If you need to move money doing it online is by far the easiest way. There are two basic ways to carry out online money transfers. If you want you can sign into your own online bank account and move money manually yourself.
However, this service is not generally available if you want to move money out of the country. In addition, there are usually limits on how much you can move this way. If, for example, you are buying a property abroad you will need the assistance of your bank to move a large sum of money.
The other problem is that moving money in this way can be extremely expensive. You will usually be paying standard bank fees, which, if you are moving a substantial amount of money, can run into hundreds of pounds.
Usually, the rate of exchange you get will not be particularly favourable either. Most banks only offer private customers a rate that is slightly higher than the tourist rate, but considerably lower than the base rate. This is another reason why transferring money this way can prove expensive.
Luckily, there is another way to do it and that is to use a money broker. Every day international money brokers move hundreds of thousands of pounds between accounts and between countries. Because they deal with such a high volume of transfers, they offer great exchange rates. In addition, their fees are far lower than those you would normally find on the High Street.
Who Can Use a Foreign Exchange Money Broker?
It is a service has been used for years by businesses. Now private individuals can also use this type of service.
They are all kind of individuals who can benefit from this service. This includes expats, migrant workers, people who own property abroad and those with relatives abroad. All of these groups are paid in one currency and need to move large sums of money to other countries in different currencies. Without a doubt, using a money broker is the quickest and easiest way to move money abroad.
If you want to find out more about how to transfer money online visit the HiFX website.