Save money on your overseas transfers and payments
More people are finding it necessary to send money overseas, whether they are buying a property abroad, paying a mortgage or service fees on a property they already own, or work internationally and need to move money cost-effectively around the world.
Even if you simply buy goods from overseas, or want to send money to friends and family for birthdays or Christmas, you should use the most economical way to transfer that money abroad. Most people will look to their own bank first for international money transfers, but you could save thousands if you consider the alternatives.
High street banks are not normally recognised as specialists in international money transfers. So you should talk to a currency specialist, who will not only typically give you a better exchange rate than the banks, but you can also benefit from specialist knowledge and assistance when it comes to making your transfers.
Thankfully, help is at hand as City AM has partnered with currency specialists Moneycorp to offer you City AM International Payments, which is designed to make your currency transfers as easy as possible.
Making sure you get a competitive exchange rate is not the only factor to consider when making international payments. Bank fees would be added on top when you make a transfer, and for most banks that means paying £20-£40 each time , which could add up if you make multiple payments each year. The City AM International Payments service offers free online transfers – and a maximum of £15 if you make your transfer over the phone.
In addition to competitive exchange rates and free online transfers, every City A.M. International Payments customer is assigned a personal account manager who can provide expert guidance on the foreign exchange market. There are other good reasons to talk to our specialists too, as currency markets are constantly changing and a small delay on sending your money could have a big impact on your costs. At the start of December last year, you could get €1.20 for £1, yet just 16 days later, the euro had strengthened to €1.18. On a £200,000 transfer, this would have cost you nearly €4,000 for such a short delay. In the past 12 months, the pound has strengthened against the euro by 11 cents, from €1.14 in August last year to €1.25 now.
Moneycorp’s currency specialists can give guidance on the best time to transfer your money, and arrange a ‘forward contract’, which for a small deposit allows you to fix today’s exchange rate and apply it to a transfer that happens up to two years in the future – giving you peace of mind that you will not lose out should there be any negative movements in the market.
Moneycorp, who power City AM International Payments, are authorised and regulated by the FCA for the provision of payment services. In 2013 they handled 6.4m customer transactions and traded over £10bn in currencies last year. So not only can the City AM International Payments service save you thousands of pounds, you can rest easy knowing your transfer is being taken care of by one of the country’s leading currency specialists.