Compare money transfer rates

Emergency situations, the need to close to a deal quickly are just a couple reasons that you may need to send money abroad in a hurry. Often, the fastest way to send money overseas is using the services of a specialized money transfer agency such as MoneyGram or Western Union. There are branches of these worldwide but you also have the option of making the transfer online. It will be in best interest to compare money transfer rates for fast service so that you get the most out of the transaction.

The process of making an instant currency transfer with an exchange agency is fairly quick. You will simply fill out a form with the details for yourself and the recipient of the funds. You will then give the money you would like to send to the agency who will in turn assign a specific transaction number to you. In these situations, the money can be available in as little as 10 minutes. There are usually flexible ways to pay: cash in person or online using a credit or debit card. The person collecting the money will have to have their ID in order to claim the funds on the other end.

For such quick service the cost is not always the most reasonable. The two types of fees include the transfer fee which is usually between £10 and £15 to send about £100. The exchange rate you receive may not be very competitive, so that you will end up getting less than you would in a regular foreign currency exchange.

Being able to make a true comparison will require you to check all rates and fees beforehand. Many major players in forex transfer services have websites. You can therefore do an fx comparison online. Better yet, you can use a money transfer comparison site where you can browse several agencies in one go. In addition, at the point of the exchange, you can ask the agent the exact amount you will be getting on the conversion once all transfer fees have been deducted.

A forex broker usually offers cheaper fees and better rates than a money transfer firm. You will also be able to find a listing of forex brokers and compare money transfer rates on an fx comparison site. Although the transfer may not be as immediate as you would prefer, depending on the currency and the recipient’s location, you may be able to wire the money within 24 hours. Registration is usually required, but once you have done this, you can start using the service immediately to begin the process of transferring the funds electronically and using the current rate of exchange.

An express service is available from several building societies and banks if you want to send money from your account to an account abroad. This is not an instant process, but the funds may be transferred within a day. However, this is costly. You could end up paying as much as £40 or more. In addition, you must consider the unattractive exchange rates associated with these organizations.