There are many ways to send money overseas and lots of firms competing for your business, including banks, transfer money abroad firms and foreign exchange (FX) brokers.
Choosing how to exchange your money
The best way to send money overseas depends on a number of factors including:
• How much you are sending.
• How much it is going to cost.
• How often you are sending it.
• How the person wants to receive it.
• How quickly the money needs to get there.
Follow these steps to help you a good deal that’s right for you:
Step 1 – Look at your options
There are three main options for sending money:
• Bank or building society.
• Foreign exchange (FX) brokers.
• High street transfer firms (such as Western Union).
As a rule - banks are safe and convenient for a regular payments.
Transfer money abroad firms are very fast, but can be more expensive if you’re sending smaller amounts.
FX brokers are normally the best option if you’re sending larger amounts, usually over £3,000.
Step 2 – How much will it cost?
Find out how the total amount of foreign currency your pounds will buy, after all costs.
How much it’s going to cost you to transfer money abroad is obviously important.
The costs are in three parts:
• Foreign exchange rates.
• What the firm will charge you for transferring the money.
• Charges the recipient might have to cover to receive the money (but you can ask to cover these at your end).
An easy way to start is to get a quote from your bank to compare it to others, including quotes from FX brokers site like FX Compared
Step 3 – Confirm all the details
Once you have found the best value option, you will need to confirm the company can handle the amount you want to transfer and in the time frame you want.
If possible, make sure you get this in writing (by post or email).
You might also want to check if your transfer money abroad firm or FX broker is Financial Conduct Authority (FCA) authorised.
If you’re sending a lot of money, it’s good to know you’re protected.
Make sure you keep all the paperwork and receipts in case something goes wrong.
Source : https://www.moneyadviceservice.org.uk/en/articles/how-to-send-money-overseas#choosing-how-to-exchange-your-money