Supermarine Spitfire - Your Money World.
Money Transfer
Money Transfer is an area which some people may think doesn't apply to them. Why do I need to worry about sending money abroad? - You may ask this question, but most people will need to address this at some point in their lives. For example, a member of your family may spend some time abroad and you may need to send them payments. Or, you may have purchased a property abroad and need to make payments for that. You may have a business contact abroad or even staff based there. For all these reasons, you will need to send money from your account to an overseas account.
How to Transfer?
This is easy. But before you go to your regular high street bank, stop! If you've ever tried them before, you will know that this is a lengthy awkward process. Some banks require written notification of an overseas transfer, or a long application form to be filled out. Others ask that you visit your branch and one thing you will always be faced is: the exchange rate. This, at a regular bank, will be really poor. They access great rates but don't pass them on to you!
Go to a Specialist
Money transfer specialists are much better than a regular bank for money transfers. They can access the best rates, and will also pass them directly on to you. That way you lose a lot less in the transfer!
They will also be able to carry out the transfer much more quickly and with less hassle, and the fees will be minimal. Make sure you are planning on transferring a minimum amount that does not incur a fee - some will charge around a tenner for transfers below a certain amount.
Prepaid Credit Cards
If you want to send less significant amounts of money abroad, you could try a Prepaid Card. They may sometimes have the word "credit" in the title, but they are by no means a regular credit card. For starters, they do not offer you a line of credit, so you cannot get into debt!
Prepaid Cards are payment cards which only use the money that you have loaded on to them. So if you decide to load £300 on to the card, that is all that will be available to you to spend - no more, no less.
You can usually get a second card with your application, and this can be sent abroad to friends or family. They will then be able to access the same funds - and benefit from your action. It is certainly a hassle-free way to spend and manage your money.
Most prepaid cards will carry some fees though, so look out for these - such as transaction fees and ATM withdrawal fees. When you are shopping for a prepaid card, make sure you find out what these are and compare the offers. They do vary and you may find one provider has a much better deal than another.
