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International Bank Transfers (How to guide)

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    International Bank Transfers (clearly explained)

    There are four simple steps to an international bank transfer which are, a customer id check when registering, getting an exchange rate, making the payment and then finally, your money is sent out.

    International bank transfers can seem difficult, I am going to try and make them easier for you by showing you how, as a first-class currency transfer service, Regency FX tackles the complexities of international money transfers to save you time and money.

    When you need to transfer large amounts of money, you have many options, including SWIFT transfers (Society for Worldwide Interbank Financial Telecommunication) which is a standard method of transferring large amounts of money quickly and securely from anywhere to anywhere in the world.

    Regency FX carries out many international bank transfers daily and can quickly organise your SWIFT transfer with no fuss.

    There are four simple steps to an international bank transfer which are, a customer ID check when registering, getting an exchange rate, making the payment and then finally, your money is sent out.

    Identity check. In line with the Anti-Money Laundering (AML) Regulations, all money transfers are subject to identity checks. This is to protect you from falling foul of organised crime and to ensure your international money transfer ends up where you intended.

    Exchange rate. At Regency FX we will ensure you get the best exchange rates possible on the proposed date you are sending money to the UK.

    Make your payment. To carry out your international bank transfers, or set up your SWIFT money transfer, simply complete the necessary details and the money is sent to the intended recipient.

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    How to make an international bank transfer (in 4 simple steps)

    1

    Customer ID check

    An ID check is a legal requirement for all new customers due to financial regulations.

    This is only done once. Existing customers skip this step.

    Most ID checks are done electronically now, which has made the process a lot quicker and easier.

    2

    Lock-in an exchange rate

    Your bank or money transfer company will want to know the currency you have (to sell) and the currency you need (to buy).

    You will then receive the latest exchange rate.

    If you are happy to go ahead, the exchange rate quoted will be locked-in for you.

    Shortly after, you will be emailed a confirmation with all the details of your transaction.

    3

    Pay for your transfer

    You need to send your money in to pay for your international transfer.

    If you use a money transfer company, you are normally given 1-2 working days to send your money in. Whereas if you use a bank, they will require the funds to be in your account already.

    4

    Your money is converted & sent out

    Once your funds have arrived with your bank or money transfer company, they will convert the money into the currency you need and send it to the destination bank account you’ve requested.


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    What kind of timeframe does an international money transfer take to do?

    These transfers are usually done using the SWIFT network, which is a secure system that is used to connect banks around the world. Banks and money transfer specialists use this network.

    International money transfers within Europe usually take 1-2 working days however, outside of Europe they can take 2-5 working days.

    Some countries are more efficient when it comes to processing international transfers, the time you are waiting is for the recipient bank to clear the money you have sent.

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    Which way is more cost effective, banks or money transfer specialists?

    Money transfer specialists are normally the cheaper and faster option however, a lot of people see their bank as the easier option even though it is more expensive.

    UK banks are charging around 3-4% of your transfer amount, money transfer specialists can offer a much more competitive rate and save you a lot of money.

    The exchange rate margin all depends on the amount of your transfer, the higher the amount the lower the margin is. You would normally find the best rates with transfers that are over the £200,000 mark.

    Money transfer companies have a lot less overheads therefore, they can save the customers a lot of money.

    With an international bank transfer of £100,000 you could easily end up paying £4,000 in charges and fees; that is why it might benefit you in the long run to look at other options such as a money transfer specialist.

    Another thing with going through the bank is that they can be difficult to deal with as they focus more on mortgages and savings account rather than assisting people with international money transfers.

    Money transfer specialists focus purely on international money transfers which means that they can offer more to you with a lot of help and guidance during the process!

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    Are money transfer specialists safe?

    It is normal to be a bit wary of trusting a new company to transfer your money around however, certain procedures are in place to ensure that you feel safe using them!

    When you are looking at what money transfer specialist to use you need to ensure that they are regulated by the FCA (Financial Conduct Authority), if they are regulated it means that they must keep your money in a separate account and it only gets used for the transfer.

    You can find out if a company is registered with the FCA by looking at the FCA register online.

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    Can I avoid paying transfer fees?

    No one likes paying fees, generally, the big banks will almost always charge a fee when transferring money.

    There are companies out there (money transfer specialists) that will not charge you a fee and will have no hidden costs.

    The most common fee is a transfer fee, it is a standard fee that is charged on every international, money transfer.

    Not only will some companies and banks charge you a fee, but they will charge two fees, one for the sending bank and the other for the receiving bank.

    The banks in the UK also sometimes charge a priority payment fee which makes the process happen quicker.

    One of the most annoying things about these fees is that they only come up after you have already entered all your information and have nearly finished the process.

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    How to get a good rate on your international money transfer?

    The exchange rate is the most important factor when it comes to costs especially for big transfers; the smallest of moves within the rates can cost you a lot of money or save you a lot of money.

    For example, on an international transfer of £150,000, if the rate moves 1% that makes a £750 difference.

    Timing is crucial when it comes to exchange rates. Many people have a certain time gap in which they can transfer their money.

    You may have different timeframes for different activities such as if you are looking to buy a property you might have a year or so to keep an eye on the rates however, if you are paying an invoice or a bill then you might have days or weeks to keep watching them.

    Not a lot of people have the time to watch the rates throughout the days so therefore, it could be a good idea to talk to a money transfer specialist as they will be able to monitor the rates for you and alert you if the rates change drastically or move in your favour.

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    Watch out for some of the rates that you see on the internet!

    It is easy enough to find exchange rates online however, it is not so easy to pull apart the real rates from the ‘interbank rates.’

    These are rates that only the banks can use themselves, they are not available to customers, not even large corporations can use them”!

    Behind these rates there will be small hidden disclaimers that say something like “for information purposes only” or these rates are “not achievable”.

    If you want a more accurate and real rate, then it would be a good idea to get a quote from a money transfer specialist or a bank.

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    Money transfer companies, are they all the same?

    It may seem as though a lot of money transfer companies are remarkably similar however, they are not the same! Money transfer companies can sound the same, but they are not.

    Companies such as PayPal, TransferWise and Revolut are more of an “online-only” type of platform this means that once they have provided you with a quote you will have to do the rest all by yourself with no guidance; the only bit of help they can really provide you with is webchat or email support.

    On the other hand, there are a lot of money transfer companies, known as currency brokers, that will be there to assist you from start to finish, ensuring that you get the best exchange rate possible!

    Currency brokers take the stress out of the money transfer as they are there for you 100% and if you have any questions then they will answer them for you!

    When you are dealing with larger money transfers, a lot of customers prefer having someone there they can physically speak to during the process!

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    Quick Summary: International Bank Transfers

    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.

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