Top 5 points to know before sending money abroad

When it comes to sending money abroad, understanding how international transfers work can help you save both time and money. Factors like exchange rates, transfer fees, and security requirements all play an important role in ensuring your funds arrive as expected. At Regency FX, we specialise in helping individuals and businesses navigate these details with confidence. Here are the key things to know before sending money abroad to make your next transfer smooth and cost-effective.

1. How Much Does it Costs to Transfer Money

The cost of sending money abroad can vary depending on the provider, the amount and the destination. Banks are convenient but often charge high fees and offer less competitive exchange rates. Money transfer specialists typically provide better rates and lower fees - especially for larger transfers.

We recommend getting a quote from multiple providers and keeping an eye on the exchanges rates and doing your due diligence before committing.

2. How Long it Takes for Money to Arrive

Transfer times depend on the method and destination:

• ‍Online transfer services - often near-instant for smaller amounts. ‍
• SWIFT bank transfers - typically 1–5 working days, depending on banks and countries.

Keep in mind that weekends, public holidays, time zones and anti-money laundering (AML) checks can affect timing. Planning ahead ensures your funds arrive when you need them.

3. What Happens Behind the Scenes

International transfers rely on a network of banks and payment providers to move money safely across borders. Understanding this process is one of the key things to know before sending money abroad, as it can help you avoid delays, errors, and unnecessary costs. Preparing all details early ensures your transfer runs smoothly.

Here’s what you’ll typically need:

1. ‍Recipient information - Full name, bank name, account number/IBAN and SWIFT/BIC code. ‍
2. Currency choice - Decide whether to send in your currency or the recipient’s to protect against exchange rate fluctuations. ‍
3. Transfer amount - Have the exact amount ready, especially for larger transactions. ‍
4. Purpose of transfer - Some providers may ask why the transfer is being made for regulatory reasons. ‍
5. Identification and documents - Proof of ID, address and sometimes source of funds may be required to meet anti-money laundering (AML) and Know Your Customer (KYC) regulations.‍
6. Banking details accuracy - Double-check all information to prevent errors or delays.

Requirements may vary by provider, so don’t be concerned if you’re asked for additional information, it’s standard procedure to keep your money secure.

4. Finding the Best Way to Send Money

The best method depends on cost, speed and convenience:

• Banks - Good for occasional smaller transfers but often costly for larger amounts.
• Money transfer specialists - Ideal for larger or regular transfers, offering competitive rates, guidance and support.
• Cash pickup services - Useful if the recipient doesn’t have a bank account, though fees may apply.

Picking the right method depends on the amount you want to exchange. For smaller amounts, a bank may be the most convenient choice but for larger transactions, using a money transfer specialist typically gives you more value for your money.

5. Keeping Your Transfers Secure

Security is one of the most important things to know before sending money abroad. Every international payment should be handled through an FCA-regulated provider to ensure your funds are fully protected from start to finish. Always verify recipient details carefully and avoid services that promise unusually low fees or unrealistic exchange rates.

At Regency FX, your funds are held in segregated client accounts, which means your money is kept separate from the company’s own funds. This provides an extra layer of security, ensuring your transfer is fully protected. Plus, you’ll have a dedicated Account Manager guiding you through every step, making the process smooth, efficient and worry-free.

Frequently Asked Questions (FAQs)

1. Can I lock in an exchange rate for a future transfer?

Currency rates can be unpredictable. For large transfers over £100,000, even a 0.5% shift could cost you £1,000 or more. A forward contract lets you lock in a rate, giving certainty and protecting your funds from market volatility.

2. Can I set up recurring international payments?

‍ Yes. Many money transfer specialists, including Regency FX, let you schedule regular transfers at fixed intervals. This is ideal for tuition fees, rent, business payments or anything in between.

3. Are there limits on how much I can send abroad?

‍ Limits depend on the provider. Most banks set daily or per-transfer limits, which can be restrictive for large transfers. Money transfer specialists often allow much higher amounts, making them better suited for high-value transactions.

4. What happens if there’s a delay or error?

‍ Delays can happen due to bank processing times, AML checks or incorrect recipient details. Using a trusted, FCA-regulated provider minimises issues and ensures support is available to resolve problems quickly.

5. How can I take advantage of market fluctuations without risking too much?

You can monitor currency trends and work with a currency broker to time your transfers strategically. Tools like forward contracts or limit orders allow you to lock in a rate or set a target rate, helping you make the most of favourable market movements while limiting risk.

6. Can I monitor my transfer while it’s in progress?

‍ With Regency FX, you can track your transfer every step of the way. You’ll get updates when your payment is received, processed and sent. Plus, your dedicated account manager is always available to answer questions, giving you peace of mind until the funds reach the recipient.

Final Tips for Sending Money Abroad

Transferring money abroad can be simple when you have the right guidance. At Regency FX, we take the stress out of the process by providing a dedicated account manager who is on hand to guide you every step of the way. From start to finish, we ensure your transfer is smooth, efficient and secure.

With competitive exchange rates, expert guidance and personalised support, you can make international payments confidently, knowing your money is in safe hands.

Get your FREE quote today and see how easy Regency FX can make sending money abroad.