Property News · August 20, 2016

Planning to send money overseas? Here’s how to do it


The best deal depends on how much you want to transfer and the type of provider you decide to use (which probably won’t be PayPal)The pound has plummeted to less than 1.15 against the euro and 1.3 against the dollar, the lowest for years. So finding the best foreign exchange provider is more essential than ever. But this article is not about holiday money. It’s about people who need to send small sums regularly, and those making large one-off transfers, such as buying a holiday property. It reveals that some providers are great for large sums, but pricey for smaller transfers – and it tells you to avoid PayPal, which came out particularly poorly in our price survey.Consumers should first cut through any nonsense about “no fees” or “no commission”. Your key question should be: “After all the charges, how many euros/yen/dollars etc will I get for X pounds?” To do this, check how much you are offered against the mid-market “interbank rate”, the rate used when banks trade between one other. You can check the live interbank rate on XE.com. Continue reading…

Source : theguardian.com
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