Reduce Foreign Bank Charges on payments
I have set up a currency account to avoid the exchange rate set by banks on international payments but I am looking to try and reduce the charge when I make international payments from the currency account. I am getting charged about 15 EURO. I have heard of others using transfer wise or foreign exchange.
Does anyone have any experience with the above or can anyone suggest a way to avoid paying as much?
As usual much help is appreciated and look forward to hearing a response.
I think you run the risk of being bombarded with FX companies touting for your business!
Hope I’m one of the first.
At least I’m a fellow fisherman 🙂
same issues, with bank charges, conversion rates which are form another planet etc.
In the past I used Travelex and Western Union which has easy to use system much cheaper than the conventional banks. You could either do a transfer whenever you wanted by logging into their platform and then manage your payments or book a rate and protect a little bit yourself from variations depending on what way the currency was going.
Still a bit expensive sometimes.
I have tried transferwise to send different amounts in May from a few hundred euros to over 40k euros to different countries in Europe. Likewise you do your transfer on their platform and they match your amount with people that need your kind of currency in exchange of their currency.
Rate wise they were probably one of the best I have seen around when trying to find the best option. They are very close to the market rate when the banks are probably a couple of percents away or worse.
Transferwise does take a few on the amount (small ones 1 pound, bigger ones 0.5%). So depending on how much you are transferring the fee can be a little bit big but it is to be put into perspective with what you pay without realising when using a bank with a dodgy exchange rate.
For the payments i made, transferwise was perfect, quick and simple and at rates or amounts transferred to the clients i could not find anywhere at the time.
Their registration process is quick as well compared to the unnecessary leg measurements some of the other brokers ask of you when signing up
There are also loads of private brokers. One i have been talking with is HermexFx. Their rates seem good too and with no fee. But there are plenty of others.
Having accounts with transferwise and a broker that has good rates and comparing them when needed seems sensible to me for future transfers.
I hope it helps
all the best
As mentioned previously by Pete and Toni, lots of different providers out there and I would be happy to help?
Most providers will be cheaper, but it is also important that your funds are received too and you get a service that your business needs.
Hope this helps