International money transfers using Santander

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Sending Large Money Transfers using Santander

At Regency FX we help you achieve the most from the currency you are converting when using Santander international money transfers to send your money overseas.

No one likes to pay big fees to send money overseas, as an independent currency specialist, we have lower overheads than banks enabling us to pass on the savings to you; Santander wire transfer fees can be significant and we will also do our best to keep these as low as possible.

We can also discuss and agree on the right time to exchange your money when using Santander’s international money transfer options, rather than using a bank or online-only system and having to accept the rate they give you on the day.

International money transfers can be tricky, I’m going to try and help you understand them a bit more by letting you into the ‘tricks’ of unlocking the best rates for international money transfers using Santander!

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What information do you need?

You will need the recipient’s full name and their account number and their banks BIC (Bank Identifier Code).

Instead of the BIC code you could use the IBAN (International Bank Account Number) instead.

You can find the IBAN code on a bank statement or you can visit a branch.

Making the international payment!

There are a few different methods to send your money these are: online banking, one pay FX app, telephone banking or visiting a branch.

With Online Banking you will need to enter the amount of money you want converted then you will be given a rate, you then need the IBAN of the recipient, then you just need to follow the prompts on the screen,

For One pay FX there are online tutorials you can watch on how to use it. The app is however limited to £10k and is only available for EUR, USD, PLN.

Call 0800 9 123 123 for Telephone Banking.

If you decide to go into a Branch then you will need to fill out forms and find someone that can help you.

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What is the timeframe?

The timeframe can change depending on the currencies, time zones, weekends, daily cut-off times and public holidays.

Normally, it can take up to 4 working days.

It can be faster for EUR and USD money transfers.

The payment can also be slowed due to the recipient’s bank having to do mandatory checks before the money can clear in the desired account.

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What are the types of Santander international transfers?

There are three different ways to receive money from abroad using Santander’s services.

The first is an Electronic Transfer which is what most people use to send money abroad and Santander’s international payment fee for this service is their £25 standard charge.

The second method to send and receive money from abroad using Santander is an Electronic Euro Transfer (SEPA).

However, this method is not that popular among the Brits as it is primarily for sending and receiving money from abroad via Santander for Euros to Euros.

The last type is Currency Draft (Cheque).

This is one of the slower ways of sending money as it involves more effort and time than the other methods but is still an effective way for Santander overseas transfers.

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Exchange rates!

Most people are aware of transfers fees but not so aware of the exchange rate costs.

There are multiple websites where you can find live rates such as Oanda, XE, and Daily FX.

However, the rates that you find on these websites are not available to customers.

They are ‘interbank rates’ meaning only the banks themselves and large financial constitutions can use them!

All banks change their rates all the time, the more money you want to transfer the better the rate they will provide you.

The profit margin for Santander is usually 2 to 4%.

The tiniest changes to the rate can cost or save you thousands!

For example, if you were looking at transferring £50,000 and the rate changed by 1% then that is you losing £500 or gaining it!

Banks do not offer very competitive rates when it comes to international money transfers.

My advice is to get a few quotes from different companies and see which is the best option!

Make sure you get these quotes at roughly the same time as the exchange rates are changing every few seconds.

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Transfer fees!

Transfer fees are standard rates that you are charged for every transfer.

Santander have a £25 transfer fee for international money transfers (electronic transfers).

The transfer fee is the same if you do it online, in a branch or over the phone.

Using the app One Pay FX is free but there is a £10,000 limit and you can only use EUR, USD, and PLN.

If you are needing to make regular payments then these transfer fees can really sting!

Some money transfer companies do not charge transfer fees at all!

Who are we?

Regency FX are a UK based independent currency broker, specialising in high volume transfers.

We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

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The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

We can monitor the market on your behalf enabling you to budget more effectively.

As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

Get a quote and see how we stack up.