1-2 working days is the general timeframe for Euros to arrive at the desired bank account however, some transfers go through on the same day, most are done the next working day.
Whether you use a bank of a money transfer specialist they will use the same payment system which is SWIFT. SWIFT links up all the banks from all around the world.
Your payment can be slowed if they are being processed as a batch-process.
Information that is required for the transfer to go ahead is an account name, a bank name, a bank Swift/BIC code, and a bank account number.
The branch location is also reviled with the SWIFT/BIC code. A money transfer specialist will put everything you need together for you before your money is transferred to Europe.
When transferring Pounds to Euros you have two options, you can use a bank or a money transfer specialist they can also be known as currency brokers, foreign exchange brokers or international payment specialists.
Money transfer companies move money from one country to another; one of the biggest differences between using a money transfer specialist and a bank is normally the cost.
Generally, banks can charge up to 4-5% of your money to do the transfer.
As an example, on a transfer of £100,000 it could cost you up to £5,000 in costs. The total cost for the customer is worked out by adding together the transfer fees and the exchange rate.
As money transfer companies have far less overheads than the bank, they are able to pass the savings to their customers!
Money transfer specialists are not only cheaper, but they often provide a more comfortable service for the customer; this is because when it comes to international money transfers, you are not the banks priority, meaning that they will spend no time giving you guidance.
When it comes to transferring money abroad there are two main charges:
Transfer fees are a standard fee that is charged every time you transfer money internationally.
Not all providers charge you a transfer fee but if they do charge a fee then it is normally charger every time you do a transfer; some providers charge you two fees, one for the sending bank and the other for the receiving bank!
Most of the bank's fees are quite similar, here are some examples:
Barclay’s charge £25 for a standard transfer or £40 for a priority transfer if you are using a bank and the recipient also gets charged £6.
NatWest charge £15 under £5,000 or 0.3% if the total is over £5,000.
Santander charge £25 every time.
Lloyd’s charge £9.50 online or in a branch and the receiver is also charged £12.
The different banks have various fees, and these can very quickly add up if you are frequently needing to transfer money internationally.
Banks also have a daily limit in place which is normally between £50,000 and £100,000, this can be a problem if you are wanting to send a larger amount of money.
There is not ever a standard exchange rate as they are changing all the time and the exchange rate is the more important cost.
Every bank and money transfer company have their own different exchange rates.
UK’s big banks rates are uncompetitive.
Furthermore, the exchange rate margin at Lloyds, Barclays, NatWest and HSBC ranges between 3.0% and 5.4% this can vary depending on the amount that is transferred.
No, they are not. They may seem similar, but they are not the same.
Some are more focused on personal transfers and others are more focused on corporate transfers. Some currency brokers are regulated by the FCA and some are not.
An important difference is that some brokers provide a service and others are just an online platform.
Here are three reasons why it might be a good idea to choose one where you can speak to someone:
The first reason is that the right guidance on exchange rates can potentially save you a lot of money, time, and stress.
The rates change constantly as I have previously mentioned, therefore it is useful to use a broker with someone to speak to as they can monitor the rates for you and alert you if they move in your favour or if they reach a certain rate.
For example, a 0.75% change in the rate on a £50,000 transfer would be a difference of £375 to you, changes like this can happen every week.
The second reason is you want all the details checked over properly.
Some currency brokers are a kind of ‘do it yourself’ business, this means that if you do not have much knowledge on the subject then you could miss important information that could cost you a lot of money; therefore, having someone to assist you through it and talk to you could really benefit you in the long run!
Finally, the third reason is you need to know what is happening with your money.
When it comes to transferring large amounts of money you are going to want to know what is happening with it, currency brokers can let you know what is happening every step of the way and keep you informed.
For someone who has never used a money transfer company before then it can be hard to trust a new way of transferring money.
If you ensure that a company is regulated with the FCA (Financial Conduct Authority) they will separate your money to the company’s funds and put it in a safeguarded account.
Before choosing a money transfer company ensure that they are regulated by the FCA, you can check this by going onto 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.
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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.