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Transferring Large Amounts of Currency

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    Transferring Large Amounts of Currency - How to Guide

    As an independent currency specialist, we don’t have the same overheads as a bank which enables us to pass on the savings from your money transfer directly to you with ultra-competitive commercial currency transfer exchange rates.
    And when you need to transfer large amounts of money, we can also discuss and agree on the right time and best way to make your money transfer 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.
    All money transfers are conducted through safeguarded client accounts making Regency FX the safest and best way to send large amounts of money using one our money transfer options.
    Want to know more?

    There are a couple options when it comes to transferring large amounts of money abroad; I will explain them for you!

    There are four simple steps to follow: identity check, get an exchange rate, make your payment and finally your money is sent out.

    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.
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    What are the different options?

    There are two options which are, to use a bank or use a currency broker.

    A lot of people think that using the bank is easier as your money is already in there however, banks are known to have uncompetitive rates and lots of fees.

    Banks are not the best way to exchange large amounts of money abroad.

    Currency brokers can offer much more competitive rates.

    This is due to fact that they have far less overheads than the banks.

    So, they can pass their savings straight to the customers, offering them a better rate.

    Banks generally charge 3-4% more than currency brokers.

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    Are there limits in place for how much money you can send?

    Most countries do not have limits.

    The UK, US, Canada, Australia and New Zealand and the EU countries have no limits.

    China, India, Russia, and Argentina do have limits.

    The UK banks do set their own daily limits which are:

    Lloyds has a limit of £30,000.

    Barclays has a limit of £50,000.

    HSBC has a limit of £50,000.

    Natwest has a limit of £25,000.

    When you are looking at sending large or frequent amounts of money this can become very frustrating.

    Currency brokers tend to not have daily limits.

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    Are there costs involved?

    Yes.

    There are two costs that are transfer fees and exchange rate costs.

    Most people are aware of the transfer fees but not so educated on the exchange rate costs even though they normally sting more!

    Most transfer fees are between £10 and £25.

    If you need to make regular transfers, then these can really add up!

    Banks and currency brokers will set their own exchange rates.

    Usually, the more money you send the better the rate.

    The exchange rates are changing constantly every few seconds.

    The smallest change within the rate can cost or save you thousands!

    For example, on a £100,000 transfer if the rate changed in your favour even by 1% then that is £1,000 you would be saving!

    Changes like this can happen daily

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    How safe is it to exchange large amounts of money?

    Banks and currency brokers use the same payment system called SWIFT.

    SWIFT has been around for many decades; it helps to connect the banks together from all around the world.

    Before exchanging the money, check to see if the company is regulated by the FCA.

    The FCA is the Financial Conduct Authority.

    If a company is regulated by the FCA then they are required to keep your money in a separate, safeguarded client account away from the company's funds.

    To check to see if a company is regulated by the FCA check on the FCA register online.

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    Don’t Trust All the Exchange Rates You See Online!

    Many websites provide live rates such as XE, Daily FX and Oanda which purport to be the best rates to send money.

    However, the rates you are seeing are not actually available to customers who want to make large exchange transfers. And there will be significant currency transfer fees involved.

    They are known as ‘interbank rates’ which are not available to other businesses. This means that only the banks themselves and large financial institutions can use them to make large bank transfers.

    Not even companies that trade in millions a day and transact large bank transfers every day can use them! Don’t be fooled, into thinking that these are the best rates available.

    There will be disclaimers near them saying something like “not available to customers” or “for informational purposes only”.

    To get a real, accurate quote before you execute a large bank transfer make sure to get one from a bank or currency broker! Only that way will you be sure of the best currency transfer fees.

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    Achieving the best exchange rate for large transfers

    As I have previously mentioned, the exchange rates are constantly changing so it can be hard to find the best one.

    Even tiny changes in the rate can drastically affect the financial aspect of the transfer.

    A move of as little a 1% on a £200,000 transfer is £2,000!

    Changes like this can happen daily!

    A good currency broker can monitor the rates for you and let you know if the rate moves in your favour.

    Currency brokers can also check over your details to make sure everything is correct before going through with the transfer.

    Some currency brokers are online-only platforms, with little guidance involved.

    For a large money transfer, it is nice to know that there is someone experienced that you could talk to.

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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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