Moving money overseas can be more expensive than you expect, but there are a number of ways to keep costs down and minimise the inconvenience, especially if you have to make regular international payments.
The City A.M International Payments service offers you rates that are typically 3-4% better than you can expect from a high street bank; on a transfer of £100,000 that could mean a saving of £4,000. Cutting the cost of actually making the transfer is another area to consider. Some institutions will charge you anything from £20 to £40 each time you move your money abroad, so making monthly transfers for a year could cost you as much as £480.
But the City A.M. International Payments service, which is provided by foreign exchange experts Moneycorp, allows you to make online transfers at any time for free. And, if you would rather make your transfer over the phone, it will only cost £10.
The foreign exchange market is notoriously volatile. For example, sterling plummeted to €1.24 against the euro on September 10, but then reached a two-year high on September 30 at €1.28, so if you were transferring £300,000 you could have received as much as €12,000 more in just three weeks. Expert guidance when timing your transfer can prove invaluable. With City A.M. International Payments you will be assigned a personal account manager to help guide you through the process of moving money abroad and explain the specialist tools available.
The City A.M. International Payments service offers a Regular Payment Plan meaning you will never have to remember to make your payment. It is done automatically once you have set it up, and you can schedule your payments according to your needs. You can also fix an exchange rate for up to two years in advance so you can budget ahead with a ‘forward contract’. This tool is available on both individual and regular transfers.
Thanks to Moneycorp’s online platform, City A.M International Payments users have the ultimate convenience of logging on anytime and anywhere with the ability to buy and sell any of 34 currencies 24 hours a day, seven days a week. You can also store payment details to make repeat transfers a breeze, so even if you do not want to set up a regular payment plan, you can take the hassle out of repeat transactions.
Moneycorp has been dealing with foreign exchange since 1979 and last year alone it carried out 6.4m customer transactions, trading £10 billion in nearly 100 different currencies.
Moneycorp is authorised and regulated by the Financial Conduct Authority for the provision of payment services. So you know that your money is in the safe hands of experts.
Once you have traded with us, you will also receive the Moneycorp Starcard – an exclusive reward card for loyal international payments clients, which enables you to enjoy Moneycorp’s best online exchange rates for travel money at the airport, without having to pre-order your currency in advance.