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Transfer money between banks without confusion
Any business that has been unfortunate enough to
transfer money
between banks will understand the confused state that tends to
reign when funds ‘go missing’ for days on end at they journey to
their set destination.
It should be noted that for those working within the walls of
the currency industry, there is a financial league, with banks
like Barclays and HSBC at the top and building societies at the
bottom. Barclays and HSBC, both part of the faster payments
system act on money transfers within hours, which is far swifter
than building societies. Banks top the performance leagueThe fact of the matter is, banks and building societies offer little in the way of consistency and streamlining, two features that are hugely important to any business that wants to run a successful and profit-led company. Currency expert Toby Fischer confirms that transferring money between banks can throw up issues in terms of providing a consistent and reliable service, and businesses should make certain checks before they transfer money from their bank to a broker. Fischer explains: “When it comes to the transfer of money bank to bank knowledge of the delivery timescales involved, which are dependent on your bank and the payment methods available, is essential. We would always advocate speaking with a specialist broker in order to get the right advice for the fastest, most efficient payment.“Most clients I deal with find it easy to handle inward Sterling payments to us online and if they reach their £10,000 limit for any given transaction can pay in chunks over the course of a week or sometimes even longer. This is a major advantage is the exchange rate looks good as this can be secured before we receive funds, a kind of flexibility is simply not offered by a bank,” Fischer adds. Benefit from a valuable middle manUsing a currency expert to handle the payment, or act as the ‘middle man’, can be hugely beneficial because businesses will get the opportunity to receive direct advice from a dedicated point of contact. Invaluable advice on the different bank payment rules and timescales will be a huge benefit to businesses.So, it is important for businesses to understand what to consider if they are to avoid potential delays associated when going through the transfer money between banks scenario.
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Latest Rates (Transfers Only)
Last updated: 30-08-2012
The rates shown above are "inter bank" exchange rates and are not the rates that you will be offered by Currency Today. Your rate will be determined by the amount of currency that you are buying. Please complete the 'Quote Me' form or call for a live quotation. The quotes are updated regularly throughout the day. Please click the 'Holiday Money' tab for holiday money or cash transactions. |
