Guides

A money transfer provider will offer clear pricing, is cheaper than a bank and will often get your money to its destination faster as well.

This could be for large transactions like property purposes or moving a pension. They will also aid with business transfers, such as large supplier payments.

When sending money internationally, it can be easy to default to using a bank or PayPal.

Sending money through a bank will likely cost you upwards of 3%, but potentially in the region of 5-6%. This is because of bad exchange rates and fees which make sending money expensive. There may also be correspondent fees on top.

This is because money transfer companies, banks and payment apps add a percentage on top. This is the exchange rate. Then some will and fees to the transfer. In effect this is how they make money.

A bad exchange rate on a large transfer can make a huge difference - let’s look at an example:

Here’s how to combat that.

Whether you’re part of, or running, a finance team at a major corporation, an SME, or a freelancer with international clients, using a bank for regular global payments could mean losing 3% or more through bad deals with banks handling international transactions.

Accounts come with local or IBAN account access across many different currencies. Accounts often have perks like interest on EUR, USD and GBP balances or reward point schemes.