Take a deep breath. For once, Brexit woes have taken a back seat and the currency markets have had a little breathing space. With no fresh crises or emergencies, it has been relatively plain sailing this week for Sterling. Perhaps a good time then, to think about making that pounds to euros transfer you had been putting off?
There are a variety of ways to send money abroad, but be warned, some are better than others. There’s the good; foreign exchange brokers who buy currency in bulk and are therefore able to offer more competitive exchange rates and lower fees; or money transfer apps that are great for making micro-payments because they are technologically top of the class.
Then there’s the bad; high street money transfer operators that prey on the perception that there is no viable alternative (there is!) and hit customers with sizeable fees and charges.
And the downright ugly! The excessive fees that your bank will charge you if you decide to use their service. It may be convenient, but you really do pay for that privilege, and with solutions like The Money Cloud’s Digital dashboard now on the market that make the entire process of sending money abroad seamless, it’s time to try something new.
Here are 3 deals that we’ve discovered today, to convert £10,000 into euros, that could save you as much as 85% compared to using your bank to make the same transaction.
The FCA Authorised broker does not charge any fee for making the transaction, and it’s speedy too – a maximum of 2 days to complete.
At a rate of 1.1242, the recipient of the funds will receive €11,241.96. Handily, The Money Cloud’s widget will even tell you how much you are saving when compared to what a bank might charge – in this case €380.34.
Effective FX caters for corporates or private individuals, and the best part is, you can complete the entire transaction from your Money Cloud dashboard.
Another FX provider that is fully integrated into The Money Cloud’s Digital Dashboard, Rational are offering an indicative rate of 1.1208, and a completion time of just 0-1 days. The recipient would be due €11,208.07, which is competitive, and there are no fees chargeable.
Rational are also authorised and regulated by the Financial Conduct Authority, and if you have uploaded your AML and KYC documentation to the Money Cloud portal, we will handle all of the red tape, saving you time.
One for those who need to make a transfer quickly, efficiently, and cheaply
Another solid option is OFX; at the time of writing, a real-time link-up with The Money Cloud dashboard is not available, but the authorised broker is offering a decent indicative rate of 1.1233, and a saving of €371.43 versus using a bank, and you can arrange the transaction (or for a call back to dicuss in more detail) by completing a short sign-up form.
Compared to a bank or a high street money transfer operator, using OFX is another no-brainer.
This content is sourced and brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies.