Working overseas and sending money back home should be simple in our modern ‘digital age’, but in many cases, you could find you are losing a lot of your salary through unfavourable exchange rates and high transfer fees.
With City A.M. International Payments you can expect rates that are typically 3-4pc better than you can get from your high street bank, which on a transfer of £10,000 can save you as much as £400. But even though the exchange rates are often better than you might get elsewhere, there is still the danger of rates working against you when you need to send money home, and the impact it can have is significant.
For example, if you wanted to send, say, £3,000 home in early September this year, you might have been affected by the major weakening of the pound during the Scottish referendum. It dropped to €1.24 to the euro at one stage, which on a £3,000 transfer would have given you €3,720 in your euro account. But just after the referendum, the pound strengthened again to reach €1.28 to the euro, which would have meant €3,840 heading home – an extra €120 for the sake of the exchange rate.
To avoid being at the mercy of exchange rate fluctuations you can fix a rate for up to 24 months by using a ‘forward contract’. Your personal account manager at Moneycorp, which provides the service, will be able to help you choose the right tool to protect the money you are sending back home. The rates can also be fixed on regular payments, so you will know how much money you will be getting each month for a set period of time.
In addition a bank may typically charge you as much as £40 each time you move money abroad so if you make monthly transfers you could be paying £480 to send your salary back to your family throughout the year. With the City A.M. International Payments service, moving money online is free, so you could save all of those fees, or pay just £10 to make your transactions over the phone with a currency expert. Either way, you could save yourself hundreds of pounds a year.
If you want to check on your transaction history, you can do this online on the Moneycorp platform – which also allows you to transfer money in any one of 34 currencies, perfect if you have family members living across the world and for whom you may need to send money for Christmas and birthdays. No need to worry if you have left it late either, you can move money 24/7 and express transfers will arrive within one or two days.
The City A.M International Payments’ partner Moneycorp has been trading currency since 1979 and is one of the most established foreign exchange specialists in the UK. It is also authorised and regulated by the Financial Conduct Authority for the provision of payment services, which gives you peace of mind that your money is in safe hands.
So if you want to get more of your money back home at a low cost, then the City A.M. International Payments team at Moneycorp can help you keep more of your hard-earned salary