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When you have an overseas bill that needs to be paid on a regular basis, such as rent or a mortgage repayment, the process of sending an international money transfer every fortnight or month can be time-consuming and downright annoying. But you don’t have to go to all the hassle of setting up a new payment every time you send funds overseas: There are now plenty of international money transfer providers that offer the convenient option of setting up recurring transfers in advance.
An international money transfer is often a one-off payment. For example, one-time financial support for a family member overseas. But sometimes you need to make regular overseas payments to manage your financial obligations, which is when you can benefit from setting up a regular transfer in advance.
The process requires you to pay money to your bank or to a money transfer company that takes care of the transaction. The company you choose will convert your British pounds into the currency at your transfer destination and then transfer those funds to your recipient.
Companies that only offer one-off transfers will require you to go through the time-consuming process of entering your transaction information and recipient’s bank account details every time you need to make a payment. However, some transfer companies make it possible to enter your recipient and transfer information only once and then arrange for a transfer to be made at specific intervals, such as monthly.
Some companies will even allow you to lock in a competitive exchange rate for transactions that will take place up to a year in advance, allowing you to protect yourself from market fluctuations.
While you could send an international money transfer through any major financial institution, banks often charge high fees and offer poor exchange rates on these types of transactions. Online money transfer providers such as MoneyCorp and Currency Fair can offer much better value for money on international transfers, with better rates, lower fees and secure transactions.Back to top
There are range of reasons why you might need to set up a regular overseas payment schedule, such as:
Ask yourself the following questions when searching around for the right company to handle your regular overseas payments:
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