If you’re looking for a good deal, then a favourable exchange rate is crucial especially if you are transferring large amounts of money. So, what is the most important factor to consider before you transfer money abroad?
Put simply, international money transfers allow you to send money to a designated recipient whether that be friends, family or businesses overseas. It involves you sending one currency (e.g. GBP) to an intermediary transfer service which then exchanges those funds into a foreign currency (e.g. USD) to then transfer on to your recipient in another country. International payments can be initiated in person, over the phone, through a mobile app or online. The most common method for the recipient to receive the funds is directly into a bank account although certain providers also provide the facility to allow them to collect it in cash or top up a mobile wallet. How much does international money transfer cost? In one way or anoth
As the Financial Conduct Authority’s consultation into the promotion of rates and fees in the money transfer markets nears it’s deadline for comments*, Xompare.com has launched a comparison service using real-time data feeds from market leading money transfer providers. Consumers can now compare ‘actual’ rates available from providers alongside a full breakdown of all fees. David Noble, Founder said, “Regulators have for some time been concerned that consumers are not always in charge of all the facts when