1. Sterling’s post-Brexit
nosedive has brought
the cost of sending
money overseas into
sharp focus – find
out how you could
save with a currency
specialist.
On the 24th June – the
morning after the night
before – the currency
market reacted swiftly to
the news that the UK had
voted to leave the European
Union. Against the euro,
the pound dropped from
£1=€1.31 to £1=€1.22 and
then further to £1=£1.20 on
Monday 27th June.
The pound’s fall against
the US dollar was even
more dramatic: from
£1=$1.49 on 23rd June to
£1=$1.32 on 27th June, a
31 year low against the
American currency.
Such movements are
music to the ears of
exporters – as UK goods
become relatively cheaper
to their foreign customers
– and people who have
sold property abroad and
are planning to repatriate
funds to the UK, as they
will now receive more
pounds for their euros or
dollars.
For people planning to
buy property overseas,
this news will be taken
as negative. However,
it is interesting to note
that from 2010 to the end
of 2014, sterling moved
between a range of £1=€1.10
and £1=€1.28 against the
euro – so the current price
of £1=€1.20 does not match
the drastic low of the
sterling/dollar, which may
reassure those planning to
buy property in Europe this
summer.
Whatever is happening
in the currency market,
it’s important to know
that you are getting a good
deal on your international
transfers. The majority
of people in the UK use
their bank to send money
overseas. But while your
bank may be the first stop
for your current account,
mortgage or loan, they do
not specialise in currency
transfers and may not
offer the most competitive
exchange rates.
That’s why the
Telegraph has teamed up
with exchange experts
moneycorp to create
Telegraph International
Money Transfers. Here are
4 reasons you could benefit
from using moneycorp
instead of your bank.
Save money
For anyone sending
mCustomers of Telegraph
International Money
Transfers have access to
exchange rates which are
up to 3-4% cheaper than
offered by high street
banks. Such a difference
could help you save up
to £4,000 on a £100,000
transfer.
Additionally, banks often
charge high transfer fees
– up to £40 – every time
you send money overseas.
Transfer fees with
moneycorp are from £4
online, up to a maximum of
£10 for transfers arranged
by telephone. What’s more,
until 31st July moneycorp
is offering free transfer
fees to all new and existing
customers.
Security
As with any financial
transaction it is important
to know that your money is
in safe hands. moneycorp
is authorised and regulated
by the Financial Conduct
Authority for the provision
of payment services.
Customer funds are
safeguarded in segregated
client accounts.
moneycorp has been
dealing with foreign
exchange since 1979 and
last year alone traded
£22.6bn in currency and
dealt with 7.2m customer
transactions. Since the
service launched in 2009,
over 9,000 Telegraph
readers have used
Telegraph International
Money Transfers to save
money.
Personal Service
Every client of Telegraph
International Money
Transfers is assigned
a personal account
manager who is based at
moneycorp’s London office.
Your personal account
manager will be a currency
expert and is on hand over
the phone to deal with
you requirements. They
can provide guidance
on the currency market
and explain how to use
specialist tools such as a
forward contract - which
allows you to lock in an
exchange rate for up to 2
years ahead, so that you
can budget with confidence
(forward contracts may
require a deposit).
Convenience
In addition to dealing
with your personal
account, you will also have
access to moneycorp’s
online service, allowing
you to buy or sell currency
and make transfers 24/7
from anywhere in the
world.
If you own a property
overseas you may have
regular transfers to make,
whether for mortgage
payments or to cover
service charge fees, or
perhaps to send rental
income back to the UK.
To make such regular
payments hassle free,
moneycorp customers can
use a Regular Payment
Plan which lets you set
up automatic transfers
as often as you require.
Meaning that a monthly
service charge payment
can be set up once, and
then paid automatically for
the whole year.
Telegraph International
Money Transfers, provided
by moneycorp, offers great
exchange rates, expect
guidance and a secure
service.
For more information, call
0808 271 3356.
Financial Services
The Telegraph Prepaid Funeral Plan is provided by Dignity Pre Arrangement Limited. A company registered in England No. 1862158. VAT registered No. 486 6081 14. Registered Office: Zig Zag Building, Floor 5, 70 Victoria Street, London SW1E 6SQ. Part of Dignity
plc. A British company. Dignity Pre Arrangement Limited is regulated by the Funeral Planning Authority.
Save on overseas
money transfers FREE
TRANSFER
FEES UNTIL
31ST JULY 2016
FOR NEW AND EXISTING
CUSTOMERS
Save on international
money transfers
Call our experts today on
0808 231 7745 to find out more
*Based on an exchange rate comparison taken on 5th February 2016 between Santander,
HSBC, Natwest and moneycorp. moneycorp’s rate is estimate and is based on the average
margin applied to interbank rates for foreign exchange contracts entered into via telephone
from 1st January – 31st January 2016. Please note that there are additional costs with the
service. moneycorp’s transfer fees are from £4 online and cost £10 over the phone, compared
to high-street banks who typically charge £20-£40.
Provided by moneycorp for
Financial Services
International
Money Transfers
Boost your funds by up to €4,000 on a £100k
transfer compared with the banks*