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Making Regular International Money Transfers

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If you a have a recurring international money transfer that you have to live up to, there are a number of very effective ways that a foreign exchange provider will be able to assist. Typically, private clients will use these type of services to pay an overseas mortgage, top up an international bank account or pay property taxes or property fees. However, they can add value to businesses with small monthly transfers and invoice payments.

The benefits of these regular payment plans are that they can be set up very easily through an FX providers account and offer you a number of options. Normally the choice of payment schedules on offer includes monthly, bi-monthly and quarterly meaning money can be sent from an individual’s bank to currency provider. Once set up the payment is simply debited as agreed with your provider.

The same levels of service are available as with one off and larger volume transfers and clients subject to a provider can amend amounts, skip payments and adjust the date of currency delivery into their overseas account.

Rates and fees on regular international payments

As with any commodity the more you look to purchase the more interesting the rate offered becomes. As regular payments are typically under £20,000 (or currency equivalent) you may receive a marginally less attractive rate than a larger volume transfer however rates on offer normally represent a considerable saving over what is offered by banks. Transfer Fees compared to banks are almost certain to a lot more competitive and if your payments is on a monthly basis you can very conservatively save £150+ by using a specialist currency company.

Types of regular international money transfers

As with one-off or ad-hoc money transfers, regular payments have a handful of flexible contract options. The vast majority of FX providers offer the following solutions-

  1. Set the currency amount being debited – Provider agrees with a private client to exchange an amount of currency which is converted at a competitive rate. Example GBP exchanged at spot rate into Euros on a bi-monthly basis. GBP is debited and converted into € and sent to French bank account to top up an account.
  2. Set the amount of currency being received – Online web company has a monthly SEO subscription that is paid in US dollars. The amount is consistent; the company arranges with their payments provider to put in place a regular plan which debits a sterling amount each month ensuring that the USD invoice is paid on time.
  3. Set both the amount being sent and received –  An overseas property owner sees that the current GBP/ USD rate is high and wants to guarantee the cost of his USD mortgage for the year. He agrees on a year-long regular payment plan whereby he fixes the amount of Sterling debited from his account and the amount of USD credited. This rate is fixed to all of his payments for the year, therefore, avoiding any unforeseen currency weakness and ensuring his property payments are cost-effective.

For those who lack the time and seek a competitive way of sending money internationally on a regular basis, a regular plan can prove an extremely viable option, both for individuals or companies with ongoing FX requirements. If you have any questions please get in touch info@forexnewsshop.com.

By | 2018-04-24T19:17:54+00:00 August 6th, 2016|Forex Guides|0 Comments

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Forex News Shop provides currency-specific FX news, political updates affecting currency and insight to where foreign exchange trends may go.

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