A Zing study shows that 32% of people in the UK have family members living abroad and one in 10 frequently travel overseas for work.
Many people in the UK live international lives, and millions of people in the UK need to send money abroad regularly.
Sending money overseas can seem difficult or expensive, but armed with the right knowledge and tools, it can be a simple and more cost-effective experience. Here are my top tips for what to consider when making a payment overseas.
Look for transparent rates and fees
Understanding and monitoring exchange rates is important when sending money internationally, as even small variations can significantly impact the amount received on the other end.
It’s also key to understand the underlying rate that your proposed provider is using, and whether it is real-time, along with any fees they add on top. Having a real-time rate means you can benefit from the fluctuations in exchange rates as they happen and not be locked into a day rate.
The best value rate is the mid-market rate (sometimes called the interbank or middle rate), which is the midpoint between the buy and sell prices of any two currencies at any time. Not all providers use this rate, and the fees they add on top usually vary by type of currency, and sometimes by day (with weekends being more expensive).
Look for a multi-currency provider that has transparent rates and fees (ideally one like Zing that has a currency converter on its website), so you know exactly how much your transaction will cost before you send your money.
Have confidence in the security and the ability to get help if needed
Security should be a top priority when sending money abroad. Always choose regulated and reputable financial providers or money transfer services to ensure the safety of your funds, from an institution you trust.
Look for features such as two-factor authentication and pick companies that are clear and transparent about what data they ask from you and how it is used.
For further peace of mind, look for providers that offer 24/7 human customer support like Zing to ensure that if you have any issues or questions, you’re able to get in touch with someone quickly to help.
Check the recipient’s accessibility
Consider the ease with which the recipient can access the funds. Some services offer various delivery options, including bank deposits, cash pickups, or mobile wallet transfers. Understanding the recipient’s preferences and the available options in their location can streamline the process and make the whole process more convenient for both parties.
James Allan is the CEO and founder at Zing
