In addition to these bank-beating exchange rates, you can save money on you transfer fees. While some banks can charge as much as £40 every time you want to send money overseas, with City A.M. International Payments, which is provided by moneycorp, it’s completely free to make transfers online, and it’s only £10 if you’d prefer to transfer funds over the phone. So whether you’re sending your salary home or paying an overseas mortgage, if you make regular monthly transfers you could save as much as £480 every year.
As a client of the City A.M. International Payments service you will also be assigned a personal account manager to guide you through the process of sending money overseas. Your personal account manager can help you with timing your exchange and provide guidance on the fastmoving foreign exchange market. This is particularly important when buying a property overseas as months can often pass between making an offer and completing on a house. For example if you were buying a house for €300,000 in the Eurozone at the rate of €1.24 seen on October 15 it would have been worth £241,935 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 £236,220- that’s a saving of over £5,000 in just a matter of weeks.
The foreign exchange market can be one of the most volatile markets in the world, so expert guidance can prove invaluable if you want to secure a great rate. Your personal account manager will be able to explain the range of specialist tools available to all clients of the City A.M. service. These tools have been specially designed to help you get more from your international 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 on the regular payment plan, so whether you’re sending you salary home each month or buying a dream home on the Costas, you can budget with confidence.
City A.M. International Payments are run in partnership with moneycorp, who 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.