4 questions to ask before receiving money from abroad - The ...

Whether you plan to transfer money from abroad to the UK or will be receiving ... If you are dealing with large sums – for example, ... News Politics World Sport Technology Business Money Opinion Obituaries Travel Culture Lifestyle Women Family HealthandFitness Fashion Luxury Cars FreeMobileApp UKVoucherCodes USCoupons Jobs FinancialSolutions Rewards Events Dating Offers Shop GardenShop Bookshop Tickets Puzzles FantasyFootball FantasyRugby WorkatTheTelegraph TelegraphCorporate Telegraph FinancialSolutions CurrencyExchange InternationalMoneyTransfers WhetheryouplantotransfermoneyfromabroadtotheUKorwillbereceivinginternationalpayments,youwillfirstwanttoestablishthatyouaregettingthebestdeal. Receivingmoneyfromabroadcanbeexpensive.Poorexchangerates,eye-wateringlyhighfeesandextracommissioncanallbuildup.  Ifyouaredealingwithlargesums–forexample,ifyouhavesoldapropertyinanothercountry–thesecostscanquicklyrunintotensofthousands. SowhetheryouaremovingbacktotheUKorreceivinginternationalpaymentsfromoverseas,itisadvisedthatyouplancarefullyfortheprocessoftransferringmoneyfromabroadtotheUK. Beforeyouacceptanyinternationalpayments,makesureyou’veconsideredthesefourquestions. 1.HowdoIreceivemoneyfromabroad? Youcanreceivemoneyfromabroadsimplyandquickly.Theprocesswillalwaysinvolvethesender,therecipient(alsocalledthebeneficiary)andtheprovider,whichcanbeabankorspecialist. Thesenderwilltransfertheinternationalpaymenttotheproviderusinganacceptedpaymentmethod.  Oncethosefundsareconfirmed,theproviderwillcarryouttheexchangeofcurrencies,andthemoneywillbeforwardedtotherecipient.  Aslongasalltherecipient’sdetailsarecorrect,thefundsshouldreachthemin1-2days,andinsomecases,thesameday.  Thesenderandrecipientcanalsobethesameperson.Forexample,manypeoplewhoemigrateuseservicestosendmoneytheyreceiveabroadbacktotheirUKaccount,andviceversa. Openanaccountnow|TelegraphMediaGroupInternationalMoneyTransfers Howlongittakestoreceivemoneyfromabroaddependsonthecurrencyyouaresending,andwhereitisbeingsentfrom.Frequentlytradedcurrencies,suchasthepound,dollaroreuro,aretypicallyfasttoprocessandsomeproviderscanevendeliverpaymentsintheseonthesameday.  2.ShouldIuseacurrencyspecialist? Whenreceivinginternationalpayments,itisimportanttoobtainthemostcompetitiveexchangerate.Thiswilloftenbefoundbyusingaforeignexchangeservicethatspecialisessolelyininternationalmarketsandcanreactmorequicklytoexchangeratefluctuations.ThesecurrencyspecialistsoftenofferbetterratesthanUKhigh-streetbanks,whichtendtofocusmoreoncoreofferingssuchassavingsaccountsandmortgages.  TheTelegraphMediaGrouphaspartneredwithinternationalpaymentsexpertsmoneycorptoofferinternationalmoneytransfersatgreatcurrencyexchangeratestoitsreaders,withnotransferfeesorcommission.Tomaketheprocesscompletelyhassle-free,youareallocatedapersonalaccountmanagertoprovideexpertmarketguidanceandassistwithyourtransfers. 3.Doesmytransferservicehaveonlineaccess? Ifyouarereceivinganinternationalpaymentacrosstimezones,itcanpaytomakesureyouuseaforeignexchangeservicethatoffersonlinetransfersyoucanaccessatanytime.  Asecureonlineplatformmeansyoushouldbeabletomakeinternationalpaymentswheneveryouwant,24/7.Otheraddedbonusesofaccessingyouraccountonlinecanincludebeingabletoviewyourfulltransactionhistory,alongwithstoringpaymentandrecipientdetailstomakerepeattransferswithease.  4.DoIneedaforwardcontracttoreceivemoneyfromabroad?  Acurrencyforwardcontract,whichmayrequireadeposit,isatoolthatallowsyoutosecureanexchangerateforuptotwoyears.Thisiscrucialifthereisastrongexchangeratearoundthetimeofyourdecision.Youcanthenprotectyourselfiftheratefallstoonethatislessfavourable. Aforwardcontractisusefulbecauseyouwillknowexactlyhowmuchmoneyyoustandtoreceive,whichisespeciallyhelpfulwithlargetransactions,suchassellingorbuyingapropertyabroad.Propertysalescanalsobehitbyunforeseendelays,sobeingabletoplanyourfinancesaheadisarealbonus.  ExampleLet'ssayyouaresellingyourpropertyinnorthernItalyfor€280,000.Youagreetoexchangecontractsandyouaremeanttoreceivepaymentforthepropertyon3September2021,andonthatdaytheEUR/GBPrateis 0.925698,meaningyoustandtoreceive£259,195.  But,becauseofdelaysbetweensolicitors,youareforced todelaytheexchangeuntil13September2021,andtheexchangerateisnow0.88746.Thepaymentyounowstandtoreceiveis£248,488,areductionof £10,707inthespaceofjust10days.  Ifyouhadlockedinanexchangerateontheoriginaldateofcompletionwithaforwardcontract,youwouldhavebeenabletotakeadvantageoftheinitialexchangerateandsavedthatmoney.  Securinganexchangerate  Intoday’svolatilepoliticalandeconomicenvironmentwherecurrencyratescandrasticallyswingunexpectedly,itismoreimportantthanevertotakecarewhenmovingmoneyacrossborderstomakesureyouaregettingthebestdealpossible. WithTelegraphMediaGroupInternationalMoneyTransfersyoucanenjoyfee-freetransfersatgreatratesinmorethan120currencies,aswellasaccesstocurrencyexchangeexpertswhowillbeabletopersonallyguideyouthroughtheprocess. ReceivemoneyfromabroadquicklyandeasilywithTelegraphMediaGroupInternationalMoneyTransfers-Openanaccounttoday. TheabovearticlewascreatedforTelegraphFinancialSolutions,amemberofTheTelegraphMediaGroup.FormoreinformationonTelegraphFinancialSolutionsclickhere. moneycorpisatradingnameofTTTMoneycorpLimitedwhichisauthorisedbytheFinancialConductAuthorityunderthePaymentServiceRegulations2017(referencenumber308919)fortheprovisionofpaymentservices. Informationcorrectatdateofpublication. Readmore:  WhatisaSWIFTcode? WhatisanIBANnumber? NeedtotransfereurosintoaUKbankaccount? Facebookicon FollowonFacebook Twittericon FollowonTwitter Instagramicon FollowonInstagram LinkedInicon FollowonLinkedIn Sendmoneywithexpertguidance Createanaccountnowandtradeinmorethan120+currencies. ==$0 Createafreeaccountnow LEARNMOREABOUTINTERNATIONALMONEYTRANSFERS Sponsored Howtofindthebestcurrencyexchangerates Sponsored Howtomakeaninternationalmoneytransferonline? Sponsored SendingmoneytoAustraliafromtheUK? Sponsored HowtosendmoneytoSouthAfrica Sponsored HowtosendmoneytotheUSAfromtheUK Sponsored HowtosendmoneytoNewZealand Sponsored NeedtotransfereurostoaUKbankaccount? Sponsored Whatisthebestwaytoexchangelargeamountsofcurrency? Sponsored Howtosendmoneyhomeifyouworkabroad Sponsored Whatisthecheapestwaytosendmoneyabroad? Sponsored WhatisanIBANnumber? Sponsored WhatisaSWIFTcode? Sponsored HowtosendmoneytoIrelandfromtheUK Sponsored MovingtoSpainafterBrexit Sponsored Buyingpropertyabroad-5questionstoask Sponsored 4questionstoaskbeforereceivingmoneyfromabroad Sponsored 5reasonstouseaforeignexchangeserviceforcurrencytransfers Sponsored Whatisthecheapestwaytosendmoneyabroad? Sponsored HowtosendmoneytoCanadafromtheUK Sponsored HowtotransfermoneytoSpainfromtheUK Facebookicon FollowonFacebook Twittericon FollowonTwitter Instagramicon FollowonInstagram LinkedInicon FollowonLinkedIn MoreonInternationalMoneyTransfers Sponsored HowtosendmoneytotheUSAfromtheUK Sponsored HowtotransfermoneytoSpainfromtheUK Sponsored NeedtotransfereurostoaUKbankaccount? Sponsored HowtosendmoneytoFrance Sponsored HowtosendmoneytoCanadafromtheUK Sponsored Howtofindthebestcurrencyexchangerates We'venoticedyou'readblocking. Werelyonadvertisingtohelpfundouraward-winningjournalism. WeurgeyoutoturnoffyouradblockerforTheTelegraphwebsitesothatyoucancontinuetoaccessourqualitycontentinthefuture. Thankyouforyoursupport. Needhelp? Visitouradblockinginstructions page. Close