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Transferring Money and Bank Accounts

By: Tracy Whitelaw - Updated: 29 Jan 2015 | comments*Discuss
Money Transfer Transferring Money Abroad

Transferring large amounts of cash abroad when moving can be fairly straight forward for most people. Most people will use their own bank to transfer cash without even realising that this can make them lose out on substantial amount of money. Rather than simply asking the bank to transfer your money from your account there to another international account it is better to use a money transfer company. This will ensure you get a better exchange rate and can increase the money you have to take with you when you emigrate.

Money Transfer Companies

The best place to find out information on money transfer companies is online. The easiest way to conduct business with them is online as it gives you continual access to the daily exchange rates and means you can take control of when you transfer your cash. Some of the main money transfer companies are Ozforex, Hifx and Forex. These companies are set up to help people who wish to transfer large amounts of cash from one currency to another. They can be used to transfer money into your own account abroad, or they can be used to send to a beneficiary so that you can pay for items in your new country of residence before you leave the UK. Most companies will not charge you a fee for moving a large amount of money, but will charge you for smaller amounts. They will let you know this before they charge you.

Setting Up an Account

To set up an account with a money exchange company, you normally need to provide them with ID. Accepted ID tends to be a passport and of course proof of residency. You will need to give them your bank account details also, but all of this can be done quickly and easily. Make sure you go with a reputable company such as those mentioned above. Once your account has been verified, you will be able to access their online services and begin the process of moving money around.

Bank Accounts and Money Transfers

In order to use a money transfer company, you must already have a bank account in the UK. If you wish to use it to transfer money into another account abroad, you must have this open also as you’ll need to name this as a beneficiary on any deal you make. This should be easy enough to do and you can usually open an account in most countries before leaving the UK. If you’re struggling to open an account from the UK, use HSBC as they’re an international bank.

What Using a Transfer Company Means to You

If you decide to send your money through your bank, you will transfer the money at their standard rate for that currency. If you transfer through a transfer company, they will quote you a higher rate and you can transfer when the rate hits the exchange rate you desire. If for example you were sending £100,000 to Australia from the UK and did it through the bank, you would get around $235,000 most of the time. If you did this transfer through a company and specified you wanted to wait until the rate hit 2.50 dollars to each 1GBP, then you would get $250,000. This is a substantial difference and can vary depending on the currency rate, but is certainly worth considering. When you have your account set up, you can forward book transfers to send money when the rate suits you. You can also watch the live rates and when you’re happy with the numbers, book a transfer.

When you do book a transfer, you can decide whether you’re sending it to your own account abroad or a number of beneficiaries. You can also send to multiple beneficiaries at once. A representative from the company will contact you shortly after you book the deal in order to verify the rate and that you’re happy to proceed. When you’ve agreed to this, you then need to send the money from your bank account to the companies account. Because you’re sending within the UK, you won’t lose any money on the transfer and it can be carried out online if you have online banking, or at any branch. There are various ways to send your money from your bank to the transfer company. If you want to send it immediately you can pay a fee at the bank and it will be sent as a CHAPS payment. If you are in no rush, you can send the payment free by using the BACS payment available. Once the money reaches the transfer companies account, they will then send it onwards to the receiver and finalise the transfer for you. Don’t worry about not knowing where to send the money, the company will provide you with all this information and are always on hand to help with any problems.

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do i have to pay any tax on money in transfer from my bank in uk to my bank in australia
DOT - 29-Jan-15 @ 10:58 AM
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