Save money on your overseas transfers and payments
With an expanding expat community (6 million British citizens reside overseas, by the last count) and a diverse population with global connections at home more Brits than ever before are finding it necessary to send money overseas. According to the World Bank the equivalent of more than $23 billion was transferred out of the UK to family and friends last year and $7 billion was paid into the UK from overseas.
And with the pound packing more of a punch whilst property prices overseas remain relatively depressed compared to the bubbling UK property market, many are seizing the moment to buy their own place in the sun.
The traditional method of making an international money transfer was to use a bank, but alternatives have emerged that could save you thousands – foreign exchange specialists. A bank is like a GP, they are generalists and cover a broad range of financial services, but a foreign exchange specialist is like a surgeon, highly skilled at one operation, ensuring better value and service.
To deliver this specialist service to readers City AM has partnered with exchange experts Moneycorp to provide City AM International Payments, offering very competitive exchange rates and making your international money transfers simple and hassle free.
Depending on your specific requirements, we are always happy to discuss your needs personally, but here’s a snapshot of what you can do:
MAKING LARGER TRANSFERS
Your personal account manager is your first point of contact to guide you on how best to make your transfer, depending on the reason In partnership with and timing.
If you have purchased a property you can fix an exchange rate up to two years ahead of a transfer to ensure you do not lose out due to negative exchange rate movements during the purchase process.
If you have more time and you need to budget effectively you can target a specific exchange rate; once the rate reaches your specification, the exchange automatically takes place.
If it’s an immediate requirement you can make an exchange, transfer money and we will ensure it’s in your recipient’s account the same day.
MAKING SMALLER TRANSFERS
Ensuring that you avoid hidden charges and your transfers are received in full is our priority. Whether you prefer the convenience and ease of going online or the hassle-free automation of regular payments, we have the solution.
For recurring transfers, we have a fully automated Regular Payment Plan (RPP). We collect your sterling by Direct Debit, and automatically send the foreign currency abroad.
Transfer schedules are flexible, from weekly to annually, and there’s even the option to fix your exchange rate for up to two years or alternatively the amount of currency – sterling or foreign.
You can of course make transfers on our online system at your own convenience. With the ability to hold money in 34 currency payments accounts and 24/7 access, any unexpected transfers can be dealt with.
Moneycorp has built up an excellent reputation since they started dealing with foreign exchange in 1979, with one of the best credit ratings in the industry and are authorised and regulated by the Financial Conduct Authority. So you can rest easy knowing that your transfer is being taken care of by one of the country’s leading foreign exchange specialists.