While starting a new life teaching abroad can be an exciting time, it can also be stressful. There are so many things that need to be done before you leave and even more to do yet once you arrive overseas. Finances are one of the biggest things we seem to be juggling. With different banks in different countries and different currencies, it can be confusing. On top of that, bank transfers may seem easy, but you certainly pay for that convenience. There are lots of other money transferring companies out there, but it can be hard to know which to trust. Our guide will help you find the recommended companies with the best rates.
What do I need to know before transferring money?
You should realise that many money transfer companies require you to have a verified address, which can take a few days, and it will usually take two to four days for the money to actually convert and transfer over. It’s good to keep this mind just in case you were looking to send money quickly. Keep in mind that these companies usually deal in amounts less than £5,000. If you are looking to transfer more than that in one go, then you may need a forex broker.
What should I look out for?
There are two main things to consider when transferring money: the fee and the exchange rate. The fees are made more obvious than the exchange rate. There can be fees for the sender and receiver, more fees for being over a certain amount, commission rates, and more. The exchange rates can change throughout the day, and sometimes you aren’t sure what this is and just accept what they tell you the exchange rate will be. Some money transferring companies may weaken this a bit, so they get more in return. It’s a real hidden rate.
Check for “sister” banks
Ask your current bank if they have any linked banks (or “sister banks”) to where you are moving to. They may make money transfers between the banks cheap or even free. However, you should check if both bank accounts have to be in your name, or if you can send it to the same bank but into someone else’s account, like a family member’s.
What other options are there?
- Azimo is an online-only transfer that allows you send anything from £10 and up. It’s great for one-off payments. Fees start from only £1 for bank transfers and £12 for SWIFT payments. Fees are capped at £15.
- Transferwise also has fees as little as £1. They work a bit differently than other companies as you actually don’t transfer any money. You pay them into the UK pot, and they pay out in whatever currency (out of 36) you need. You can send any amount from £1 to £1 million.
- If you’re sending large amounts, Currencies Direct might be for you. It’s fee-free over £100 and yet still has some amazing rates. Plus, if you send over £5,000 abroad within a six month period, you will get a £40 Amazon voucher.
- OFX operates similarly to Transferwise. It’s fee-free, and they have decent rates. They have offices all over the world so can help you 24-hours a day in your transfer of funds (in 55 different currencies).
At Point to Point Education, we aim to put you with the best school possible that fits your skills and personality. We don’t just leave it there though as you will have support in your new journey. Point to Point Education will make sure you have help adapting to your new life, and that includes help with things like accommodation for teachers and how to transfer money back home. If you have any questions about teaching in the UK and our placements, give our team a call to discuss a possible career move.