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Sending Money to the UK (Information)

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    Sending Large Money Transfers to the UK

    When you need to send money to the UK, Regency FX will help you achieve the most from the currency you are converting.

    As an independent currency specialist, we have lower overheads than the banks enabling us to pass on the savings to you. So, whether you need to transfer money to the UK or send money abroad from the UK, Regency FX is here to help you.
    We can also discuss and agree on the right time to exchange your money rather than using a bank or online-only system and having to accept the rate they give you on the day. Regency FX is committed to keeping the cost of sending money affordable and can assist with UK international money orders.
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    Sending Money to the UK (clearly explained)

    There are four simple steps when sending money to the UK which are: identity check, get an exchange rate, make your payment and finally your money is sent to the UK!

    Identity check. In line with the Anti-Money Laundering (AML) Regulations, all money transfers are subject to identity checks. This is to protect you and the sender from falling foul of organised crime and to ensure your UK bank 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. Because we carry out many UK bank transfers every day you can be sure the very best rates are secured for your UK bank transfer.

    Make your payment. To send money to the UK, simply complete the details of your UK bank transfer and the money is sent to the intended UK recipient.

    1

    Identity check

    Before you can transfer money from Ireland to a UK bank account, you will need a quick ID check.

    It is a regulatory requirement to check a new customer’s identity.

    Fortunately, most people can be verified using basic information. You may need to provide your passport number and address.

    2

    Lock in an exchange rate

    The Euro to Pound exchange rate changes every few seconds.

    When you are ready to move your money, you will be asked what currency you wish to buy (GBP) and the amount of Euros (EUR) you wish to sell.

    You will then receive a live quote for the EUR/GBP exchange rate from your bank or money transfer specialist.

    No transaction will occur without your authority.

    If you are happy to go ahead, the rate is locked in, and you will be emailed a confirmation with all the details.

    3

    Send in your Euros

    Before any money is converted and sent to the UK, you need to send in your Euros.

    Your email confirmation will show the bank details of where to send your money.

    4

    Your Euros are converted and sent to the UK

    Once your bank or money transfer company has received your Euros, they will exchange them into Pounds Sterling and send them to the UK bank account you have requested.

    That’s it in a nutshell.

    What are the costs involved?

    The two main costs involved are:

    1. Transfer Fees
    2. Exchange Rates

    Most banks will charge transfer fees however most money transfer companies do not.

    Exchange rates are not standard as each company will set their own rate, usually the more money you want to transfer the better the exchange rate.

    With bigger transfers the exchange rate normally stings more than the transfer fees,

    Some banks will even charge two transfer fees, one for the sending bank and one for the receiving bank.

    What information do you need?

    You will need: the name on the account, a UK bank sort code and a UK bank account number.

    The sort code is 6 numbers and the bank account number is 8 numbers.

    If the account number is only 7 numbers, then you will need to add a 0 at the front of it.

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    What is the timeframe?

    The timeframe can change depending on what banks are used, different time zones and public holidays.

    Generally, it takes 1 to 2 working days for a EU to UK money transfer to go through.

    From the US it usually takes 2 to 3 working days.

    It can take 3 to 5 working days for other countries outside these areas.

    No matter if you chose to use a bank or money transfer company then the payment will go through SWIFT.

    SWIFT is a secure way of transferring money across the world.

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    How should you send money to the UK?

    There are three ways in which you can send money to the UK: cash transfer, debit or credit card and bank transfer.

    Cash transfers are the fastest method however there are limits on how much you can send.

    With a cash transfer your money can be at the desired location within an hour and you do not even need a bank account to do it!

    The popular cash transfer companies are, Xoom, Azimo, Ria and Remitly.

    The next method is to send money via a debit or credit card.

    This can be deemed as safer than a cash transfer.

    This method is known for the smaller amounts like a cash transfer as it is not as cost efficient as a bank transfer.

    Bank transfers are the last method, these are generally the most cost-efficient way of sending money to the UK.

    Money transfer specialists can assist you with these transfers.

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    How much money can you send daily to the UK?

    Currently there is not a limit for how much money you can send to the UK.

    Banks tend to set their own limits.

    The banks limits are normally £50k to £100k daily.

    When you need to send large amounts of money this can be a pain as it will take you much longer and cost you more money.

    Money transfer specialists do not have daily limits, this is the better option when sending large amounts of money.

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    Getting the best exchange rate

    Finding the best exchange rate can be tricky as the rates are moving around every few seconds.

    The better the exchange rate, the more money you save.

    However, not all of the rates that you see online are real rates.

    Companies such as XE, DailyFX and Oanda will provide live rates however these rates are not actually available to customers.

    They are known as ‘interbank rates’

    This means that only the banks and large financial constitutions can use these.

    Not even large corporations that trade in the hundred million a day can use them!

    It is best to get a direct quote from a money transfer company or a bank to ensure the rate is real.

    When comparing different companies, make sure you do it at roughly the same time so the comparison is accurate.

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    Achieving a better exchange rate on the SWIFT transfer

    Many people know about the transfer fees but they forget about the exchange rates.

    Exchange rates are not a standard rate.

    They vary depending on what bank or money transfer company you use.

    A small change can affect the exchange rates massively.

    UK banks do not offer competitive rates.

    Some people are not aware of what they have even been charged for by their bank for a SWIFT transfer.

    The big banks charge 3-5% in exchange rate costs on a SWIFT transfer.

    It also depends on the amount of money you are sending, usually the larger the amount of money, the better the rate is.

    Exchange rates tend to be more costly than the transfer fees.

    For example, with a SWIFT transfer of £240,000, if the bank had a 3% exchange rate margin, then you will be charged £7,200 off the exchange rate.

    That is a lot of money to be paying in costs!

    Banks will not help and guide you with a SWIFT transfer.

    As the rates are changing constantly, choosing the right time to make the transfer can be very important.

    Many money transfer companies will help you pick the right time and let you know what is happening and if the rate moves in your favour.

    The better the exchange rate, the more money you will have in your pocket.

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    Why does the timing matter?

    The timing of when you do the transfer is very important, it can save you thousands or you could lose thousands!

    Not many people know much about international money transfers so it can be difficult to know when the best time to do the transfer is.

    Banks and online-only operators do not offer much guidance when it comes to this.

    Money transfer companies will make sure you are updated with what's going on with the rate and they will help you pick the best time to do the transfer.

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    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.

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