"I’ve been using my bank in the UK to send money to my Britline account but want to look at whether there are any better alternatives. Any tips on what I should be looking for when I’m looking at other option?"
As we turn our backs on 2021, many of us will be focusing on our list of New Year’s Resolutions and seeing what tweaks and improvements we may be able to make to our daily lives.
While it may seem easier to stick with what’s familiar and comfortable, some change may just make things that little bit better in the long run. So while you think about positive changes for 2022 let’s look at how you can approach a New Year ‘health-check’ on your international money transfers….
Most Britline customers make frequent international money transfers between the UK and France but when did you last benchmark your current bank, or service provider against other available options?
Reviewing what you do today helps you to understand what features of any service are most important to you and also if improvements can be made
Dan, from the Britline International Payments Service has provided some suggestions to help you kick things off in 2022. He’s also provided some additional hints and tips to consider, when comparing services available to you.
Step One: Look at last year’s payments
- Were you making ad-hoc payments or were they regularly spaced out?
- Were your payments made when required or were they planned around the highs and lows of the exchange rate?
- Were there any deadlines missed which may have incurred any charges?
- Did you only make ‘top-up’ payments or were there any made for more specific requirements?
- Did you do everything online or were you able to speak to someone directly?
- How much time and effort did you spend and was it worth it?
Step Two: What’s important to you?
- Exchange rates: Is it simply about getting the best exchange rate at the time you need to make your transfer? Or do you monitor the highs and lows in the market and transfer at the most advantageous time?
- Range of services: Do you only make ad hoc payments? Are you aware of how other money transfer options work and what benefits a forward contract or Regular Payment service could give you?
- Accessing the service: Do you need a quick, easy online experience or would you prefer a more personalised service with the option of speaking to someone?
- Security: How important is security and working with an established brand to you?
- Speed: Is it all about the speed? Who long does the process take from once you’ve agreed the transfer to seeing the funds arrive in your beneficially bank account?
Step Four: Time to take some action!
How does the Britline International Payments Service compare?
With many thousands of Britline customers already trusting us with their international money transfers, what makes them chose us?
What should you know about rates?“How do the rates compare?” is often the first question people ask. Although there are many other aspects of the services to be compared, rates are one of the key influencing factors but they need to be compared correctly.
Compare like for like because rates change constantly and make sure you know if rates being quoted are mid-market (interbank) or actual trading rates.
Remember additional fees and charges – a rate that is significantly lower than other rates may indicate additional fees or charges.
With the Britline International Payment Service, we offer competitive exchange rates for our transfers and, you can check on live trading rates 24/7 via your online account. There are no transfer fees.
What money transfer options are there?Whilst high street banks may not be able to offer these additional services, specialist providers such as the Britline International Payments Service, maybe able to offer some or all of the following:
Is it easy to do?Most banks and providers offer online services giving you access from the comfort of your sofa any time of day. Understanding how easy these services are to use and how to get help are key.
The International Payment Service makes it as simple as possible to send money. If you ever have any questions, you can visit our FAQs page here to read more about the process.
How to send money
- Sign in or sign up. Either way, it takes just a couple of minutes.
- Get your transfer quote. Just enter the currencies you’d like to exchange and the amount.
- Enter your recipient information. Add the name, address, bank name, bank account number, bank code, and BIC/SWIFT code
- Provide your payment details. You can pay with debit or credit card or bank transfer.
- Confirm and send. Does everything look good to you? Go ahead and confirm your transfer and the rest will be done automatically.
What are the signs of a reputable brand?Trusting a new company with your money and your personal information can be nerve wracking but while banks are a perfectly safe and reliable way to make your money transfers, they may not always be the most cost-effective method or best placed to deal with your needs.
As you research money transfer providers to understand how they compare to the banks, examine their websites and keep an eye out for some of these indicators of a reputable business:
What impacts transfer speed?
There are multiple things that can influence how quickly a money transfer travels, such as:
As you shop around for providers, pay attention to their transfer timings. With the International Payments Service, our money transfers typically arrive on the same or next working day basis (but can take up to 4 business days). We’ll always confirm when your transfer will be sent and when it should arrive before you confirm your transfer.