For most people the first port of call when making an overseas transfer would be their bank, but banks don’t typically offer the most competitive exchange rates. With City A.M. International Payments, provided by exchange experts Moneycorp, you can expect to receive an exchange rate which is 3-4pc more competitive than you can typically get from your high street bank. On a transfer of £100,000 that could mean a saving of £4,000.
In addition to bank-beating rates, you can save money on your transfer fees. While many banks usually charge as much as £40 every time you want to send money abroad, with City A.M. International Payments it’s completely free to transact online and only £10 over the phone. So if you make regular monthly payments, for an overseas mortgage or to send your salary home, you could save as much as £480 every year. The online payments platform also allows you to view your full transaction history and store all your payment and recipient details, so you can make repeat transfers with ease.
Every client of the City A.M. International Payments service is assigned a personal account manager to guide them through the process of moving money overseas. Timing your exchange can have a big impact on the value of your currency and could be particularly important if you’re buying a property overseas, where months can often pass between making an offer and closing. For example, if you were buying a house for €250,000 in the Eurozone at the rate of €1.24 seen on October 15 it would have been worth £201,612 in sterling terms. But just a few weeks later at the rate of €1.27 seen on November 6, the same property would have been worth £196,850. That’s a saving of nearly £5,000 in just a matter of weeks.
With City A.M. International Payments you’ll have access to a range of specialist tools that can help you get more from your overseas transfers. You might decide to use a ‘forward contract’ to lock in an exchange rate for up to 24 months. A ‘forward contract’ is available on both one-off payments and for regular payments, so whether you’re buying a dream property in the Dordogne or simply sending money to friends and family every month, you can budget your international transfers with confidence.
Moneycorp, who provide the City A.M. International Payments service, have been trading foreign exchange since 1979 and are authorised and regulated by the Financial Conduct Authority for the provision of payment services. In the last year alone they handled 6.4 million customer transactions and traded £10 billion in nearly 100 currencies. So you can rest assured that your money is in the safe hands of experts.