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.
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.
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-
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 [email protected].