Whether you’re dreaming of buying a place in the sun, emigrating abroad or need to send money to family and friends overseas, you could save money with a currency specialist.
For many people their bank would be the obvious choice when moving money overseas, but banks do not traditionally offer the most competitive exchange rates. With the City A.M. International Payments service you can expect to receive a rate which is 3-4 per cent better than you can typically get from your bank. On a transfer of £100,000 that could mean a saving of up to £4,000.
In addition to bank-beating rates, clients of the City A.M. service enjoy low transfer fees. Some banks often charge as much as £40 every time you make an international transfer. But with City A.M. International Payments it’s completely free to make transfers online and, if you’d prefer to make transfers over the phone, it will only cost £10. So if you make regular monthly payments you can save as much as £480 every year, which could cover the cost of flights to visit your holiday home in the sun.
Every City A.M. client is assigned a personal account manager who will take time to understand your particular foreign exchange requirements. Expert guidance could prove invaluable when dealing with the volatile foreign exchange market.
For example, if you were buying a property for €300,000 in the Eurozone at the rate of €1.28 seen on 1st October it would have been worth £234,375 in sterling terms. But the same property just two weeks later on 15th October, when sterling tumbled to €1.24, would have been worth £241,935. That’s a difference of over £7,500 in just two weeks, which could certainly mean the difference between buying your dream home and breaking your budget.
You can make transfers at your convenience 24 hours a day, 7 days a week
With City A.M. International Payments you will have access to a range of specialist tools, to help you make the most of your overseas transfer. You might decide to use a ‘forward contract’ to lock in an exchange rate for 24 months. This can be particularly useful when buying property overseas as many months often pass between making an offer on a house and completing.
With the City A.M. International Payments service you will also have access to Moneycorp’s online payments platform. So you can make transfers at your convenience 24 hours a day, 7 days a week. You can also store recipient details and view your entire transaction history, so making repeat transfers is simple and quick.
It can be daunting to send money overseas, that’s why City A.M. has teamed up with foreign exchange experts Moneycorp to bring you peace of mind when making international transfers. You can also rest assured that your transfer is secure as Moneycorp is authorised and regulated by the Financial Conduct Authority for the provision of payment services. They have been trading foreign exchange since 1979 and in the last year alone Moneycorp dealt with 6.4 million customer transactions and traded £10 billion in almost 100 currencies.