This is Regency FX’s guide for you to transfer money overseas quickly, efficiently and effectively so, when you transfer money abroad, all the information you need is at your fingertips.
You need to send money overseas to pay someone, to move your funds so you can enjoy your retirement. Whatever you need to send money abroad for, you need access to the best information you can get. At Regency FX, we will provide all the essential tips and data you must have to make the best decisions you can when you transfer money abroad.
This section covers: the four simple steps you need to know to transfer money overseas, the typical timeframe sending money overseas can take, the most cost-efficient method to transfer money abroad, as well as comparing bank and money transfer company options.
Read more to get the most of this section and ensure you send money overseas effectively and at the best rate available to you.
Cash transfers can be as quick as 15 minutes as they are generally faster than electronic payments.
However, an international money transfer via the SWIFT banking network normally takes 1 to 4 working days.
SWIFT transfer times can differentiate depending on the destination, time zones and how efficient the banks involved are.
The funds will go through anti-money laundering checks before it gets to the receiver, this can add time onto how long it takes to go across.
Now you are ready to send money overseas, there is some information you will need at hand before you contact your provider.
You will need to have these details ready to transfer money overseas: an account name, a bank name, a bank SWIFT/BIC code and a bank account number.
This information can be found on a bank statement, online account or in a branch.
The SWIFT/BIC (Bank Identifier Code) code is a unique identifier which contains information to help with transferring money overseas. SWIFT is the name of the overall messaging system used to send money abroad; the BIC code comprises the name of the bank, country, location and branch codes.
In reality the SWIFT and BIC codes are the exact same code needed to transfer money overseas and are used interchangeably. That’s easy, right?
Read on and you’ll find all the other essential information you need to send money abroad.
Sending money abroad using an international money transfer is generally cheaper than sending cash, using a debit card or a credit card.
When it comes to transferring the smaller amounts then sending cash or using a debit/credit card might be a good option as they are fast, and the extra costs will not be too high for the smaller amounts.
Cash transfers are the fastest method out of them all as they can arrive within an hour and the receiver does not even have to have a bank account as they will be given the money in cash once they provide proof of identity.
The most common companies for cash transfers are MoneyGram and Western Union. You can use a debit/credit card to make an international payment too however, fees and exchange rates can be sky high in comparison to using a money transfer specialist.
Large irregular payments overseas are more cost efficient when using an international money transfer.
There are two options for an international money transfer and those are: using a bank or a money transfer specialist.
Going with the bank may seem as though it is the easy option however, they charge considerably more than a money transfer specialist.
Banks are generally better when it comes to smaller irregular payments as they charge high fees and provide poor exchange rates so when it comes to the larger amounts the charges and fees can really add up!
Money transfer specialists are the better option when you send large or frequent amounts as there are no fees and the exchange rates, they provide are extremely competitive.
They also provide an outstanding level of personal service and guidance throughout the process!
Most banks will charge you a transfer fee per transfer and some will charge two, for the sending bank and the receiving bank. These fees are usually within the bracket of £10-£25 for each payment.
Some money transfer companies do not charge a fee although, this might involve a minimum transfer amount.
For international money transfers the exchange rate costs are normally bigger than the fees involved.
The main big banks within the UK generally charge 3-5% of the amount you want to transfer internationally.
It is always a good idea to get multiple quotes from multiple different companies to see which one can offer you the best deal!
There are no legal limits on how much money you can transfer however, the banks have set their own limits on the daily transfer amount and these are:
NatWest’s limit is £25,000, Barclays and HSBC’s daily limit is £50,000 and Llyod's daily limit is £30,000.
If you are sending large regular amounts of money, then the bank would not be your best option as you would have to do multiple transfers which would not be time or cost efficient!
Banks and money transfer specialists will not charge you tax when transferring your money. It depends on your personal tax return whether that money gets taxed or not.
Within the UK, money transfers get taxed depending on your residency within the country.
If someone is a tax resident of the UK but they are not living in the UK and they are working in a different country, then money that is transferred back to the UK may be taxed.
It depends on how long you are/were abroad for and if you own property in the UK.
Tax rules are not simple that’s why tax accountants exist!
You can always get in contact with a tax accountant if you are unsure.
When transferring money abroad you obviously want to ensure that your money is safe.
The best way to ensure this is to use the SWIFT banking network.
SWIFT is a very dependable and safe way in which you can transfer money to a different country, around half of all high value international payments around the world use SWIFT. It has been utilized for over 40 years!
SWIFT payments happen by giving each bank a BIC code (Bank Identifier Code), this makes it easier to tell the banks apart with this code.
SWIFT is used in over 11,000 banks and large financial constitutions; they are one of the safest methods of transferring money.
Another key safety check to ensure that a bank or money transfer specialist is safe is to ensure that they are regulated by the FCA (Financial Conduct Authority).
If they are regulated by the FCA then they are required to put your money into a separate, safeguarded client account away from the company’s funds.
To find out if a company is regulated by the FCA just look on the FCA register online.
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.
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.
© 2021. Regency FX Ltd. All rights reserved. *Third party fees may apply.
Payment services for Regency FX Ltd are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ.
The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.