How to Save Cash When Transfering Money Abroad to Cover a Medical Expense.
If you or a loved one is seeking medical treatment abroad, or needs emergency dental surgery, money worries should be the last thing on your mind.
But it’s worth remembering that in many countries you’ll be expected to pay for treatment in the local currency – and that means
transferring funds from the UK.
This should be a simple process. But all too often it can be long-winded, complex and expensive. Banks can be frustratingly slow to deal with – and
experts will tell you they offer some of the highest transfer fees, and worst exchange rates.
The problem with banks
When transferring money to cover medical expenses you need a fast, no-hassle service. And yet all too often banks fail to deliver the basics.
Everyone knows that dealing with a large financial institutions like banks often involves automated telephone systems, speaking to various
departments or queuing in a branch. All these factors can get in the way when you need a transfer fast. Plus, their
uncompetitive deals mean much higher costs.
Banks often charge transfer fees of around £30 and offer some of the worst exchange rates available. Which means they’re pocketing more of your
money at a time you, or your loved ones, need it most.
A smarter way to pay overseas medical bills
It’s easy to forget that today the bank isn’t your only transfer option.
Currency brokers can provide:
Fast payments. When you need funds asap currency brokers can get
transfers where they need to be as fast as the same day in many cases.
A money-saving service. Banks offer exchange rates of up to 5% and high transfer fees. Currency brokers charge no transfer fees and exchange
rate of less than 1% of the amount, reduced further as the transfer amount increases.
Easy online transactions. Features like rate alerts keep you up-to-date on market movements; while payments by debit card or bank
large sums make managing them incredibly simple.
24/7 online service. Most currency brokers provide online access anytime of the day to check the status of your transfer, view transaction
history and manage payees. In some cases you will also be able to book transactions when the currency markets are open.
Expert advice. If you’re paying medical fees over an extended period currency brokers can advise you on ‘forward contracts’ – a clever way
to fix exchange rates up to three years in advance, and so avoid currency fluctuations on future payments.
Help when you need it. The currency brokers on our site aren’t faceless internet companies – they’re real experts who are happy to offer a
dedicated personal service by phone and online.
Free payment confirmations. They’ll always let your medical provider know that the cash is on its way – for no extra charge.
Look at our case study to see how you could save:
Case study: How we helped Richard Tetley get a better dentistry deal abroad
No-one likes to be told they need dental work. And for 67-year-old retiree Richard Tetley the bad news came with a nasty £30,000 price tag.
However, as a savvy shopper Richard looked outside the UK for other options. After some research he found a dentist in
Cyprus who could do the
work for only €20,000.
The deal was certainly competitive, which was less than could be said for his bank.
Barclays offered him a dreadful exchange rate and a £25 transfer
fee, significantly increasing what he expected to pay overall for his treatment. Feeling angry and frustrated, Richard went online in search of a better
A smarter money-saving solution
He found it at currencytoday.co.uk where he discovered useful expert information on practical ways to make sending money to Cyprus simpler and
less expensive. So, after comparing trusted currency brokers on the site, he decided to use
one of our brokers, who he found incredibly helpful over the
phone. Better still, he was overjoyed with the 1.19
Euro rate they offered, along with zero transfer fees. This beat the bank’s 1.15 offer hands
down and saved him a total of £453.78 on the transfer. After making the transfer his Euros arrived with the Cypriot dentist the very next day.
Which means that after the last treatment is competed Richard will have plenty of reasons to smile about the results.
Want to follow Richard’s lead? Fill out our contact form to find out how our experts can help you.
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