Sending money abroad? Follow these top tips to avoid wasting money

Follow these easy steps and make hassle-free international payments

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Follow our guide to making international payments

Whether you’re sending money abroad for a holiday home mortgage, kids studying abroad or receiving money for your business, it doesn’t have to be a complicated process.

But avoid a few common mistakes to make international payments headache-free.

1. Don’t leave it until last minute and leave your money exposed!

If you know you’re due to send or receive money, don’t wait until the last minute to make your transaction.

Speak to an expert in advance to make the most of favourable exchange rates or manage your risk should it turn against you by making the most of payment options such as forward contracts and limit orders.

2. Do your homework – don’t just default to your bank!

Many people make the mistake of going to their bank for international money transfer without shopping around first.

Banks such as NatWest charge up to £30 for the transaction fee alone, then the foreign exchange fee is added on top. Make an educated decision about the best service provider and don’t assume it’s your bank without weighing up all your options first.

Importantly, make sure whoever you choose is FCA registered and a legitimate provider, but don’t be afraid to venture away from your bank.

Foreign exchange providers such as FAIRFX offer great value and keep customer funds in segregated accounts for additional protection.

3. Always compare rates from different providers on a like-for-like basis

The foreign currency market is very dynamic and rates often change from one minute to the next.

If you’re looking to find the best rate from a foreign exchange supplier, remember to compare rates at the same point in time.

This is easier to achieve online, but if you’re phoning around for quotes, try to keep the calls with the shortest timeframe possible to get an even comparison.

4. Look into hidden fees – it all adds up!

Before you use a money transfer service, make sure you check all the fees and charges involved.

What is their foreign exchange fee? Do they charge a transaction fee, a “processing” fee or an “out of currency” fee.

Don’t get caught out by hidden fees, make sure you’re aware of all the transfer costs involved in your transaction.

5. Don’t pay for a service that should be free

With many reputable money transfer providers available online and over the phone, don’t pay for a service that you can get from experts at no cost elsewhere.

Helping to make your transfer and choosing the payment option that is right for you, shouldn’t come at a cost.

“An ideal way to pay my mortgage and utility bills abroad”

Angela Gilley uses FAIRFX to transfer money to her Spanish bank account

Angela Gilley used her bank to transfer money to her Spanish bank account to pay her mortgage, utility bills and living costs, but decided to look for an alternative way of sending money as she was being charged bank fees on top of poor exchange rates.

“We decided to try FAIRFX a few years ago and haven’t looked back since. We still keep an eye on the market to see what’s available, but haven’t found a money transfer service better than FAIRFX.”

“We’ve learnt to look at everything that providers offer, not just the rates – how long will it take for the money to get there, what service do they offer if you need help, all the fees involved, are they FCA registered and can you send money online any time of day.

"These are very important considerations and FAIRFX ticks all the boxes.”

FAIRFX ’s FairPay Price Guarantee ensures you get the best rates when sending money abroad.

Contact 020 3733 0309 or visit www.fairfx.com/refer/mirrorfp

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