How to save on international bank transfer fees

International bank transfer fees can be expensive, so it is beneficial for you to use a foreign exchange specialist instead of a high street bank

Jhe cost of transferring funds across borders can quickly add up, especially when factoring in international bank transfer fees. But it doesn’t have to be that way.

Whether you make regular international currency transfers or just need to send a large sum for a large purchase, there are two main ways to save money: get a great exchange rate and find the best fees. .

If you’re looking for the cheapest way to send money abroad, read on and find out how to reduce those expensive money transfer fees and costs.

How much does an international bank transfer cost?

Big banks usually have hefty currency transfer fees of up to £30 per transaction. If you were to send money abroad once a month, that would be £360 a year.

These fees may consist of flat-rate charges and margins on their exchange rates.

International bank transfer fees

Fixed fees may be imposed for receiving money from abroad as well as for sending the funds, and there may be higher money transfer fees depending on the currency in which your payment is sent.

You should also watch out for percentage fees, which may seem small but can add up to significant sums, especially on larger currency transfers. A percentage fee may be imposed depending on how you send your payment, whether it is a credit, debit or funded account.

Additionally, there is the percentage at which your exchange rate is calculated as well as the margin your provider charges on that rate, which fluctuates daily.

However, you can significantly reduce these fees by making sure you use the right service for your needs.

Make sure the exchange rate works for you

When transferring money between currencies, the exchange rate varies from provider to provider. Although there is an ever-fluctuating base rate, in the forex market each provider adds a different margin. A specialist can often offer better rates due to the volume of transactions they handle compared to a leading UK bank.

Even a fraction of a percentage point can make a big difference, especially when it comes to larger sums or regular transfers over time.

Banks versus international transfer specialists

Hiring a transfer payment specialist can be the best way to reduce international money transfer fees. This is important to consider if you make regular international payments, such as funding your child’s education abroad or covering your mortgage and household bills in another country.

The exchange rates you get from a specialist provider can help you achieve significant savings compared to using a high street bank – plus you’ll pay less or even no commission.

With a currency exchange service, you can also often benefit from zero transfer fees, which can save you up to £30 on each transaction.

Additionally, since a specialist’s primary focus is their foreign exchange offering, they can provide you with a fine range of tools and products designed specifically to help clients secure great rates and avoid unnecessary fees and charges. , while benefiting from personalized support along the way.

For example, you can track, target and even fix a prevailing exchange rate with a forward exchange contract, allowing you to use it up to 24 months before your international money transfer. (This may require a down payment.)

How Telegraph Media Group’s International Money Transfers service can help you

Telegraph Media Group International Money Transfers customers get transfer fees free.* If you need to make regular international bank transfers, you can set up using your debit card or a direct debit from your UK bank account .

Once you have opened an account, you will have access to currency experts who are on hand to give you personalized advice. You can also log into your 24-hour secure online account to control your payments, monitor currency movements, add recipients, send/receive funds, and transfer currency purchased over the phone. Secure 24/7 online access is ideal when navigating different time zones.

Benefits include:

  • No transfer fees* except for regular automated payments
  • 24/7 online access
  • Over 120 currencies to trade over the phone and 33 online
  • Award-winning service from a UK-based customer help center
  • Free tools including personalized rate alerts
  • Specialist advice from expert dealers

You can learn more about the service and open an account today.

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*excludes regular payment plans

moneycorp is a trading name of TTT Moneycorp Limited, a company registered in England under registration number 738837. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London SW1E 6SQ and its registered number at VAT is 897 3934 54. TTT Moneycorp Limited is authorized by the Financial Conduct Authority under the Payment Service Regulation 2017 (company reference number 308919) to provide payment services.

The above article was created for Telegraph Financial Solutions, part of The Telegraph Media Group. For more information on Telegraph Financial Solutions, click here.

Information correct at the date of publication.

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