| Thursday, August 20th, 2015

Regular Payment Plans for Money Transfer

Do you need to transfer money overseas on a regular basis?

A regular overseas payment plan is an extremely cost effective and simple way to transfer money abroad, and is aimed at customers who need to transfer between three, four and smaller five figure amounts on a regular basis. Regular Overseas Payment plans are suitable for a variety of needs that include:

Using a currency specialist will enable you to obtain extremely competitive exchange rates on your transfers, and can save you up to 90% of the fees and charges compared with high street banks. A specialist provider as listed on our site will also be able to make the process much easier and in some cases, a recurring payment schemes can be setup. The bank fees that can be saved add up on repeat payments.

Examples of regular payments

Two of the most common uses for regular overseas payments are pension transfers and mortgage payments, examples:

Pension transfers

Mr Jones lives in Spain, but his pension is paid into his UK sterling account monthly. He used to have to arrange a monthly transfer through his bank, accepting uncompetitive exchange rates and a £30 transfer fee. Then he set up a Regular Overseas Payments plan. By completing a standing order form, his pension is now transferred direct from his UK account to his choice money transfer provider, who convert it into euros at a better exchange rate, and send it to his French account free of charge. "Over the last year, I've saved £360 just on transfer fees alone..... and I've also saved a lot of time and hassle!"

Mortgage payments

Sarah lives and works in the US, and has a holiday home near Mallorca in Spain. She took out a euro mortgage to buy the property, and pays euro installments each month. A regular overseas payment plan was the perfect way to make sure she didn't miss a mortgage payment, as well as offering significant savings on each transfer. Her money transfer provider can take her sterling payment by debit card on the same day each month, and transfer the euros straight to her Spanish account. There are no fees, and the exchange rate is up to 5% better than the bank's.

Pay less, receive more, its that simple.

On Small amounts a bank will normally use a tourist rate, this is quite similar to the forex rate you would receive when purchasing your travel money at a bureau de change. A money transfer provider will offer commercial foreign exchange rates on all regular money transfers overseas, giving you more and costing you less.

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