There are many reasons why you may need to transfer money abroad. They include:
- a property overseas
- be looking to emigrate
- contribute to a mortgage or pension
- own an international business
- make regular international money transfers.
We’ve put together a guide to help you maximise your currency exchange and secure competitive exchange rates for international money transfers during the coronavirus crisis.
Currency markets have been extremely volatile in recent weeks due to the economic impact of the coronavirus paired with investors’ growing fears that the measures taken by governments won’t be enough to stem financial losses.
Exchange rates have fluctuated sharply as a result, which is making securing competitive rates difficult for those looking to send money abroad. If you are in any doubt, speak with a Halo currency specialist. We monitor global market activity and minimise the risk associated with fluctuating exchange rates.
In the UK and abroad, most believe that the best method of transferring money overseas is via a bank. However, this may incur expensive charges and transfer fees.
As foreign exchange specialists, Halo Financial can offer an extremely competitive service.
Whether you decide to choose a bank or a currency specialist for your money transfers, it’s best to be aware of a few things.
1. Source the best currency exchange rate
Exchange rates are currently volatile, so if you’re making an international money transfer online, use a currency chart from one of our currency specialists to monitor the best exchange rate between different currencies. This will help you develop a comprehensive understanding of market activity.
Financial and political climates can also influence exchange rates. If a country is in political turmoil, this may reduce investor confidence and depreciate the value of a currency as seen with the UK during Brexit negotiations. Currency markets reacted negatively to the idea of a no deal arrangement, in particular a no trade deal. As a result the value of the pound declined sharply.
The current coronavirus economic crisis also serves as a prime example of how currencies react strongly to market movements. We advise that you monitor currency charts, provided by our currency specialists, to help you determine the performance of the exchange rate between the currencies you wish to exchange.
If you’re concerned about further rate drops, seek advice from foreign exchange experts such as HALO Financial.
2. Check the requirements for making an international money transfer online
Before choosing a currency exchange provider, see what their requirements are for making international money transfers in the currency of your choice.
Do you have access to mid-market rates? What types of contracts do they offer? Is there a minimum and maximum currency denomination? These are important questions to be asking when sending money internationally.
We also advise querying how much you are required to pay in fees before confirming your payment to make sure there are no hidden charges.
Halo Financial offers industry-leading and award-winning service in all key areas of foreign exchange, our five-star rating on Google gives an indication of how important customer service is to us. Speak with one of our currency specialists to see how we can best serve you
3. Avoid extortionate bank fees
Comparing foreign exchange services is crucial to understanding the exact charges applied to your transaction. Most banks offer low exchange rates but will have high international banking fees and costs.
At first glance, these fees may seem trivial, but if you are making international payments regularly, it will gradually accumulate.
Engaging Halo as your preferred foreign exchange company could save you between 1-4% more on your money than with a bank.
Our currency experts specialise in the business of international money transfers so they will be able to discuss with you the technicalities of financial markets at length. They can also further provide significantly lower fees and in some cases offer free international transfer fees.
4. Consider how long international currency transfers will take
It is important to know how long it will take to fulfil your international money transfer. In most cases, the process is complete within 24 hours, but any provider should outline this before you initiate the transfer.
The coronavirus crisis has disrupted the time within which transfers are completed due to the safety precautions being implemented.
Money transfer companies have temporarily shut their buildings. However, due to remote working, there is currently no disruption in HALO Financials customer services. Online transfer options will help you sustain yourself during quarantine or lockdown. Mistakes are completely minimised when transferring online and should you require customer support we are right there for you.
It’s also wise to consider other factors that may limit the speed of your international money transfer. These factors could be differing timezones, bank holidays, and which two currencies are involved in the transaction.
5. Consider a currency expert
As currency experts specialising in money exchange, we are well informed of market trends. We can identify potential currency risks to maximise your currency exchange and make sure your currency purchase is the best for your business.
HALO Financial is authorised and regulated by the Financial Conduct Authority (FCA) and has strong security measures in place to ensure your money is protected. These are essential factors to consider when choosing a currency expert.
Aside from continuing to support our customers amidst the current crisis caused by the coronavirus, we also provide competitive currency exchange rates. For countries in lockdown, such as the UK, online services are still available to individuals and businesses wanting to make international money transfers during this challenging time.