How to transfer money and make payments

Whether it’s sending money to a family member living overseas, or paying bills on a foreign property, an international money transfer lets you move money from your account in the UK to one in a different country.

Yet it’s not as simple as it looks – there are fees and charges involved, as the company doing the transfer for you needs to make money.

Normally there are two costs:

  • The fee (the obvious charge). A fee charged per transfer, this can be a flat fee or a percentage of the transfer. Some providers advertise themselves as being “fee-free”, but don’t fall for that. In that case, the company will be making its money by giving you a worse exchange rate.
  • The exchange rate (the hidden charge).  Although some companies advertise themselves as fee free however in reality this is not a case. Such companies provide you with a lowe exchange rate, therefore, taking commission from low exchange rates.
  • Other charges.  It is always best to find a good reputed company or exchange in your area and request clear fee structure from the person serving you at the counter.

Exchange rate confusion

Exchange rate change throughout the day and sometimes