Top Tips to Transfer Money Abroad

With a year ahead full of major general elections across the globe, largely anticipated central bank decisions and ongoing conflicts we can expect to see a great level of uncertainty and volatility in the market throughout 2024. So, should you need to send money abroad it is important to look at the best ways to do it.

Here are our main top tips when transferring money-

1. Check the rates and fees

Although this sounds obvious many people fail to check the rates. Often those who use their high street banks in the UK for their currency exchanges do not check the rates as they trust that they are being offered a good price. Whereas those who do check this may find this is not the case. A currency specialist can offer great rates, especially on larger payments, as even a fraction of a percentage point can make big differences. Make sure to check for any additional transfer fees, as these also add to the cost, particularly if you have several payments to make. To be safe, ask for a quote that includes the total cost with the rates and fees included so you can see the best deal for you.

2. Get some help, speak to a foreign exchange specialist

A specialist can provide guidance on currency market movements via dedicated dealers who can help plan your future transfers with currency tools. Their expert dealers have the information and the experience to guide you on the best way to make your transfer considering your personal circumstances, budget, and timelines. A quick chat with a currency specialist could help to save you a lot of money.

3. Know your options, use free currency tools

Using currency tools allows you to track, target and fix rates of exchange up to two years in advance of a payment. Tools such as forward contracts and market orders can be used to effectively maximise your budgets and work around your deadlines.