Travelling abroad? Moving abroad?
Have friends or relatives abroad?
What is the reason that banks and
building societies are so expensive when it comes to international money
In fact, when you use banks for bank to bank
overseas transfers that include currency exchange (such as pound to Euro, or
pound to USD), the costs that you will pay will be up to £20 per transfer
and as much as 5% of the total costs in currency exchange.
That means that if you are using the wrong
bank you could pay £5,020 in fees on a simple £100,000 transfer. With that
being said, not all banks and building societies are THAT expensive, but
it's difficult for them to compete with agile, tech-oriented firms who
specialise specifically in transferring money overseas. With MoneyTransferComparison's
Best Way to Send Money Abroad options you could find companies that
offer no-fee-transfer and better exchange rates. A big transfer and good
negotiation skills can get you to as little as £500 in overall exchange rate
margins on a £100,000 transfer.
At some time you
will exchange Pounds to Euros; Pounds to Dollars; or visa-versa.
Eventually you will need to transfer some funds to cover rentals or buy items,
or send funds to relatives.
The cost to do this using your bank or building society is significantly higher
than via Transferwise.
October 2016: I have now been using Transferwise for over
3 years and
saved on another transfer - pounds to Euros (Sept 2016).
Dave Walker 12th October 2016.
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