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Currency Market News

Our blog is below, to help you understand what's moving currency rates and affecting the cost of your international payments. For some friendly guidance on your own transactions, either for your business or yourself, simply fill in the form above and an FCA-regulated currency broker will be in touch to assist you, without any cost or obligation.

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Avoid charges on your international payments
31 October 2014

Transferring money internationally is in many cases is very simple but can incur sending and receiving charges if done through the banks, which in some cases can be as much as a percent of the amount transferred. Using a specialist currency broker, these charges will be significantly less or in some cases no charges will apply depending on the amount sent and destination.

For European payments, sending via a SEPA transfer (Single Euro Payments Area) ensures you will not incur any receiving charges from the destination bank. Also many currency brokers do not charge any fees to send larger amounts, for example on trades equal or over £30,000, which will vary between different companies. Anything below that amount will be a few pounds for Euro payments often around £10-15 for all other payments (banks charge between £20 - £60 depending on who you use).

In some cases there could be routing charges, these apply when a payment has to go through a central back. For example when sending payments to the USA it often has to go through a routing bank which normally costs around 20 Dollars in this case (more of a handlers fee).

Of course the main fee incurred when sending international payments is hidden in the exchange rate. Many banks 'load' their exchange rate by up to 4%, which can amount to thousands of pounds, but using an independent regulated currency broker can reduce this margin significantly. We can put you in touch with a broker if you fill in your details at the top of the page.

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