The Smart Guide to Transferring Money Abroad
There are many reasons to make an international money transfer, from paying for an international money transfer, from paying for an overseas wedding to sending funds to a family member who is studying abroad. However, with several options to make transfers, it’s important to know how each of them works, what you need to send the money and how to make sure your transfer is secure.
There may be a little trepidation about sending money abroad and, for your peace of mind, you’ll want to ensure you get the best deal and that your cash arrives safely and with minimal hassle.
To address these concerns and make a smart money transfer, it's helpful to get a good understanding of the process, the methods you can use and how to choose one that best suits your needs.
How do international money transfers work?
Money transfers involve sending money to an individual or organisation in another country, using a different currency. When you transfer money, it's subject to an exchange rate, which determines how much money is actually paid.
International money transfers are also subject to commissions, costs and fees. These rates vary widely between providers so it's best to shop around.
What are your options?
There are a number of companies that can help you make an international money transfer. Traditional providers include banks, high-street transfer companies like Western Union, and foreign exchange brokers. Alternative methods include debit and credit cards, foreign bank drafts, as well as PayPal and Transferwise.
At Sainsbury's Bank, we have two options for international money transfers:
- Online international payments are made through the secure provider moneycorp, which transfers money directly into international bank accounts
- International money transfers, which can be done in-store through our partner Western Union
When choosing a provider, it's important to do your research, not just into the security of the transfer, but also the exchange rates that you’ll be getting.
How to make a smart international money transfer
Our helpful guide provides useful information for selecting the best provider, the associated risk, understanding the fees, and the required information for sending and receiving an international payment.
Now that you’re properly informed, making a smart international money transfer should be a straightforward process. Best of luck!
This Money Matters post aims to be informative and engaging. Though it may include tips and information, it does not constitute advice and should not be used as a basis for any financial decisions. Sainsbury's Bank accepts no responsibility for the opinions and views of external contributors and the content of external websites included within this post. Some links may take you to another Sainsbury's Bank page. All information in this post was correct at date of publication.