Are you considering a money transfer, but you are not quite sure where to start? Have you ever thought about Money Transfer Approve Services? This article will provide you with more information on how you can use this service for all your needs.

Find out more about Money Transfer Approve Services

Money Transfer Approve Services are a company which you can use to send money from a range of countries including the UK, France and Spain. You can also send airtime and electricity top-ups, and the service is fast and online. Money Transfer Approve Services is a company who are registered in the UK.

Is it possible to send money overseas?

If there are members of your family who are residing overseas, and they need some funds, or a friend has went overseas and needs you to send money, you can do this very quickly and easily.

There are many options for sending money overseas, including via your bank and money transfer firms, like Approve Services. You need to weigh up the different options available to you, and pick the option that suits you best.

The deal you are offered will depend on how much money you are sending overseas, and the frequency of the payments.

No matter what your circumstances are, read on to find out more about how to make your decision.

What are the options?

There are three main options to choose from when sending money overseas. You may choose to send via your bank or building society, or alternatively, you may opt for a foreign exchange broker or even a high street transfer firm.

There are good and bad with all options, but they main points to consider are how fast you can transfer the money, the volumes permitted and the fees.

Using high street banks is the most preferable way to do it, as these are the safest option and you can set up recurring payments.

Are there any hidden costs with Approve Services

There are other costs which may not be apparent, including fees, interest and the exchange rates which you need to take into consideration when using companies like Approve Services.

It is imperative that you find out the total cost, and compare this with the other options, so you get the best deals.

You should also take any additional fees and add-ons into account too.

Approve Services have exchange rates which vary, and they can change within 24 hours. You may get a great deal one day, and a worse deal the next day.

There could also be receiving fees you need to know about, especially if you are sending money to someone who doesn’t have any cash at the other end. You will be able to cover the costs of this, if it is required.

Ask for confirmation

When you have decided which option to go for, you should confirm the value of the money you are looking to send, together with the personal details required.

You should then receive confirmation of the payment, either by email or letter, and you should retain this incase you need it in the future.

Is It Safe to use Approve Services?

With the banking we do every day, we have some degree of protection, as our funds are covered by the Financial Services Compensation Scheme (FSCS). In the unlikely event that your bank goes bust, you have the peace of mind that your money will be protected.

As far as foreign exchange firms like Approve Services go, you will not benefit from this level of security. If the money transfer firm happens to go under, your money will, unfortunately, go down with them.

In saying that, the Financial Conduct Authority (FCA) helps ensure a certain level of security which helps increase your security, so that if anything does go wrong, your money will be protected.

When transferring money, you should always try to use an FCA approved foreign exchange firms like Approve Services, especially if you are sending a high value of money, as this offers you greater protection.

Approve Services alternative: use your own bank account

If you are wondering why you should bother using a foreign exchange firm when you have a perfectly good bank account or building society who offer this feature, the answer is really, there is no reason!

There is always the option of using your bank or building society and they may be able to offer you help and guidance with your mobile transfer; both online or in-person.

It can be safer to use your own bank, and there is greater convenience as you already have the account set up, and you know your way around it.

There are various advantages to using a bank account, including the fact that it is easy to arrange, you will receive guidance around the process, you can access it on the high street, and it is also one of the safest options.

There are some drawbacks though. You can expect lower exchange rates, especially if you are sending high values, and it is a much slower process as unlike money transfer firms, the banks don’t specialise in this, they do a lot of other things.

In some cases, it may take as long as 6 working days for the transfer to be completely, whereas, money transfer firms can do it immediately, in most cases.

Are you making regular payments?

Although UK banks are a bit slower with making the transaction, you can usually speed up the process if you pay an additional fee.

Many UK banks also have an equivalent branch or bank overseas, which can sometimes allow you to benefit from lower fees.

If you plan to send money via your bank, you should ask about overseas banks as there will often be lower exchange rates which can be applied, and you may benefit from lower fees, or even no charges at all.

If you are making a one-off payment, this might not be much of a consideration, but it is something to bear in mind if you’re planning to send money regularly overseas.

Whether you have bills to pay on a ‘holiday home’ overseas, or you are paying for family members living away then making special arrangements with your bank can be cost effective.

You should make sure you have a bank account which is in your name in both the UK and the country you are looking to send the money to. This will allow you to benefit from lower fees and interest rates.


Another Alternative : High Street Firms

As an alternative, you could also use a high street foreign exchange firm for your money transfer.

This option is pretty simple, as you can find high street branches where you can discuss the options in-person; including the Post Office or you can also check the internet to find the best deals around.

Some of the benefits of using a high street firm are that you have the opportunity to take advantage of a variety of options, such as being able to make ‘instant transfers’ straight into the bank of the recipient.

It is quick and easy to set up an account with a high street firm. You won’t usually need to set up a high street foreign exchange account and depending on the value, you may not need to provide ID.

With these firms, the transfer can be done straight away, which is ideal if you have a family member who needs access to money quickly. In some cases, the recipient may not be in a position to be able to wait for their funds.

As there are a wide range of high street firms, it is important to be aware that fees and costs can vary, so you could end up being charged higher fees for making small transfers which is something to keep in mind.

Other downsides include the fluctuating exchange rate, which can sometimes change rapidly. This is why it is important that you ensure you make a decision on whether to go with the offer on the same day. It may be different tomorrow, and then you’ll be kicking yourself!

High street firms are not always as safe as other options, especially banks and building societies, as they may not be covered by the FSCS, as discussed earlier.


Brokers like Approve Services

Another option is to use a broker like Approve Services to make your overseas transfer. This is a great option if you are sending large sums of money, as you may benefit from low or even no fees, depending on the broker.

Broker’s are specialists in exchange rates which can be highly beneficial, as you can end up getting better rates, and lower fees.

It is also a quick process, which is ideal if the recipient is looking to access the funds straight away. Brokers will not take their time with their transfer, they’ll get on it right away, which means the recipient can receive it within days, or even on the same day.

One of the downsides is that it can take time to set up an account with the broker. It could be a day or two before the account is completely set up. This isn’t the case if you use your bank.

You should only use the broker if you are planning to send large amounts overseas, as smaller payments end up with the biggest fees. This means it may not even be worthwhile setting up the account.

The other downside is that the Broker is not as safe as the bank, so if the firm ends up going bust, your money will not be protected. You should make sure the Brokers you choose is covered by the FSCS.

Comparing the market

You should never take any financial decision lightly, you should compare and contrast the different options, and find out which option works best for your needs.

Many people use price comparison sites, but few use a range of sites and this is actually the most effective way to get the best deal. The more sites you use, the more options you’ll end up having.

Make sure you are going into the finer details and using filters on the price comparison sites to find the best option.

If the deal fits your needs, you can then compare it with the other options. Always make sure that any option you choose is either covered or authorised by the FCA.

Make sure you understand scams when they present themselves, as scams exist, even in money transfer!

As with most things, if it looks like the deal is too good to believe, it’s probably because it is. If something doesn’t seem right with the deal you are being offered, it probably isn’t so get all the facts first!

If there are deals which are trying to get you to follow external links or to make calls/send your details without any further contact, this could ring alarm bells. Make sure the company is authorised before you sign up to anything.

You will find that there are very few companies who will operate in this way, if they are legitimate.

Make sure you always use an authorised provider, and don’t give out any details unless you are 100% sure they are authorised.

There is another option you might want to consider, and this is to use a credit card for your purchases and payments, including your online shopping, especially from overseas stores. This can be another option which is safe and secure, if you’d rather choose another alternative.

You should refrain from sending cheques or foreign bank drafts overseas, as these can be intercepted. it is much safer to use online payments.

Sending cheques is also a slow process, which can cause you to end up with excessive fees and charges.

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
×
×Find your best debt solution SEE IF YOU’RE ELIGIBLE