There are now more reasons than ever for sending money overseas, particularly to places like Africa. You might be paying wages or you might represent a small business involved in humanitarian endeavours. Thankfully, it is now easier than ever to send money from the UK however you still need to proceed with diligence. Here are some tips:
You need to think very carefully about the target currency. The currency markets do change and so you might get a better deal depending on when you send the money. Specialist foreign exchange brokers will have a good knowledge of currency markets and so are better prepared to send money at the most economical time.
There are a few ways to send money abroad, and so you need to think carefully about which method will work for you. If you’re sending money to a place like Africa then it will obviously be beneficial to deal with a company who has a reasonable amount experience with this. Also, look at hidden charges, fees etc.
You obviously need to be very careful to ensure that your money is safe. Independent currency exchange companies are regulated by the FSA, and you should look for other safeguards too. Companies with more proven experience are obviously more likely to offer a safe and cost effective services.
To conclude then, be aware of currency, shop around for the best deals and ensure that your chosen method has enough valid safeguards in place.
