Moving Your Money Overseas

Last updated 24/09/2019 by Sarah

Categories: Resources, Arrival Formalities, Know Before You Go

Have you thought about how you are going to move your money from your current bank account to your UK one? Whilst cash passports are great for storing travel funds, they are not competitive when it comes to transferring larger sums of money. Similarly, banks will usually charge handling fees and their exchange rate is never as favourable as the specialist money transfer companies.

International Money Transfer

Transferring funds from country to country can be an expensive process –- the easiest and most affordable way to do this is to carry out an International Money Transfer.

There are two main ways you can do this. You can either opt to use your bank which is usually the more costly option as the exchange rate is never that favourable. (Also most banks charge around $50 to carry out an International Transfer and most UK banks charge about £30 to receive one.) Alternatively, as we would recommend you can use an online money transfer company.

BritBound has partnered with a couple of Foreign Exchange (FX) companies that that allow for flexible and cost effective transfers of your money overseas.

OFX

For the past few years BritBound has recommended using OFX, a specialist money transfer service who have helped thousands of our members over the years. They offer a safe, secure, quick and easy way to transfer your funds with unlimited fee-free transfers for BritBound members.

OFX are experts in international payments and they have transferred more than $150Bn to date whilst offering highly competitive exchange rates across 55 currencies. Founded in 1998 on Sydney’s Northern Beaches, with a vision to provide a faster & cost effective alternative to existing foreign exchange services. OFX has since grown to be an ASX listed company with a global footprint. Their friendly staff are strategically situated in 7 offices around the world which helps them to assist individuals with their international money transfers 24/7.

You can get a quote here:

OFX Currency Converter

With OFX BritBound members can enjoy:

$0 transaction fees on ALL transfers*
Better than bank exchange rates & faster transfers across 55 currencies.
24/7 Telephone & online support to book your transfer

*They can also beat all competitor pricing

Important: In order to comply with international money regulations, you will need to register for their service before you leave your home country. You may also receive a phone call from them to complete their ID verification process.

You can opt to register directly with them here or you can register via the Money Transfer section of your my.britbound.com portal.

TransferWise

BritBound has also partnered with TransferWise. With over 4 million customers, TransferWise transfers over £3 billion per month. Their rates are on average 8x cheaper than traditional banks across 49 currencies.

TransferWise removes all the frustration, letting people send money overseas at the lowest possible true cost. Using only real exchange rates and small not-hidden-fees. Headaches are averted, and you're free to spend your hard earned monies.

Their easy to use app makes them a hugely popular choice plus they are much easier to set up if you have already arrived in the UK.

They also offer a variety of different options when paying your transfer, including debit and credit card which allow for instant transfers.

You can sign up for TransferWise here.

Get a quote for your transfer below:

The Inbounder