Currency Dealing Guide | Foreign Exchange Help

TheMoveChannel.com | Overseas Money Transfers

Transferring Money Overseas

UK banks have traditionally been slow and expensive when it comes to transferring funds overseas. For example, a transfer to Spain can take 3 to 4 days to arrive and, though the transfer fee charged by your bank may not be excessive, the exchange rate they give you will not normally be the best you can get.

Many local branches have little or no experience of making international transfers, so mistakes are often made causing delays and additional costs.

Depending on the bank you are sending the money from and the bank you are sending the money to, the funds may have to go through several links in a chain. For example, from your local branch to its head office, then to their partner bank overseas, then to the head office of the recipient bank, then to regional office of that bank and finally to the destination branch overseas. This can take quite a long time and each extra link increases the likelihood of the funds going astray or being delayed.

Sending your money through a currency dealer equipped to deal with this type of transaction can make the whole process a lot more straightforward. After the contract is agreed, you transfer your funds into a dedicated client account using either cheque or bank transfer. The dealer then purchases the currency on your behalf at the agreed exchange price and once your funds have cleared, we will then forward the currency to your beneficiary account.

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