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Making regular overseas money payments was a process full of hassles as it involved hefty bank transfer fees, uncompetitive currency exchange rates, hidden charges, extensive documentation work and long durations. Today, specialist transfer brokers have greatly streamlined the entire process by offering competitive exchange rates, no hidden fees, and lesser transfer fees as compared to banks.
Regular Payment Plans (RPP) are different from single one-time payments, as RPP's consist of multiple recurring payments sent during a certain time period. Regular plans are ideal for those paying an overseas mortgage/bills or receiving regular pensions, salaries, rents from their home country.
Who Should Require Regular Payment Options?
For Individuals:> For someone working abroad in the UK who has a constant need to send foreign remittances to their home country.> Retirees who have settled somewhere outside of UK and need to receive recurring pension and rents payments.> Other reasons include school fees, mortgages and debt repayments.
1) Through Banks: Traditionally banks have been used extensively for sending international money transfers. However, each time a transfer is made banks apply uncompetitive exchange rates, charges and transfer fees.
2) Specialist FX Brokers: Instead of making time-consuming transfers every month using your bank you can utilize debit brokers that will take payments from your account, use their exchange rates to convert currency and then transfer it to your overseas account. Transfer can occur either directly to a bank account or you can pick up cash from special agents.
What Type of Regular Payment Plans Are Available?
Commonly two major types of payment plans are available through specialist brokers. These include fixed payments and non-fixed regular payments.
Fixed Payments: Fixed regular payments consist of rent, mortgage payments, pension, subscription fees, and salaries. For these payments, you send or receive a fixed amount thereby benefiting from locked exchange rates. This allows for exchange rates to remain same over a certain time period so you avoid negative rate fluctuations.
Why Should I Choose A Money Transfer Broker Instead Of A Bank?
There is a multitude of compelling reasons for you to choose an international money transfer company over a bank. These include
Low Transfer Fees: Banks specialize in providing loans, saving accounts and local money transfer. However, they lack the ability to process international transfers cost-effectively. Banks may charge from £10 to £40 fees per transfer. Currency exchanges on other hand either do not charge any transfer fees or apply moderate fees.
Convenience: With brokers, you can set up regular payment plans in advance for more than two years resulting inconvenience and saving of valuable time. Banks offer a lot less flexibility and most of the time you need to setup transfers repeatedly while paying high fees.
Locked Rates: Choosing a regular fixed payment plan with a currency broker like TorFx allow you to choose fixed exchange rates. Thus, you save yourself from negative rate fluctuations that occur during a bank transfer.
Avoid late charges: Late charges become a factor when you neglect to make payments. It can be thoroughly irritating if you are on a business or pleasure tour. With a regular payment plan that is prearranged with a broker, you never have to worry about missing your payments and incurring late charges.
How much do I save if I use a Money Broker instead of Bank? You can typically save as much as 4% on your transfers as compared to a bank. This is because of low margin rates and transfer fees charged by international exchanges. For example, for a regular payment plan of £10,000, you can save as much as £400.
What Additional Fees Do Banks Charge? Banks typically charge two kinds of fees:
Digital money specialists allow you to easily setup a recurring payment plan through opening an account with them. Once that is done, you provide your bank account details and recipient's/beneficiary details. Discounts are given for larger transfers and fixed longer payment plans. Certain exchanges offer a variety of tools such as limit orders and forward contracts to protect you against market fluctuations thereby giving you locked exchange rates.
Fixed Transfer Fees: Most banks charge a specific fee for overseas payments. Fee depends on the amount being transferred as well as the transference location.
Hidden Fees or Exchange Fees: What most banks do not disclose are the hidden fees that are charged during currency exchange. This can amount to as much as 4% in addition to the fixed transfer fee.
What Factors Should I Consider Before Choosing An International Transfer Service for My Regular Payment Plans?
Transfer Fee: First and foremost, check the transfer fee offered by the company. For large transfers choose a broker that provide fee-free transactions.
Transfer Speed: If you require fast transfers, look for those that provide payment within minutes. It always pays to wait longer and get more competitive rates.
Recurring Payments Scheduling: Compare brokers to understand how far ahead you can schedule your recurring payment plan. Analyse the frequency of payments and if additional charges.
Exchange Rates: Undoubtedly a crucial cost factor, the exchange rate should be one that has the lowest margin difference from the mid-market rate.
Delivery and Payment Options: Reputable brokers facilitate their customers by providing a variety of payment and delivery options. Some allow payments through credit card, debit card, in-person, app transfer or through internet wallet deposits.
Customer Support: Customer service is key to longer regular payment plans.
Trust Rating: Safety only transfer using FCA authorized companies. Also be sure to know the difference between FCA recognized and authorized companies. Authorized organizations provide protection for your money while FCA recognized do not offer that luxury.
Currency Pairs: Make sure your chosen international transfer broker deals with your currency pair. Availability of more currency pairs conveys reliability and trust.
1) Are there maximum and minimum transfer limits? Yes, transfer limits vary between brokers. Certain companies offer discounts or fee-free transaction for large payments.
2) Do exchangers allow recurring payment plan dates adjustment? Yes, many brokers allow you to change recurring payment plan date.
3) Can I cancel regular payment plans? Definitely, currency brokers allow cancelling of payment plans. Some may charge additional fees as a penalty. Be sure to check all the details of a plan before committing to one.
4) FCA regulated? Yes. If security is a bigger concern over costs, then you should go for FCA recognized brokers.
5) What major factors should I consider before choosing a transfer broker? Reliability, trust, transfer limit, transfer speed, margin rates and transfer fees are some important factors that you must consider before settling with any broker.
6) Do banks offer regular payment plans? Yes, certain banks do offer regular payment options. However, bank transfer fees and exorbitant exchange rates.
7) Can I make recurring payments to an account of someone else? Yes, you just need to provide the beneficiary account details to your money broker.
8) Can I make overseas payments in another currency? Check the currency pairs supported by the exchangers. NON sanctioned currency pairs are available.
There are pitfalls and problems that can happen when making Regular Transfers, and the possibilities open to you when transferring money overseas are many, and if you make the wrong choice it can end up with you losing money. Read the following content to get some tips on making a successful compare Regular Transfers.
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