Sending foreign exchange payments Overseas on a Regular Basis

Sending foreign exchange payments Overseas on a Regular Basis

With the ever growing expat community the need for regular foreign exchange transfer overseas has become a big business.  Most currency specialists offer a “foreign exchange regular overseas payment plan” allowing clients to set up simple, hassle free monthly payments to their foreign bank account.  These are typically used for paying mortgages, living expenses or transferring pensions abroad.

Sending monthly foreign exchange payments through your high street bank can become very costly; the average international bank transfer fee comes in around £35.00, and the exchange rate is usually around 5% worse than the rate an independent foreign exchange broker can offer for the same transfer.

After researching the market Compare Money Transfer have discovered that using a currency broker for regular foreign exchange payments can be very beneficial not only because they offer significantly improved exchange rates over and above high street banks, but also because most currency brokers provide this service with no international bank fee.

For Example –

A client sending £500.00 to Spain a month for mortgage payments

Rate                           Euro’s                  Sterling               Bank Fee            Total Cost

High Street Bank 1.1129                         €1000                   £898.55                 £35.00                  £933.55

Currency Broker 1.1480                        €1000                   £871.08                  £0.00                    £871.08

Based on these figures using a foreign exchange currency broker for a monthly transfer of €1000.00 can save around £750 a year. Speaking with one of today’s leading currency brokers TorFX, they quote that “banks have traditionally been the first port of call for currency transfers, but that is changing as customers demand better exchange rates and free transfers.  Many expats are unaware of the potential savings that can be achieved using an independent currency specialist.”

TORfx foreign exchange are authorised and regulated under the payment service regulations 2009.  All client funds held in segregated client accounts at Barclays Bank Plc.  TORfx foreign exchange pride themselves not only on offering leading exchange rates but most importantly providing a safe and secure method to send money overseas.

Tags:  regular foreign exchange transfer overseas, sending foreign exchange payments, torfx