Making Regular Payments Overseas? Then you Need to Read This.


Are you one of the millions of people who find making regular payments abroad expensive and stressful? If so, you’re not alone. Today paying a mortgage and maintenance costs on an overseas home – or even sending a monthly salary or regular pension abroad – should be simple. Yet all too often it can turn into another time-consuming and costly task to add to your to-do list. But there is another way.

At currencytoday.co.uk we can connect you to carefully selected currency brokers with the expertise to set up regular overseas payments on your behalf. Not only are these regular payment plans hassle-free, you can often enjoy zero transfer fees and a fantastic bank-beating exchange rate too.

 

Step 1 : Enter amount

Step 2 : Choose "From" currency

Step 3 : Choose "To" currency

Find The Best Rates

Step 4 : Click & Save


Are you already losing out?
Making regular payments abroad can be a real headache because:
  • Poor exchange rates and high transfer fees can bite into your bank balance – a fact made worse because the amounts transferred are often relatively small.
  • Fluctuations in the exchange rate can be a worry. The way they rise and fall can change the amount actually paid each time.
  • Sorting out monthly or quarterly transfers online or by phone is a hassle. And it’s even worse if you have to supply bank details for the person you’re paying every time you transfer through a branch.
  • Possible payment delays could be embarrassing and mean you face mortgage arrears or problems getting your much-needed pension to cover living expenses.
How we can help.
Starting a regular payment plan through a trusted currency broker is a great way to take the pain out of overseas payments. They’re simple to set up, and once you’ve started the process transfers happen automatically by direct debit, standing order or debit card – giving you one less thing to worry about. Best of all, it’s easy for the currency broker too. Which means they’re able to pass on benefits like zero fees and a competitive exchange rate.

These regular payments may be a great idea for you as long as:
  • You’re ready to set a regular minimum sterling amount to transfer each month. It’s worth bearing in mind that if you do need to transfer additional amounts on an ad hoc basis you can easily set up a separate spot contract with your currency broker.
  • You can commit to a minimum period of four months. Typically the term is 12 months – but it can be anything up to three years.
Payments checklist
Like any financial transaction it’s important to know all the facts about regular payment plans. So if you’re interested in saving money right now, here are all the benefits and key points.
  • The process is fully automated by direct debit, standing order or debit card, so there’s no fiddling with phone banking, queuing at a branch or wasting time online.
  • You also save TIME on each transfer as there is no need to phone your broker or login in online every month to secure a rate.
  • When you purchase a regular amount of currency you can fix the exchange rate for a period that suits you between four months and three years ahead. You’re then protected from fluctuations in the rate throughout this period.
  • By choosing regular payments through a currency broker you can remove costly transfer fees at a stroke.
Fixed rate or monthly freedom – it’s your choice
You can choose to buy currency at the prevailing exchange rate each month – or fix a rate for the period of your plan. Either way the pounds sterling amount is fixed if you buy currency at the prevailing exchange rate so you know how much money will be debited each transfer – which is great for salaries, pensions and mortgage payments.

If you buy currency at the prevailing exchange rate the amount of foreign currency you will receive in your overseas account will vary according to the exchange rate at the time of transfer.

If you fix a rate for the period of your plan you won’t benefit if the rate moves in your favour – but because regular payments are often for relatively small amounts these gains can be negligible and level out over time. Fixing the exchange rate also means the purchased foreign currency amount is fixed so you know the exact amount that will credit the overseas account each transfer – ideal if you have a specific amount needing to be paid each time.

You can also fix the date every month or quarter that your transfer will be received by the overseas bank – e.g. the 15th of each month.
  • The sterling amount so you know how much sterling will be debited each transfer – which is great for salaries, pensions and mortgage payments.
  • The foreign currency amount so you know the exact amount that will credit the overseas account each transfer – ideal if you have a specific amount needing to be paid each time.
  • The date every month or quarter that your transfer will be received by the overseas bank – e.g. the 15th of each month.
If you fix an exchange rate over a period of time (e.g. 12 months) you will be required to pay a typical deposit of 10% upfront.

Look at our case study to see how you could save:


Case study: Ending transfer fee frustration.

Finding the perfect home in Spain has been a dream for sun-loving Mel and John Price ever since they took their honeymoon there back in the 70s. Since those days the country has changed, and so have they. And now their two kids have long flown the nest, two years ago they decided it was time to buy their own place in the sun.

The price they got on the house was perfect, but they didn’t expect transferring the money to be such a pain. Every month the couple transferred a £1000 pension payment in Euros, but the Euro exchange rate fluctuations meant the amount received in Spain was sometimes higher, sometimes lower. The couple also noticed that both their UK and Spanish banks were charging a hefty transfer fee each time.

They complained to their son Michael, who recommended currencytoday.co.uk They looked on the site and chose one of our experts who suggested looking into setting up a regular payment plan. This way they were able to fix a low exchange rate and could relax safe in the knowledge that a consistent amount would be transferred month in, month out. Best of all, they gave them a zero-fee deal so they no longer felt they were being ripped off by the banks.

After calculating a yearly saving of £720 they can finally look forward to enjoying sun-soaked retirement.

 
Commission
 
Transfer Fee
 
Total Per Year
 
Monthly
Annual
Monthly
Annual
 
Our trusted brokers
£0
£0
£0
£0
£0
Bank
£30
£360
£30
£360
£720

SAVING OVER 12 MONTHS = £720
*Based on a monthly transfer of £1,000


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