Here at The Money Cloud, we were shocked to see research carried out by the Bank of International Settlements, that 85% of retail transfers are made through banks globally. There are many reasons why you shouldn’t use you bank for transferring money abroad and in this post, we have put together what we think are the 5 top reasons you should stop using your bank for international money transfers in comparison to the services The Money Cloud promote;
- In comparison to other services on offer, banks can be very expensive. They charge hefty fees and a high percentage margin on exchange rates, which means it will cost you more money to use your bank, in comparison to other services on offer, for transferring money abroad. All these costs add up.
- Banks do not provide a bespoke service which include tailored currency arrangements, forward contracts or personalised options, they will just tell you how they do it and you will need to go along with that.
- The customer service of banks is poor, in a report by The Telegraph in 2015, it showed the worst banks in the UK 28% of its customers saying the service they received was poor.
- Banks have lots of streams of income and different types of customers with different needs and transferring money abroad is not a priority, is an extra workload for them, so they don’t provide the proper advice or guidance on movements of exchange rates or even help their customers understand the best or worst time to buy or sell foreign currency.
- Banks have always been behind on adopting the latest technology and you will often find you have to go out of your way and jump through many hoops to use your bank for transferring money abroad.
So you’re probably thinking that there must be an easier way, a cheaper way and a more reliable way? Well there is. Here at The Money Cloud we are an international money transfer comparison site, meaning that we can help you save up to 85% of the cost charged by your bank for international money transfers. Whatever you reason for sending money overseas, we provide details of reputable specialist foreign exchange companies that are secure and save you money.