Money Transfers
International Money Transfers….A Traveller’s Guide
If you are moving to the UK, at some point you are going to want to transfer some money over to your UK bank account.
Whether it’s for the purpose of setting up a UK bank account before you leave, signing a lease or utility contract, or just simply getting some spending from Mum and Dad, transferring funds abroad can be costly and confusing. At Restless, we have tried to take the pain out of the process, so you can save yourself a considerable amount of time and money.
Top Tips For Transferring Money Overseas
Exchange Rate - Many bank and non-bank providers will offer “free” transfers, but not disclose that they are taking a huge margin on the transaction (anything up to 10%!). In order to ascertain how good the rate that you are being offered is, when you get a quote, ask what the current “interbank” or “wholesale” rate is. The further your rate is away from the interbank rate, the worse the offered rate is. You can also check out interbank rates here.
Fees – There are several fees that can be involved in a foreign exchange transaction, including telegraphic transfer (or TT) fees, commissions, & bank receiving fees. Be sure to ask which of these will be involved in your transaction.
When using a provider like our recommended partner Tranzfers, you will only be charged a one-off fee (£7/$15 or equivalent). There are no other fees involved! If you purchase one of our Essential Packs, you will receive one free transfer!
Ease of use– These days there are a lot of foreign exchange providers out there and they vary significantly as to how easy it is to transfer funds with them. However, we think Tranzfers are awesome because you can transfer funds at the click of a button, 24 hours a day, 5 days a week. Click here to get a quick quote.
Sign up for a UK Essentials Pack.
Call us on: AUS 1300 141 033, NZ +612 9318 7888 or email an enquiry HERE.
