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Sending payments back to the UK

If you have sold an overseas property, are exporting goods overseas, or you have a foreign income, you will want to bring your funds back to the UK in the most efficient way possible. Foreign banks can be confusing and expensive, so what's the best way to transfer other currencies back to sterling?

 

The answer is in truth, that you should speak to an independent expert before you do anything. Different countries have different banking systems, charges and procedures - and in some cases that can make a huge difference. For example a Spanish bank may allow you to arrange a transfer over the phone from the UK, but will charge you up to 0.5% of the transfer value just to make the payment, whereas an American bank might have low charges but insist on you being physically present to authorise a payment.

 

Particularly if you are selling an overseas property, do your research BEFORE your completion. If you would like to speak to a regulated currency company in the UK, fill in your details at the top of the page and we will put you in touch.

 

Whatever the reason for your transfer, banks are usually not the best place to exchange your currency, in terms of the exchange rate applied. If you are receiving money from abroad, whether from your own account or from a third party, you can usually obtain more sterling by using a currency specialist. These companies simply don't have the overheads of banks to cover, and are set up to handle transfers quickly and efficiently, meaning a preferential exchange rate can be passed on to clients. Sometimes the difference can be as much as 4%!