Avoiding Costly Transfer Fees When Sending Money Abroad
When we change sterling into another currency we are often lead to believe that we are paying no commission. However, such a service will almost never be free and whilst some places will offer better deals than others, every single bureau de change will levy certain fees against you.
The majority of these fees are disguised, meaning that you often do not even realise you are paying them. In the case of currency exchange, many companies will simply offer a much lower rate of exchange to ensure that they skim a good deal of money off the top of any exchange.
For those who wish to make a fast international money transfer, there will be even more fees and charges to take into account. Whilst offering currency in exchange for sterling is easy enough, making transfers abroad is a much more complicated process and as such there will usually be charges, fees and commission on both ends no matter how well the company tries to hide them.
In fact, if you try to make an international money transfer and the company suggests there are no charges, run a mile, as it will always be best to know exactly where the charges are and exactly how much they will come to. If not, you may well find that whilst it costs you a good amount of money at this end, those receiving the money may also have to pay charges too and what seemed a good deal may well be far from it.
Therefore, when you want to make a low fee money transfer, always be sure that you use a company who is very open about the percentage of commission they charge.
You are also likely to pay more if you are sending money to a country that a company rarely deals with so for the best low fee money transfer always try to choose a company that specialises in transfers to the specific country in question to ensure that they have the infrastructure in place already to make the transfer at the very best possible price.
