Ferpay is just one of several ways to send money overseas, including banks, money transfer firms and foreign exchange (FX) brokers.

Who are Ferpay Money Transfer?

FerPay money transfers allow people to save money directly to Poland. Money is available within two working days and the transfer process takes less than 10 minutes. FerPay is registered in the UK and offers video transaction fees.

The main considerations for money transfer

Before running blindly into a money transfer service, you should take careful consideration to exactly what you need. You may want to consider these main factors first:

  • the total amount you are planning to transfer
  • what the cost will be. You need to think about the exchange rate, and the associated sending fees
  • how often you plan to make payments, i.e. a one-off or regularly
  • the way the receiver wants to collect the funds. It may be instant payment or via their bank account
  • how soon the receiver needs the funds. Can they wait or do they need it right away?

These are some useful steps to follow to find the best possible deal.

Step 1 – Consider your options

These are the main ways you can send money overseas:

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

Banks can provide the safest and most convenient way of sending money overseas. You can have peace of mind that if you transfer your money through your bank, you will get it back if anything goes wrong.

FX brokers typically give you the best deal for larger payments. If you are planning to make big payments overseas, this should be one of your considerations.

Money transfer firms will be able to send the money quickly, so they are ideal if the recipient needs the money urgently. However, it could be costly.

Step 2 – How much is it likely to cost?

You will probably have a set budget you would like to stick to in terms of your money transfer, and you need to remember that you don’t just have the exchange rate to consider, but also the other fees.

It is a good idea to get an initial figure to work with, so we would suggest that you find out how much you will get for your money and then you can use this as an initial cost to compare with others.

These are the main parts that make up the total cost:

  • Foreign exchange rates – when doing a money transfer, you would usually check the foreign exchange rate and try to get the best deal for this
  • Sending fees – each firm will charge you a fee for transferring the funds
  • Receiving fees – there may also be a receiver fee, although this doesn’t apply with all forms of money transfer.

You will usually get better rates and fees if you are sending large sums of money, depending on the transfer firm you choose.

FX brokers sites like FX Compared can give you a quote to work with.

Step 3 – Request confirmation

It can be a tricky decision to make, but once you have decided on the most favourable option, taking all costs into consideration, you should ask the transfer firm to send you confirmation. For instance, how long the process will take and the total fees involved.

It would be wise to get this in writing, incase you need to prove the agreement. If the money is not transferred urgently and they stated in writing that it would, you would have grounds to make a complaint.

Always retain any paperwork you receive relating to the money transfer, in case it is required in the future.

How can I guarantee my money will be safe if I use Ferpay?

When you keep your money in your bank account, you have the safety net of knowing that it is protected by the  Financial Services Compensation Scheme (FSCS) What this means is that if the company happens to run into trouble, you will get your money back. When you use foreign exchange money transfer firms, there is no such protection. You won’t have a compensation scheme to fall back on.

Some FX brokers and money transfer firms such as Ferpay may be authorised by the Financial Conduct Authority (FCA.) So, they do have rules and regulations they must follow, increasing your chances of getting money back, if the worst happens.

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

We would suggest using an FCA authorised company for your money transfer needs, especially for sending large amounts.

What to expect from your bank or building society

Many people just stick to using their bank or building society for the money transfer as they know they have the security of it being protected, and they also know and trust their bank. With the good comes the bad though, so these are some of the pros and cons worth keeping in mind when transferring money.


  • Quick and easy set up – you don’t need to set up a new account and you may be able to set up payments via your phone. The whole process for sending the money is quick and easy.
  • Convenience – you don’t need to go searching for a bank, they are everywhere on the high street and you can also do your transaction online.
  • Safety  – your money is more protected with a bank than any other money transfer options.


  • Exchange rates may not be as good – banks are not specialising in money transfers overseas, so they won’t offer you the same exchange rates as those that do.
  • Slower process– it can be a slow process, taking up to 6 working days in some cases to complete.

If you intend to make regular payments

If you are intending to make regular payments, your bank or building society can be useful for this purpose.

They may have their own branches based in the country you are sending the money to, and this could result in better exchange rates,

When you are making regular payments overseas, you want to ensure you get the best value, and you may find your bank can offer this,

You may need to have an account in both the sending and receiving bank, before you can get access to these better offers.

Requirements for bank transfer:

  • To send money via your bank, the bank will probably ask for The International Bank Account Number (IBAN) and Bank Identifier Code (BIC) for the receiving account. These details are readily available on the bank statement or via online banking.
  • You may need the IBAN and BIC from your own bank account, but probably not if sending to a different branch of the same bank.

What you need to know about online or high street money transfer firm

It is not difficult to find online transfer firms or high street transfer firms. The latter is readily available in Post Office branches.

Before deciding to use an online or high street money transfer firm, you need to be aware of what benefits it can offer. Let’s look at the pros and cons!


  • Cater for all needs – there are a wide range of services offered. You can send instant cash to your recipient, or send the money straight into their bank account.
  • Simple to set-up – you probably won’t require an account to complete the transfer, and you may not need to provide ID.
  • Fast Transfer – the recipient can usually expect the funds to arrive in hours, if not minutes!


  • Keeping track of fees – the fees can vary, and it can be difficult to keep up. You may end up being charged a lot for sending very little, so you need to keep a close eye on this.
  • Exchange rates are variable – as the exchange rates tend to fluctuate, you need to be ready to take a great rate when you find it
  • Less safe – the Financial Services Compensation Scheme (FSCS) will not provide cover to these firms, unlike banks. If they go bust, there is a big chance you will never see your money again!

How to use a high street money transfer service

Key points:

  • High street money transfer services can be found through a high street agent, or you may find them in your local newsagents or Post Office.
  • You usually won’t need to open an account to send the money. Just hand over the payment and the rest will be taken care of.
  • You will be given a reference number for the recipient to collect the money. Make sure this only goes to the recipient.

Things to check before paying:

  • Check you know what the fees are. You might be able to make a quick transfer, but it could be very expensive.
  • If you are going for the ‘instant cash’ option, you will need to ensure the recipient is able to collect it without fuss, or alternatively, there may be the option to transfer to their e-wallet.

Key aspects of a money transfer service

How it works:

  • Online transfers might not be completed straight away, it may take several days to complete.
  • Online money transfer firms may let you make international money transfers via their online services, but there could be a small fee
  • You will usually be required to sign up with your debt or credit card via their website. You will, therefore, need access to these.

Things to remember before sending the funds:

  • Make sure you know exactly what the recipient needs to pick up the funds. The last thing you want is for them to try and collect it without success.
  • Always ensure you use a difficult to guess password to protect the funds, and do not share this with anyone else.

You may use a foreign exchange broker

As mentioned earlier, the best deals for sending large sums of money will usually be through using an FX broker (foreign exchange.)

It is best to weigh up the options so let’s have a look at the benefits and downsides of an FX broker.


  • Low or no fees – if you are sending large sums, such as over £3,000, FX brokers will usually not charge any fees
  • Best exchange rate – FX brokers are specialists in currency transaction so as you would expect, you get a better deal than the other options for your exchange rate
  • Fast Payment – the money would usually arrive in the same day the transfer is completed, or the following day
  • You can make regular payments – many FX brokers will be able to help support your regular transfers


  • It may take time – when you use an FX broker for your transfer, you are required to set up an account, and this can often take a couple of days to fully complete.
  • Not good for small amounts – FX brokers are not the best option if you just want to send small transfers. You get better deals with large sums.
  • Less safe – The Financial Services Compensation Scheme (FSCS) will not provide cover to these organisations, if they go out of business

Why comparison sites are a good idea

You should never just take the first deal that looks attractive, it definitely pays to shop around, and price comparison sites will be really useful.

We would suggest that you use several, don’t just stick to one as they tend to have different offers, and you could miss out on a great deal.

Don’t just opt for the best price. There are many other factors to take into consideration, including how long the transfer will take, and whether the firm is FCA authorised.

Make sure the transfer firm will be able to deal with all your requirements, not just one or two. You can use the filter on the price comparison website to ensure this.

Avoiding scammers

Scammers are constantly out there trying watching and money transfers are definitely on their hit list! This is why it is so important to be careful, as you could be transferring money to an unauthorised company.

Ferpay are probably not scammers, but you should definitely be aware of scams.

You can minimise the risk of being scammed by keeping these in mind:

  • The deals shouldn’t be that different. Some will offer better prices than others, but if it is a significant difference, be aware that it could be a scam.
  • If you receive an email asking you to click on a link, don’t do it unless you are sure it’s not a scam. You could end up losing your money.
  • Don’t give out any personal details, especially your bank details, unless you have confirmed the company are authorised.

Prepare for future transfers

Don’t just think about the here and now in terms of your money transfer, consider your future needs too.

If you find a great exchange rate and you will be planning to make future transfers, there is a way to retain that rate through a ‘forward contract.’ Thi is where you lock in a great rate for future needs.

These are particularly beneficial if you are planning to do a large transfer in the future.

If you have just bought a holiday home overseas, for instance, you will probably need to make regular payments on it to cover bills etc. If this is the case, you will definitely want to lock your rate in when you find something good.

How to cover yourself when dealing with Ferpay

Whether you choose Ferpay or another money transfer option, it is vital that you don’t discard any paperwork you receive.

Unless you use the bank, you do not have cover from the compensation scheme, so there is more risk involved.

You want to ensure the money transfer firm you use is authorised by the Financial Conduct Authority, as this gives you greater protection. If they are authorised, they cannot mix your money with company funds. Therefore, if they go bust, your money is separate and you have a greater chance of getting it back.

You can find out if Ferpay FCA is authorised by looking on the Financial Conduct Authority website.

Always make sure that you correspond with the money transfer firm in writing, and that they have FCA authorisation, a especially if you are sending large sums.

Making payments without Ferpay

If you are shopping overseas, you can use your credit or debit card, and have peace of mind that you have safety and protection.

Do not pay for any goods or services by cheque, as these are more likely to be targeted by scammers.

Cheques also take days to clear and the process can be slow and painful! There are also charges to consider too.

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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