Five reasons to use a foreign exchange service for currency transfers

Using a foreign exchange service can offer advantages when you’re making an international payment, whether it's a one-off currency transfer for a property purchase or setting up regular payments for a mortgage, education fees, or property maintenance. However, whatever you’re planning, understanding your options is crucial.

If you're not familiar with the currency market, using your high-street bank may seem like the obvious choice. However, it’s likely that their transfer fees and poor exchange rates can mean they are also an expensive option. In contrast, using a specialist currency exchange service offers several benefits, including:

• Value for money 
• Forward planning 
• Ease and convenience
• Specialist tools 
• The personal touch

The currency market is hard to predict, but specialist foreign exchange services can help you protect yourself against volatility risk with cost-effective, convenient risk-management tools that offer peace of mind for the future.

This article explores all of these benefits and on the options available to help you save time and money on your currency exchange.

1.  Value for money

There are two main cost factors when sending money abroad, and opting to use a currency exchange service can help with both: 

2. Forward planning

Currency specialists also provide tailored guidance to help execute on your currency requirements and understand the market’s fluctuations. The currency market is naturally volatile because of its liquidity and how it is affected by global events. Currency exchange services can employ risk management tools and expertise to help you protect yourself from this volatility and prepare for the future.

For example, if you need to make regular money transfers, you can fix the exchange rate for future payments for up to two years using a forward contract.* In addition, some providers, such as Moneycorp, can notify you of relevant rate movements and place market orders so you can book transfers at your preferred rate if it is reached.

3. Ease and convenience

Many international payment providers operate with hybrid services, providing you with a secure online account and access to excellent personal customer service. This means you can make transfers and manage your payments quickly and easily in any country or time zone, either online or by calling your account manager. Whether transferring currency outside the UK or receiving money from abroad, having these options can make a big difference. 

You can also make one-off international money transfers or set up regular payments, whether you need to repay the mortgage on your holiday home, pay education fees, or send regular funds to family overseas. This means you don’t have to waste time manually making your overseas transfers whenever you need to send funds.

4. Specialist tools and products

One of the most valuable features of using a great international payments specialist is access to specialist currency tools. These cover a range of use cases and are designed to both simplify the process and help you optimise your budget.

5. The personal touch

Using a specialist provider for your foreign exchange requirements will give you a personal service unique to your needs. With the Telegraph Media Group’s International Money Transfer service, you will also have a dedicated account manager who you can contact directly. They will be on hand to answer any questions, provide updates and give you guidance to help you navigate the currency market confidently.

They can help you with your strategy around your investment priorities and risk appetite, empowering you to make decisions about your international transfers.

Sometimes, you might want to speak to an expert to put your mind at ease. Technology may be what gets your money from A to B, but having someone to call when you need expert assistance concerning your hard-earned money is an indispensable and reassuring part of the process.

The Telegraph Media Group International Transfer Service is provided by foreign exchange service Moneycorp  and offers  no transfer fees and competitive rates in more than 120 currencies, as well as access to currency exchange experts who can personally guide you through the process.

Read more: 

• What is a SWIFT code?
• Send money to Ireland
• Moving to Canada from the UK
• Need to transfer euros to pounds?

*Forward contracts may require a deposit

Be aware of currency risk.

The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here.

None of the information contained in this article constitutes, nor should be construed as financial advice. TTT Moneycorp Limited (company number 738837) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a trading name of TTT Moneycorp Limited which is authorised and regulated by the Financial Conduct Authority for the provision of payment services (firm reference number 308919). Date of approval 30/05/2024