How to Send Money Abroad Easily and Securely

When you want to send some money to someone else, the process should be as simple as a speedy online transaction. But things can get a little bit more complicated if you’re transferring funds to another country, especially when international transaction fees are involved.

Luckily, there are some methods to help keep your international transfers simple and stress-free. Whether for special occasions or personal expenses, here’s what to consider for seamless foreign transactions.

Choose the right service

Despite the face that only 6% of UK consumers regularly transfer abroad, almost a third (29%) do so at least occasionally. Even if it’s every so often, being able to complete the transfer easily is still important.

Take some time to compare banks, online transfer services and digital wallets to find a payment platform that suits you best. Widely available on desktop and mobile applications, online money transfer services facilitate secure payments and maintain competitive levels of efficiency for personal transactions.

Alternatively, you could use your personal bank account if you’d like to use a company that you’ve already built a relationship with.

Understand fees and exchange rates

Fees and global exchange rates will influence the final cost of your transfer.

It’s worth doing your research before starting the transfer process. You’ll typically encounter fees ranging from 1% to 3% for international transactions, but these vary according to banks and payment platforms.

You should also consider the current exchange rate. Finding the best rate might not always mean the most cost-effective transfer, so it’s important to strike a balance between fees and currency costs. You can keep an eye on exchange rates through the Bank of England.

Make a safe transfer

Most European accounts work differently to British bank accounts, which can typically be identified and processed using a sort code and account number, unique to each individual account.

Meanwhile, foreign accounts typically have an IBAN, which stands for International Bank Account Number. This is standardised across much of Europe, enabling faster and more accurate payments across borders.

This reference number is typically quite long, so it’s crucial to ensure that you get all the details correct. To ensure a safe and secure transfer, you should take time to personally verify the recipient’s details.

Avoid these common mistakes

Finally, don’t rush the process.

You might be unfamiliar with sending money abroad, and if so, it’s very easy to make a mistake. Here are a few pitfalls to avoid:

• Slow processing times: It’s normal for international transfers to take longer to arrive. Be patient and try to avoid duplicating the transfer if your funds are still processing. You can always ask for a status update from your bank or payment provider.
• Unregulated providers: In the UK, banks and lenders must be regulated by the Financial Conduct Authority. Things work slightly differently in Europe and beyond but checking for regulation through the European Commission is a good place to start.
• Hidden fees: Always read the terms and conditions of any service or agreement you’re engaging with. If it’s included in the small print, platforms may reserve the right to charge additional fees.

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