FAQs about transferring money

Can a foreign exchange dealer save me money?

Foreign exchange specialists can get you better rates of exchange than those offered by the banks, and their market knowledge helps you to trade at the right time – in other words, when currency markets are likely to be moving in your favour rather than against you. Our aim is to get you more dollars for your sterling, so you can get your new life overseas off to a good start.

Why should I use a foreign exchange dealer rather than my bank?

Staff at your high street bank have neither the expertise nor the breadth of market knowledge necessary to offer you the most competitive exchange rates or to monitor the currency markets on your behalf. Also, only a specialist can offer you the variety of foreign exchange choices you need.

If it takes a specialist to come up with the best solution, will I understand how it works?

Moneycorp can explain all your options in jargon-free terms, making sure you understand how everything works before you make any trading decisions, giving you peace of mind.

Is dealing with an expert going to take up much of my time?

Not at all. It takes only a few minutes to open a Trading Facility and then everything else can be dealt with over the telephone. We like to save you time as well as money.

Is there a minimum amount that I can exchange?

A minimum transaction of £2000 is usually required; however, we are able to accommodate requests for smaller amounts.

How long do transfers take?

This depends on where in the world you are sending your funds. Transfers to Western Europe and the US are made the same day. Funds travelling farther east take two days. Your dealer will inform you of transfer times to specific destinations.

Is there a way to fix the exchange rate now without having all of my funds available?

One option to consider is a forward contract. A forward contract allows you to fix the rate today for up to two years in advance. These can help protect against adverse currency movements and can be used to lock into favourable exchange rates. A deposit of 10% is required, and the other 90% is payable upon the ‘value date’.

What about receiving/receipt charges made by my bank abroad? What are they likely to be?

Moneycorp will guarantee that you will not pay any receiving charges when making international payments. Receiving charges are charges deducted from your funds before arrival in the beneficiary account. We will also absorb all these fees when making your international payment regardless of the transaction size or which bank is involved.

If you have any further questions, Moneycorp’s experts are on hand to help. Why not give us a call directly on +44 (0)207 7589 3000 or UK Freephone 0800 587 5117. Alternatively, visit our website for more information.