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Virgin Money international money transfers review

Take advantage of quick and easy international money transfers when you send funds overseas using Virgin Money

The Virgin brand is something of a household name – you’ll almost certainly have encountered it when jetting off for a holiday, catching the train on your morning commute or looking for a broadband deal. What you might not realise, however, is that Virgin Money also offers you a fast and easy alternative when you need to transfer money overseas.

Perks include zero fees and fast transfer processing times, but that’s not all. As long as you request a quote from within 3 hours of getting a quote from a rival bank, Virgin Money guarantees to beat the exchange rate offered by other banks.

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Send money abroad easily with Virgin Money

  • Send money overseas with no transfer fee
  • Register online in five minutes
  • Transfers are usually completed on the same day with sterling, dollar and euro
  • Best rate guarantee
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Virgin Money exchange rates

Virgin Money uses the interbank rate. It earns money, as many other banks do, by taking the difference between the interbank rate and the exchange rate that you’re offered. As Virgin Money will often take a smaller margin than other high street banks, you’re likely to be offered a better exchange rate than you would be from Virgin Money’s competitors. Rates that Virgin Money quote online are linked to the live foreign exchange market, meaning that they’ll be constantly fluctuating. although once you’ve accepted a rate and booked a transaction your rate will remain the same.

To view Virgin Money’s current exchange rates, go to Virgin Money’s international money transfer page and click on “live rates and graphs”.

How much does it cost to transfer money with Virgin Money?

The good news is that Virgin Money doesn’t charge any fees or transaction costs, so any transfer can be made free of charge.

Shopping for an alternative? Compare these services to Virgin Money for sending money to someone.

Minimum transfer amount and available currencies

The minimum amount that you can transfer with Virgin Money is £1,000. There’s also a £50,000 limit per trade, and a £100,000 limit if you’re making your transfer online. If you need to make a payment for a higher amount, you’ll have to contact Virgin directly to discuss this.

Virgin Money’s international money transfer is available for a wide range of countries, catering for transfers in some of the more unusual currencies in addition to the old favourites.

Virgin Money allows its customers to transfer the following currencies overseas:

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What types of transfers can you carry out with Virgin Money?

Virgin Money offer spot contracts, forward contracts, regular payments and firm orders. This means that international transfers can be made with Virgin Money at short notice, arranged for a future date with a secured rate, made regularly or with a specific interest rate of your choosing. For future payments, such as forward contracts or regular payments, you’ll have the choice of using the exchange rate as it stands on the day or what it was on the day you agreed the plan with Virgin Money. So, if exchange rates are particularly favourable before you’re ready to make a transfer, you can use the forward contract service to book a future transfer at the current rate.

The registration and transfer process

To send funds using Virgin Money, you’ll need to sign up for a free account via its website. If you have your documents to hand, this may take as little as five minutes. You’ll need to read and accept Virgin Money’s terms and conditions, after which your identity will likely be verified electronically. However, if this can’t be done then you’ll need to provide Virgin Money with a copy of your passport or driving license, and a copy of a bank or credit card statement or utility bill dating from within the preceding three months. These can be securely uploaded using Virgin Money’s online platform.

Money can be transferred either by phone or online. To transfer money online, log in to your Virgin Money account. Enter details of your transfer, such as how much you’re sending and who you’re sending it to. You’ll then receive a quote from Virgin Money, which you should review to check you’re happy with it. If you do, you can go ahead and book the transfer. You’ll then have to pay, either by bank transfer or debit card.

If something goes wrong or you have a question, Virgin Money offers a useful online Help Center with answers to many frequently asked questions. Customer service options do not include the convenience of live chat, but you can call or email Virgin Money for individual support.

Pros and cons of using Virgin Money

Pros
  • Fee-free transfers. Virgin Money charges no fees, which is unusual among transfer providers, making it a cost-effective solution when you need to make a transfer.
  • Worldwide network. Virgin Money is available in a wide-ranging variety of currencies, allowing access to a wealth of possible transfer destinations.
  • Secure. Virgin Money is a trusted provider of digital payments and has a range of procedures and technological safeguards in place to prevent fraud.
Cons
  • Not ideal for larger transfers. Virgin Money does impose limits on larger amounts, meaning it may not be your best option when transferring large amounts.
  • Users rate Virgin Money one star on Trustpilot. Out of nearly 1,000 reviews.

Frequently asked questions about Virgin Money

If you’re looking for an easy solution to your international money transfer needs, compare Virgin Money’s features, benefits and fees with those of other money transfer providers to find the safest and most cost-effective transfer method available.

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