Money Transfer

When moving money, costs fall into two simple categories: fees and the exchange rate. It’s crucial to check both out.

Fees. The obvious charge.A multitude of fees, charges or commission can apply, both for the sender and the recipient. Many providers levy lots of small charges to disguise exactly how much it costs.

Exchange rates. The hidden charge.Many companies claim to be ‘commission-free’ then load the exchange rate so you get less buck for your pound. Worse still, it’s often teeth-pullingly difficult to get hold of the exact rate and compare it, as some providers simply don’t provide the data.

THE BEST WAY TO COMPARE

The minefield of complications actually boils down to a very simple question…

“How many euros/yen/dollars will be received, after all charges?”

Sadly, sometimes it’s hard to get an answer. Also, exchange rates change very regularly (possibly by the minute). So to compare providers properly, do it all in one go.

To benchmark a decent rate, check the Travel Money Maximiser. If you’re transferring a large amount, then at worst you should aim to equal the cheapest provider there.

To find the best deal, read more tips at Money Saving Expert.