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Plus, haven’t you got better things to do with your day than fiddle with payments online, waste time on hold with phone banking or queuing up in a branch?
Thankfully, there is another way.
At currencytoday.co.uk our experts have scoured the web and utilised industry expertise to bring you trusted currency brokers who can save you time
and money. So next time you make an overseas payment, we’ll make sure that small transfers don’t cause you big worries.
Why banks aren’t the best bet
The chances are that you use the convenience of your bank to make those all-important ad-hoc payments abroad to cover
property maintenance or paybills.
And this sounds like a smart idea – until you see the transfer fees. Transfer fees of £20 to £30 a time are pretty standard just for getting your money
where it needs to be. Plus, ask any expert and you’ll soon discover that the banks offer some of the worst exchange rates around.
Factor in the hassle of using online banking to make the payment, fiddling with passwords on the internet or queuing up at a branch and it’s not surprising
that more people are demanding a better way.
Overseas payments made simple
This is where a trusted currency broker can be worth their weight in gold. Their expertise means you can secure the bank-beating exchange rates and
low transfer fees you want, plus the speedy and secure service you need. We work with all the market-leading currency brokers who have the power to
pass on the best deals to you at the same time as maintaining the very highest levels of service. For example, here’s what makes using Transferwise,
one of the carefully selected companies that feature on our site, so superior to the banks:
1. Rock bottom transfer fees to overseas bank accounts. It costs just 0.5% of the total amount, or £1 on amounts under £200, to transfer your cash.
That’s less than the price of a takeaway coffee.
2. Speedy payments. While the banks take their time, Transferwise gets currency where it needs to be in two to four working days.
3. Hassle-free online transactions. Managing transactions online is secure and simple through their easy-to-use site. Also, it’s easy to save your
details for future use.
4. Simple payments. There’s no need to queue at the bank – simply pay by secure direct debit or bank transfer on amounts above £2000.
TransferWise The Clever new way to Transfer Money Between Countries
Look at our case study to see how you could save:
Case study: How Transferwise helped one couple stop sweating the small stuff in Spain
Spain has always been paradise for 63-year-old Michael Williams
and his 64-year-old wife Pamela. They’ve owned a holiday home there for the last decade and love looking forward to their time in the sun. Of course,
their property still needs maintaining when the couple are in the UK. They also need to cover modest utility bills, like electricity and water, and
transfer some spending money for their four-times-a-year Spanish breaks.
With this in mind, they top up their Spanish bank account with between £500 and £1500 worth of Euros roughly every quarter. However, they soon got sick
of poor exchange rates and the endless calls they had to make to their telephone banking service to get the cash transferred. The £25 transfer fee they
were charged each time only added insult to injury.
A simple way to save
Then, six months ago they came across currencytoday.co.uk. What they learned there transformed the way they thought about
overseas payments.
On the site they discovered Transferwise – a much cheaper alternative for sending their infrequent Euro transfers. The couple found it simple to
use and got a great exchange rate quote. All they had to do was fill out a one-page form with their full name, contact details and bank account details in Spain
and pay by debit card. This meant everything was done within three easy steps. So no tedious automated phone systems, being put on hold with the
bank or having to remember online banking username and passwords.
Security and efficiency
The couple were delighted by the security, and efficiency, of the service. “Transferwise are very efficient, keeping me up-to-date by email on the status
of our transactions. Our Euros always arrive in good time,” says Pamela. She adds that the Euros always arrive in the Spanish account within three to
four working days. They also love the site’s transparency and the fact they only had to pay a flat fee of 0.5%. That worked out at only £2.50 on £500,
with the Euros purchased at the headline exchange rate rather than the
Euro travel money rate!, free from any hidden charges.
And the best news? No nasty surprises when they arrive in Spain to spend time in their holiday home as the Euros reach their foreign bank account
before their plane even touches down. This means the savings they regularly achieve makes their holiday spending go further. So there’s always a bit
extra to toast another amazing holiday at their favourite restaurant set facing the Mediterranean Sea.
Want to follow Lauren’s lead?
Click on this link to learn more about Transferwise.
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