sending Money Overseas

Published / Last Updated on 06/11/2014

Video explores the very simple measures required to get the best rate and fee when sending money overseas.

Transcript:

“Hello there, [the] subject for the video is sending money overseas.

Lots and lots of people at different points in their lives need to send money overseas or indeed send money back into the United Kingdom from overseas. It may be that you are buying property overseas or you’re sending money to loved ones overseas. It may be that you are an expatriate and your living and working overseas and you want to send money back to the UK.

Now, all I would urge with this is shop around. Yes, your bank may offer facilities for you to send money backwards and forwards overseas but banks aren't always that competitive. I personally have to send money overseas quite regularly and because our web designer lives and works in another country, so I have to pay his fees and I ‘wire’ money out overseas all of the time.

Now there are lots of lots of respected overseas transfer, currency transfer, specialists on the Internet that can do this very quickly and very simply for you. Yes there will be a fee and that fee maybe £5 or £7 or £10 or something like that. But when you compare the rate that you get from these professional overseas money transfer companies compared to your bank you may be surprised.

Your bank: usually many of them charge higher fees and probably the exchange rate that you get maybe not as competitive. [So] all I'm saying with overseas money transfers is

  • shop around for the best rate and
  • shop around for the cheapest administration fee

Because that will be the combination you need to look at and I know you may think, I would do that anyway but lots and lots of people don't. They walk straight into their bank and they say I need to send £10,000, £5,000, £100,000 overseas. Shop around.

If you have any questions if you would like any help with that then do talk to as we can point you in the right direction are and all as I would say is: “shop around!”

Be careful, compare the rate that you have been offered, compare the fee that is being charged. Thanks very much for watching.”



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