The Post Office are, of course, well-known for dealing with the mail system in the United Kingdom. However, they also offer additional services beyond this. The one I wish to discuss on this page is their international payments service.
I must stress right now, the international payments service is not the same as the currency exchange service. As you may well know, the Post Office are not well-known for offering the best currency exchange rates in branch. You can’t blame them really, running the stores will be expensive for them. However, the exchange rates offered through the international payments service are, for the most part at least, incredibly competitive in terms of rates.
The minimum that you can transfer through the Post Office international payments service is £250, with the maximum being £300,000. You can do this all online via the desktop service, or even on your mobile device (the Post Office are one of only a few companies out there which actually offer applications for the Android operating system, with most other companies only offering for Apple). You are, however, encouraged to contact the Post Office directly if you are looking to send more than £20,000. This is just to ensure that you are able to secure the best possible rates.
One of the things that I absolutely love about the Post Office international payments service is the fact that you can fix the exchange rate for up to twelve months. This means that if the exchange rate is good now, you can lock yourself into it. This will help to save you money. I must, however, stress that this system only works if you are sending regular payments through the Post Office i.e. if you have an agreement set up with them. This service can, of course, be beneficial for those who pay wages to their staff or perhaps those who need to pay regular bills overseas.
It is worth noting that it is not actually Post Office that deals with the payments. It is, instead, Moneycorp. As you may well know, Moneycorp is one of the biggest money transfer companies in the world. This means that the systems that they have in place are some of the most sophisticated and secure. This means that you can feel confident knowing that your money is not only going to get to where you need it on time, but it is also going to get there safely.
The only downside to the Post Office system, in my experience at least, is the fact that you are only able to make the trades online. You can’t go to your local post office branch and make the money transfer there. That being said, if such a service was introduced in branch, you can bet your bottom dollar that the exchange rates will climb rather quickly, and we don’t want that.
Whether you are an individual or a business, you will find it incredibly simple to transfer through Post Office.
Post Office Money Transfer Review
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