Easy Send is one of a variety of options you can use to send money overseas, including banks, money transfer firms and foreign exchange (FX) brokers.

Who are Easy Send?

Easy Send provides money transfers to various countries in the world, with the first transfer of every customer free of charge. The company is registered in the UK and specializes in money transfers between the UK, Ireland and Poland.

Key factors for money exchange

When you are sending money overseas, the option you choose will depend on a range of factors, including:

  • the total value of what you will send
  • the total cost of sending the money
  • the frequency of the payments you plan to make
  • how the receiver would like to receive the funds
  • how urgent the payment is

Use these steps to help ensure you get the best deal to suit your needs and circumstances.

Step 1 – Look at all the options

There are several options to consider for money transfer:

  • bank or building society
  • foreign exchange (FX) brokers (like Easy Send)
  • high street transfer firms (such as Western Union).

The safest and most convenient option are banks, which offer the safest and most convenient option for money transfer, especially for regular payments.

FX brokers will normally be the favourable choice if you’re looking to send large amounts, such as over £3,000.

Money transfer firms can take care of the process quickly, but it will potentially be more expensive if you’re only sending small amounts.

Step 2 – What would the cost be?

With Easy Send there are a variety of fees and exchange rates to be expected, and this may make it difficult to understand.

You should find out what you will get in foreign currency for your money, in the first instance. This ensures you have a figure which you can now use to compare against the other options.

The costs are made up of three parts:

  • Foreign exchange rates – the exchange rates tend to fluctuate, so the deal you get today, may not be the same tomorrow.
  • Sending fees – these are the fees the company will charge for transferring the money.
  • Receiving fees – the receiver may have costs at the end of the transaction, so be aware of these.

Fees can be variable, based on how much you are looking to send. Some exchange firms will be able to provide better rates if you are planning to send a large sum, such as over £5,000.

The best way to begin the process is by getting a quote through your bank, w you can use to compare with the other options, including quotes from FX brokers sites like FX Compared.

Step 3 – Get confirmation of the details

When you have located the option which offers the most favourable value, you should get confirmation from the company is able to deal with the amount of money you wish to send, and within the expected timeframe.

If possible, you should ask for this to be sent to you in writing.

You should always retain any paperwork you have received, including receipts, in case something goes wrong with the payment.

How do I know my money will be safe if I transfer it with Easy Send?

Money held in a savings account has Financial Services Compensation Scheme (FSCS) protection if a firm gets into trouble. With foreign exchange money transfer firms, you don’t have such protection. This means there is will be no compensation if the transfer firm end up going out of business.

Money transfer firms or FX brokers such as Easy Send who are Financial Conduct Authority (FCA) authorised will be required to stick to certain rules that will improve the chances of you getting a refund on your payments, should the firm face issues.

Read our page on checking the authorisation of a firm and what to do if something goes wrong.

If you’re looking to send large sums of money, it would be a better idea to try and improve your chances of being protected, which you can do by using a firm that are FCA authorised.

Consider your bank or building society

Your bank or building society can deal with the transfer of money and this is the safest and most convenient option.

Pros

  • Easy to arrange – it is easy to set up and your bank or building society will be able to help you set it up.
  • Convenient – banks and building societies can be found on the high street, so it is more convenient, or you can do it online if you prefer.
  • Safe and secure – your money will stay protected when you transfer it via bank or building society. This is the safest option.

Cons

  • Benefit from lower exchange rates – if you are sending amounts, you are likely to be able to benefit from better exchange rates by using a foreign exchange broker.
  • Not the quickest transfer– standard transfer may take up to 6 business days, but, you have the option of paying for a shorter transfer that takes 1-2 days. Some foreign banks will charge you at the end, in the form of a receivers fee, but you have the option to cover this yourself.

Making regular payments

You’ll find that most high street banks will have other branches overseas or will have special arrangements in place with banks in other countries.

This may given you the option of reduced fees on overseas payments as well being able to benefit from better exchange rates.

This will be extremely beneficial if you are looking to make payments abroad on a regular basis, such as for a holiday home or sending money to family.

In order to be eligible for these lower fees, you will usually be required to have an account in both the sending and receiving countries.

What is required?

  • You will be required to send The International Bank Account Number (IBAN) and Bank Identifier Code (BIC) for the account you’re paying the money to. The recipient will be able to provide you with these details.
  • You will also be required to have the IBAN and BIC from your bank account. If you are transferring to the same bank, but abroad, you may not need this.

Using an online or high street money transfer firm

If you are looking for a money transfer firm to enable you to send money overseas, there are many options.

Some will be available on the high street and you can find others in the Post Office.

Pros

  • Choice of services – some will be able to send instant cash to the recipient, others will be able to send the money to their bank account.
  • Simple set-up – you will usually not even need an account. If you are sending small amounts, you may not even need to provide ID.
  • Fast Process– the transfer can often be completed straight away. If you send from a bank account, it may take several days.

Cons

  • Wide range of fees – fees can vary depending on the service you choose, and they may be particular high for sending small amounts. This means you could pay quite large fees for sending just a small amount. Make sure you are aware of the fees.
  • Exchange rates can fluctuate– you should always compare the total costs on the same day you are planning to do the transfer. You should be able to do this online.
  • Less protection – the Financial Services Compensation Scheme (FSCS) will not provide cover to these firms, if the worst happens and they go under.

Using a high street money transfer service

What you need to know:

  • Money transfer services are easy to find by looking in newsagents or heading to the Post Office.
  • You will usually not be required to open any account. Simply give the funds over that you are looking to send and then pay any associated fees.
  • When you pay, you will receive a reference number, which you should give to the receiver. Don’t share with anyone else as whoever has the number, will be able to collect the funds.

Things to do before you pay:

  • Find out what the fees are, the service can be quick but also expensive.
  • If you are sending ‘instant cash’ abroad, make sure you know where the recipient can collect the money. Then speak to the recipient and make sure that the branch they are collecting it from is nearby enough that they can collect it with minimal hassle.

Why use an online money transfer service

Key points:

  • Don’t use this if the transfer is urgent, as it is not the quickest transfer.
  • You may be able to make international money transfers using online services.
  • You might need to register your details on their website to do the transfer.

Before you send the money

  • Find out exactly what the recipient requires to collect the funds.
  • Use a password to protect your funds and ensure it is not easy to guess. Don’t give it to anyone else.

Key facts about a foreign exchange broker

If you want to send a large amount of money, an FX broker will give you the best deal for price.

Pros

  • Lower fees – if your transfer is large, FX brokers will not usually charge you any fees or they will at least be relatively low.
  • Best exchange rate – As FX brokers are specialists in currency transaction, you can enjoy a more favourable exchange rate.
  • Fast – in most case the money will be received by the recipient on the same or next day.
  • Regular payments – you may be able to send up regular transfers and lock in a great rate.

Cons

  • It may take time – to do transfers with an FX broker, you will be required to open an account, which may take up to two days.
  • May not get the best deal – FX brokers will not give you the best deal if you are sending small amounts. They’re more beneficial for large amounts.
  • Less safe– The Financial Services Compensation Scheme (FSCS) will not cover these firms. If they go bust, you can say goodbye to your money!

How to use price comparison sites for the very best deals

You should always use price comparison sites when you are looking for a good deal, and these are some points to remember about this.

Always ensure you use more than one price comparison site, as otherwise, you could miss out on a great deal. Not all price comparison sites have the same offers.

Make sure the deal is right for you. This should be in terms of what you need them to do, and the total cost. It is important to ensure that the company you choose is FCA authorised, and that they have a branch available for the recipient to get to easily.

Check there are no filters on, as these could be hiding some great deals!

Common possible scams

There are always going to be scammers out there for almost anything, and this include money transfers. They tend to target people who are intending to do any money transaction, so it is important to be careful.

We don’t believe that Easy Send is a scam, but you should stay alert to scammers.

These are some ways to protect yourself from potential scammers:

  • If the deal looks way better than any other ones you find, the chances are that it is some kind of scam.
  • You may receive emails with links to take you to another page, don’t click on these unless you are sure they are legitimate.
  • Do not give out any personal details, until you’re sure your speaking to an authorised company.

Sending large sums in the future

You may want to send the money abroad using the current exchange rate.

However, if you have concerns about the exchange rate changing in the future, you may wish to consider signing up to a ‘forward contract’, which allows you to retain the exchange rate.

Forwards will be useful if you intend on sending regular payments etc.

For example, if you will need to put down a payment on a holiday home overseas, but you are concerned about the exchange rate getting worse before you send the money, you consider locking it in.

If it doesn’t work out with Easy Send

No matter what option you choose for your money transfer, keep hold of any associated paperwork you have received.

Money transfer forms and FX brokers do not have cover compensation scheme, so do not offer the same safety as banks.

If Easy Send is ‘registered’ with the FCA, they are not required to safeguard your money if they go out of business.

However, if they are ‘authorised’ by the FCA, the money must be kept aside from the company money.

You can find out if Easy Send FCA are authorised on the Financial Conduct Authority website opens in new window.

When you are looking for other small firms, including money transfers agencies such as Western Union, you can enter your postcode to narrow your search.

Alternatives to sending money overseas with Easy Send

If you are making overseas purchases or payments, you may wish to use a credit card, as this is a safer option. Your money will be protected if you use a credit card.

You should not send cheques as you may face issues with this.

The process will be slower and potentially more expensive, and you may need to pay charges (and possibly UK bank handling 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
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