There are two main costs involved, these are:
Most people are aware of the transfer fees but not so many people are aware of the exchange rate costs!
Most banks charge transfer fees when sending money internationally.
This is what the two main banks in Cyprus charge when sending money aboard:
Bank of Cyprus charge a processing fee of €15 if it is done in a branch or €10 if it is done online.
In addition to this there is also a SWIFT fee of 0.5% with a €20 minimum and €200 maximum.
Hellenic Bank charge a creation fee of 0.15% with a minimum of €20 and a maximum of €250 or 0.10% with €10 minimum and €200 maximum for outgoing payments in a standard personal account.
There are also additional charges if you want your payment to be sent out faster and if you want to amend anything to do with your payment there is also fees.
Some banks will charge two fees one for the sending bank and one for the receiving bank, this is called a correspondent fee.
Cyprus banks tend to charge €12 to €60 for this fee.
There are also fees in the range of €25 to €60 for cancellations and mistakes made.
It is never easy to find these fees as they are buried within the bank's schedules and tariffs.
The easy way to avoid these fees is to avoid using the banks.
Exchange rate costs can usually sting quite a lot.
They are never standard as banks and money transfer companies will set their own rates.
Generally, the larger the amount of money being transferred, the better the exchange rate.
Banks tend not to offer competitive rates.
The main banks in Cyprus have an exchange rate margin of around 2%.
With a €100,000 transfer this can cost you €2,000, that is a lot of money to be paying in costs.
Money transfer specialists tend to have better rates especially on larger transfers!
Banks and money transfer companies use the SWIFT payment system to move money internationally.
Banks tend to charge more and take longer for these transfers.
When it comes to larger transfers you may want to consider using a money transfer specialist.
Generally, banks are more expensive and more stressful.
This could be due to the fact that they do not offer much guidance through the process.
Most banks have a kind of do-it-yourself atmosphere, this can be frustrating with this kind of thing especially if you have little or no knowledge in this area.
Banks also have daily limits set in place for how much you can transfer, this can be very annoying if you want to send large amounts of money.
Money transfer companies have lower costs and they are more efficient, they specialise in sending large or frequent amounts of money.
They can also assist you through the process and help you with anything that you need!
Banks do not offer this service.
There are no foreign exchange limitations between Cyprus and the UK.
There are issues with getting money out of the country though.
In 2013 there were capital controls with the banking but these limitations were gone by 2015.
British expats have found that it is much easier getting money from the UK to Cyprus than it is the other way around!
This is due to anti-money laundering policies.
Cyprus is seen as a high-risk country as they have a history with Russian money laundering through their country.
For a British expat, if all the necessary checks have been done then there will be no issue with your money being transferred.
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.
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