Ordered on amount received - all quotes shown are for indicative purposes only
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HiFX
- Exchange rate 1.2929 rate updated 23.05.16
- Amount you'll receive 14,997.64 when transferring £11,600.00
- Description
The company is one of the largest and best known international money transfer specialists in the UK with a reputation for consistently offering highly competitive, bank beating exchange rates to both private individuals and businesses alike. To date they have transferred in excess of £100 billion!
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5*
Rating5* ‘excellent’ rating on Trustpilot from over 10,000 verified reviews
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Global Reach Partners
- Exchange rate 1.2927 rate updated 23.05.16
- Amount you'll receive 14,995.32 when transferring £11,600.00
- Description
A leading foreign exchange company giving clients the most competitive exchange rates for almost 15 years. One of the largest brokers for Corporate transfers also gives private individuals access to expert guidance and experience. Friendly dedicated dealers assigned to each client to build a strategy for getting the most for your money. Authorised and regulated by the FCA under the Payment Services regulations 2009.
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5*
Rating5* 'excellent' rating on Trustpilot - over 500 reviews
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Halo Financial
- Exchange rate 1.2926 rate updated 23.05.16
- Amount you'll receive 14,994.16 when transferring £11,600.00
- Description
Halo Financial have been awarded Feefo Gold Trusted Merchant Status at the beginning of 2015 and again at the beginning of 2016 after receiving a 5/5 customer star rating. It offers a combination of expertise, competitive exchange rates and efficient payment processing. Halo Financial is authorised and regulated by the FCA under the Payment Services regulations 2009.
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World First
- Exchange rate 1.2925 rate updated 23.05.16
- Amount you'll receive 14,993.00 when transferring £11,600.00
- Description
World First is the award-winning currency exchange company that makes transferring money overseas faster, cheaper and easier. They offer excellent exchange rates, great customer service and are FCA regulated. They won the prestigious 2016 Queen’s Award for Enterprise in International Trade and The Sunday Times HSBC International Track 200 (2015) as well as 2014 European Business Award for Customer Focus and the 2013 Customer Experience Award (financial services – banking and investment).
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The FX Firm
- Exchange rate 1.2924 rate updated 23.05.16
- Amount you'll receive 14,991.84 when transferring £11,600.00
- Description
A privately-owned business in no doubt that client satisfaction defines its future success. Whether you are an individual or a business, The FX Firm will offer you great exchange rates and can transfer money to any account in the world through the company’s state of the art international payments systems. Authorised and regulated by the FCA, The FX Firm has traded over $1bn on behalf of its clients in 2015.
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5*
Rating5* 'excellent' rating on Trustpilot
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TransferWise
- Exchange rate 1.2928 rate updated 23.05.16
- Amount you'll receive 14,930.87 when transferring £11,600.00
- Description
Authorised by the FCA under the Electronic Money Regulations 2011 for the issuing of electronic money
5 star "excellent rating on trust pilot - over 10,000 reviews
5*
Rating5* 'excellent' rating on Trustpilot - over 10,000 reviews
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Moneycorp
- Exchange rate 1.2639 rate updated 23.05.16
- Amount you'll receive 14,661.24 when transferring £11,600.00
- Description
With over 30 years experience helping individuals save money on their international transfers Moneycorp have achieved the Gold Trusted Merchant Certificate for outstanding customer service in 2013 from Feefo. They focus on long-term customer satisfaction rather than short-term gains and are authorised and regulated by the Financial Conduct Authority.
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Ordered on amount received - all quotes shown are for indicative purposes only
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Lloyds Bank
- Exchange rate 1.2590 rate updated 23.05.16
- Amount you'll receive 14,592.44 when transferring £11,600.00
- Description
Authorised & regulated by the FCA
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Barclays
- Exchange rate 1.2550 rate updated 23.05.16
- Amount you'll receive 14,539.17 when transferring £11,600.00
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International money transfers
If you want to send money overseas, a foreign exchange or currency broker can be a good option. They often charge no fees and usually offer a better exchange rate than a high street bank. So how do they work?
Let’s say you want to send 10,000 euros to France as a deposit on a French property purchase. You’ve contacted your bank but the service is expensive. You’ve also checked out a money transfer firm but, again, the charges are high. You therefore decide to use a foreign exchange broker.
Set up an account
First, you have to register to set up an account with the broker. A dealer will then usually contact you to discuss the transfer. If you are happy with the costs and exchange rate, you can book the transaction, give details of the recipient’s account and pay the agreed amount, typically by electronic transfer from your UK bank account.
Once it has received the funds, the broker will send the currency electronically to your beneficiary. The whole process shouldn’t take more than one or two days, though this depends on the currency – with popular currencies such as euros or US dollars, the time taken should be shorter than for less familiar ones.
Exchange rates
Foreign exchange brokers do not normally charge a fee for transfers of more than £3,000. They also generally offer better exchange rates than the high-street banks. For example, you might need £8,410 to send £10,000 euros through a broker, compared to £8,850 through a bank.
The bank would also charge a fee on top, which could be as high as £40. In other words, you could save about £480 by choosing a currency broker.
Types of transfer
You can also benefit from exchange rate movements by using a foreign exchange broker. There are normally three types of transfer, and you can select the one that best suits your needs and time scale. A transfer at the current exchange rate, sometimes called a spot deal, is the quickest and most straightforward as you simply send the funds immediately at the today’s rate of exchange.
Forward contract
If you do not need to send the funds straightaway, you could consider a ‘forward’ contract, which allows you to lock into today’s rate but effects the transfer the money at a given date in the future.
A forward contract can be appealing if you don’t want to have to worry about exchange rate movements, or if you expect the rate to get worse. Remember, however, that currencies can be volatile and the rate could move against you.
Put down a deposit
The exchange rate on a forward contract is calculated by adjusting the current rate for so-called “forward points”, so is not the same as the current exchange rate. Your broker should explain the terms and conditions of the contract, but it’s worth making sure you understand the cost before you go ahead.
You do not have to pay the full price of a forward contract up front, though you will normally have to put down a deposit, with the rest due on the transfer date.
Limit orders
A limit order is another way to play the currency markets. If you choose a limit order, you nominate your ideal exchange rate. When the rate is reached, the broker automatically buys the currency and transfers the funds. Limit orders are not normally appropriate for small amounts, and many brokers insist on a minimum of £30,000.
Regular payments
Foreign currency brokers can also usually arrange regular payments to a recipient overseas, perhaps if you pay a foreign mortgage or school fees. The minimum payment tends to be about £500.
Consumer protection
Security is paramount if you are sending money overseas, so you should always check that your broker is authorised or regulated by the Financial Conduct Authority. The firm must then operate within certain guidelines to safeguard consumers. Ideally, the firm should offer the protection of the Financial Services Compensation Scheme, so you are guaranteed to get your money back if something should go wrong.
Compare brokers
The cost of international money transfers varies from broker to broker. MoneySuperMarket’s free independent comparison service allows you to quickly and easily compare the deals on offer from all the major currency brokers, so you can make the most of your money.
How our site works
We want to show you quotes for foreign money transfers from as many different companies as possible, so you can choose the right one for you. But some companies don’t want to be included on comparison websites, so we can’t promise to show you every single one. We’ve run a hypothetical quote and ranked the companies according to how much money you would receive, from the most to the least. You can find out more about how we work here.