Top Tips to Transfer Money to Europe
When you make a money transfer to Europe, there are many methods that can be used and there are few restrictions. However, if you do not do your research, you could end up getting charged extra fees, and not getting a very favourable exchange rate. Here are some tips to take into consideration when it comes to sending money to Europe.
Find the best channel
Firstly, how the transfer is taking place contributes a lot to how much money will actually end up on the other end of the exchange. It may seem the most straightforward option to make overseas bank transfers directly through your bank, and while these services are offered by most banks, this is not the most cost-effective way to send money to Europe. Often, fees are charged through banks, and not being given the best exchange rates could leave you sending less money than you had hoped.
If you want to stay within your bank, there are high street services that offer global bank accounts. But if you are not looking to open up a new bank account, going through a money transfer service can be the better option.
Money transfer providers are specialists in sending money for payments abroad, and if you compare the companies out there, you can find the right fit for you. Take a look at FXcompared’s money transfer reviews for companies to see expert ratings, the pros and cons, and transparency on fees and exchange rates.
Finding the most suitable option may require some homework, but remember: if you are making regular payments to Europe, you could be saving money with each transaction.
Check the minimum and maximum amount
Whichever channel you use to make the money transfer, there may be limitations to the amount of money that you can send, depending on the country you are sending to and the service you are using.
Before making commitments or agreeing to deadlines, ensure that your chosen method allows you to send the sum of money you wish to transfer. If not, it may be necessary to find a different service or make multiple payments.
Do your research on best exchange rates
Whenever you are dealing with foreign exchange, the exchange rate for the currency pairs you are trading will fluctuate regularly, and you’ll also face different margins/fees based on the service or bank used. Use Fxcompared’s money transfer comparison service to get the best deal and the highest amount of money received for the amount put in.
Be aware of general exchange rates and shop around to see who offers the best rate for your currency trade. Especially if you are making frequent payments to Europe, you could be missing out on money.
Decide which card/account you are transferring from
To use a money transfer service, you will likely be sending money through a bank transfer, or using a debit or credit card. The different methods will determine the cost and speed; whereas a bank transfer through a money transfer service may be cheaper, it can often take longer than debit and credit cards. Check with your chosen bank or money transfer provider before going through the process to avoid any surprises.
Make sure you’re using a regulated method
Scams are all over the place, and losing money to a fraudulent service is the last thing you want. Always make sure the company or bank you transfer money with is regulated by an official authority before inputting any personal details or bank account or card information. For example, the Financial Conduct Authority (FCA) regulates financial services in the UK.
Double check if there will be taxes on the money
If the money being transferred is personal income, it may be subject to tax depending on where the recipient is a full-time resident. Alternatively, the money being transferred may be taxed in accordance with local tax laws.
Make sure you are aware of any taxes that will need to be paid as a result of your money transfer. If in doubt, consult a tax advisor for clarity and up to date information.
Ensure the transfer speed meets your requirements
If you have an urgent payment to Europe, being quoted 3-5 business days may be no good for you. With many money transfer companies, money sent between the UK and Europe can arrive within 24 hours. This can vary from currency to currency; if you are sending money across a pair of widely traded currencies (e.g. euros to dollars), it will likely be quicker.
Browse the money transfer services available and see how long transfers take for your chosen country/currency to ensure that any time-sensitive payments will meet deadlines.
Sending money to Europe is a simple process, and it can be much more cost-effective when using an international money transfer provider.
