If you are in international business, someone who has moved to a new country or just a frequent traveler who needs access to local currency for a large purchase, you need to be aware the costs of transferring cash. There are many ways to move money between countries, but if you aren’t careful, you can end up paying too much for the privilege.
When you exchange money, there are two costs to consider:
1) Is there an up-front fee?
2) What exchange rate is used?
The most expensive way to move money is the so-called “walk-in” services. They will charge you a fee for a money order and they will add points to the exchange rate. As an example, if the British Pound is $1.50 on the spot market, they will not only charge you a fee for processing the transaction, but they will also charge you $1.55 or perhaps even $1.60 on the exchange rate.
You’d think the banks might be a better option, but you’d be wrong. Banks are notoriously looking for ways to charge fees to customers. In addition to wire transfer fees (which you may not be able to get around in any case), their fees and rates will be perhaps better than the worst but much worse than the best services.
Your best bet is a money transfer service, and our favorite is Moneycorp. Their fees are minimal and easy to understand. And their rates will always be competitive, based on the amount and currency you have chosen.
Foreign exchange can be complicated, but Moneycorp’s experts are on hand to guide you every step of the way. They take the time to understand your requirements, which helps us suggest the best solutions to maximize the value of your currency transfer.
They have been in business for over 30 years and help clients make about 2 million transactions each year. This experience, market knowledge, technology and focus combine to get you the most competitive exchange rates. Most importantly, your funds are safe – Moneycorp is a licensed Money Service Business regulated by the British Financial Conduct Authority, one of the world’s most stringent financial regulators.
But don’t take our word for it…click here to send a message to Moneycorp, and they will answer any questions you have!