International money transfer
When needing to make an international money transfer, the first option that springs to most people’s mind is the banks.
While certainly, they are the easy and convenient option for most people, they are also known to charge excessive fees as well as uncompetitive exchange rates. Therefore, when deciding on international money transfer options, you should at least carry out a little bit of research into other options, so that you can benefit from the best rates out there, and make your money go a little further!
Disadvantages of Bank Transfers
When using the banks to transfer money overseas, you should be wary of all their charges, both hidden and otherwise, and then compare these charges to the other options out there. In addition to this, you should also look into the amount of time it will take for the bank to transfer the money to the recipient as again this often exceeds what other providers can deliver. In most instances, you will find the other options out there to be considerably better value, not to mention more convenient!
Fees And Exchange Rates
Most banks will charge you for international money transfer fees which would include a commission as well as the exchange rates. It is quite common for some of these charges to be completely hidden and once you encounter these hidden charges, you will find the overall cost for your transfer to have risen significantly from what you had initially expected.
In some cases, international money transfer with banks take a lot more time for complete execution in comparison to the other modes of transfer. In many respects, banks are considered to be the slowest mode for international money transfers.
One of the key distinctions between the banks and Forex brokers is transparency. Unlike the banks Forex brokers make a point to provide their clients with the latest exchange rates on a daily basis so that the customers can take advantage of any latest positive change. This proactive and transparent approach contributes significantly in further reducing the costs of international money transfers. Banks, on the other hand, only update their rates at their own convenience and don’t consider how harmful fluctuations of foreign currency can affect customers. With all this in mind, currency brokers are renowned to be the superior choice when it comes to providing bank beating exchange rates. On Average Clients save 3% compared to the bank. That’s up to 3000 Euros saving on every 100,000 that you send!
International Bank Transfers against Currency Solutions
Forex brokers are clearly the better option when it comes to international money transfers. Banks simply end up overcharging on everything. From uncompetitive rates and a lack of price transparency, to excessive fees and hidden charges, the banks offer little value to customers making international transfers.
So when it comes to making international money transfer, look at the options out there.
One company that we recommend that specialises in Foreign Currency Exchange is called Currency Solutions. They are regulated and authorised by the UK Financial Services Authority and HM Revenue. They will carry out currency transfers from Euros to Sterling as well as most other major currencies. You can make a no obligation enquiry about your currency requirements online here.
If you prefer – you can telephone the Expats Amsterdam contact: Eren Ersoy direct on 0044 207 740 0000 .
Eren will be able to help you with all your currency exchange questions. Mention “Expats Amsterdam” when you call.