Whenever you send money abroad, every penny, cent or euro counts. And if you need to transfer large amounts of currency, perhaps as payment for a destination wedding or an overseas property, minimising costs will make your money go farther.
Almost one in five transfers sent overseas by Britons involves a four-figure sum or higher, so considering the impact of factors such as exchange rates and transfer fees is essential to making the most of your funds.
What is the best way to exchange large amounts of currency?
Traditionally, you have two choices: a high-street bank or a currency exchange specialist. A specialist is typically more cost-effective when exchanging large amounts of currency because they make transfers in bulk, meaning it is able to offer more competitive rates and fees – plus specialist tools to help you make the most of the market.
Timing your transfer
Timing can play an important role in how much you pay when you transfer large amounts of currency, often because of fluctuating exchange rates and sometimes unexpected fees.
An international payments expert has specialist tools that you can put in place in advance to protect against these. They are designed to help you track, target or even secure a rate you are happy with so you can use it when you are ready to send your funds.
Locking in a desired rate – often in the form of a currency forward contract – can be advisable when sending larger sums of money abroad, as even a 1 per cent shift in the exchange rate can have a significant impact on the price you pay.
Send currency abroad today
The Telegraph Media Group International Money Transfer Service, provided by international payments specialists moneycorp, provides just such an expert service.
With more than 40 years’ experience of dealing with personal and business foreign exchange requirements, Moneycorp has long been a safe pair of hands to assist with transfers of all sizes. It also offers a number of expert tools, as well as personal guidance to help you ensure you can make your transfer in confidence.
Sign up to begin your transfer now via the Telegraph Media Group International Money Transfer Service.
What are the risks for large transfers?
Trusting a company with your money when you transfer large amounts of currency can be daunting. It’s important to choose a reliable payments provider such as Moneycorp, which is authorised by the Financial Conduct Authority as an Authorised Payment Institution (API).
An API is required to safeguard relevant customer funds held overnight (or longer) into segregated client accounts, provided such funds are held in respect of a payment service, so that no one else has access to your funds.
These institutions also utilise the latest in technological innovations and regularly update security training for employees to ensure your money is being looked after.
What are the limitations?
Although there are some rules around how much cash you can take out of the UK, there’s no real limit on how much you can send abroad online or via telephone.
Similarly, there is no limit when you transfer large amounts of currency abroad with Moneycorp over the telephone. If choosing to send money online, the maximum is £100,000 or the equivalent in the currency of your transaction. The minimum amount you can transfer online is £50 or the equivalent of the currency you are converting.
Tools to help you transfer large amounts of currency
The best way to exchange a large amount of money is usually to rely on a specialist tool that will take the chance out of your transfer and help you plan ahead with certainty.
This contract facilitates buying or selling a currency for immediate delivery, for example if you want to make a transfer at once or you already know that you only have a single transfer to make. Spot contracts are ideal whether you are purchasing property abroad, receiving money from a loved one or paying for a wedding overseas.
-
A currency forward contract
If you are transferring a significant amount or sending money frequently, a foreign exchange specialist can set up a currency forward contract to protect against subsequent rate movements and secure a prevailing exchange rate for up to two years. (Note such contracts may require a deposit.)
-
A market order or stop-loss order
If timing is not an issue, you could set up a ‘market order’ in anticipation of a more favourable rate in the future. If that rate is reached, the transfer automatically takes place. Similarly, a ‘stop-loss order’ means you can set a minimum level at which you buy or sell your currency. Your order will be fulfilled automatically if this rate is reached.
Send your money transfer today
All these tools, and many more, are offered by currency specialists Moneycorp, providers of Telegraph Media Group International Money Transfer Service. With this service, you can also benefit from competitive exchange rates to help you save when sending large sums of money overseas, as well as having the option to manage your payments yourself via your secure online account.
Simply open an account below and make your overseas transfer in a few simple clicks.
-
Open an account today to find competitive exchange rates, plus no transfer fees via Telegraph Media Group International Money Transfers
Read more:
TTT Moneycorp Limited is authorised by the Financial Conduct Authority under Payment Service Regulations 2017 (reference number 308919) for the provision of payment service.
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.
*Excludes regular payment plans
Information correct at date of publication.
