There are many reasons why you might need to transfer money abroad. Whether it’s for a wedding you’re planning abroad, buying property overseas, or sending money to a loved one who’s travelling or studying away from home, it’s important to know about the different payment methods available.
When you transfer money, the transaction is subject to variable exchange rates and this will determine how much money is actually paid into the recipient’s account. This being said, it’s certainly advisable to shop around for the best rates, commissions and costs.
There’s a range of pros and cons for each provider. While a bank or building society is arguably the safest way to send money, the process can be slower and can be subject to higher fees. In contrast, FX brokers have low fees for large sums of money, but you‘ll need to be set up with an account to use the service.
To give you a helping hand, Sainsbury’s Bank has created a useful guide, that walks you through how the process works, the different providers available and how to choose an option that’s best for you. The guide also offers some handy security tips to make sure your money arrives safely.
