If you are considering using Halo Financial for a money transfer, this is the article for you. This article will focus on whether Halo Financial is the right option for you.

Who are Halo Financial Money Transfer?

Halo money transfers are available to various countries worldwide and the company is registered and regulated in the UK. Halo is ideal for smaller transfers of under £1,000 and customers can register online to transfer money.

How can you send money overseas?

There may be times in your life when you need to send money abroad. For instance, a family member may be in need of some funds, or you may need to pay bills on a holiday home.

It is easy to send money overseas, no matter what your reasons are for sending it. The process is relatively straightforward, but as there are a range of options, you might not know which is the best for you.

As with anything, there are many businesses competing with each other to get the opportunity to send your money, and these include banks, and transfer firms like Halo Financial.

You may be wondering which is the best option for you, and you might be confused about how to get started.

With every option, there is some considerations to make. You should find out if they are able to meet your expectations. For instance, if they can send the amount you want to send, and within the time period you need it. If you need to send it urgently, make sure the option you go for can accommodate this.

Our step by step guide has been designed to make this process easier for you. It will detail what you options are available for sending money abroad, so that you make the best choice to suit your own circumstances.

The Three Options for Money Transfer

There are three main options when it comes to money transfer. You may want to transfer money via your bank or building society, or you may wish to use a foreign exchange broker. Another option is high street transfer firms.

There are pros and cons to each option. The main thing to consider is whether they can meet with your needs. For instance, how long will it take them to transfer money. If you need to send the money quickly, then the bank may not be the best choice. Other considerations are whether they can handle the volume you want to send, and of course, the fees and charges for sending the money.

High street banks are the safest option, and it is the easiest to set up as you already have it set up. It is a good idea to carefully consider all the options though, and find the one which is best suited to your needs.

Hidden Cost of Halo Financial

When you are using companies like Halo Financial to do your money transfer, you need to be aware of the range of fees, and interest they may charge, as well as the exchange rates.

You can start off by finding out how much currency you can get from your pounds. This will give you a range to go with when you are comparing the options available to you. You can match your prices, to ensure you get the best deals available to you.

The best thing to do is first start using pounds as your starting currency and then find out how much of your foreign currency pounds will buy. This then gives you a total sum that you can use to mix and match against other offers and deals.

The exchange rates offered by Halo Financial can vary greatly, and as they are ever changing, it is important to keep an eye on them. When you get a good deal, you should snap it up, as it can change within hours!

There may also be receiver fees charged by Halo Financial, so you should find out what these are before you sign up to anything. You can cover these yourself, but this is an extra expenses, you might want to be aware of.

It is important to be aware of receiver fees, as if you are transferring money to a friend or family member, they may get a shock when they turn up to collect the money and find there are fees being added on.

Make sure you receive confirmation

The first thing to do is to consider your choice wisely, and then when you have decided, you must ensure you get confirmation of the details in writing.

You should make sure you confirm the details of the transfer with the bank, broker or exchange firm, and that they are able to deal with your request.

As you have your own expectations of the transfer, including when you want it to be delivered to the recipient, and the destination of the transfer, you should get confirmation that they will meet with your needs.

It is always best to get confirmation in writing, for instance, email or post and make sure you retain all the paperwork. This is important as if you have any issues later, you will need to have proof. This is something you can’t get from a telephone call.

Keep receipts from the transfer firm, as your requirements are specific to you, and you may have reasons to come back to what was agreed, if something goes wrong during the process.

Is it safe to use Halo Financial?

If you use your bank or building society, your money is protected by the Financial Services Compensation Scheme (FSCS), so in the unlikely event that the bank goes bust, you will receive your money back.

Foreign exchange firms like Halo Financial do not have the same security. If they go bust, your money disappears, so if you want to ensure protection, it is best that you use your bank instead.

The Financial Conduct Authority (FCA) ensures a certain level of security though, so no matter what option you go for, whether that is Halo Financial or any other, it is important that you ensure they are FCA approved.

It is particularly important to ensure this if you are sending a high volume of money overseas. Top tip for the day is to make sure you always check the FCA of the organisation you are using.

An alternative to Halo Financial: your Current Account!

If you have a bank or building society, you might be wondering why you need to bother using a foreign exchange firm anyway. And the answer is, you don’t actually need to use a foreign exchange firm.

A bank or building society can offer the same service as using a foreign exchange firm, so it is worth speaking to them and letting them know what your needs are.

Using a bank or building society is one of the safest options for a money transfer, and it is also more convenient than many of the other options.

The advantages of using your bank account are that the process is straightforward to arrange, as your bank will provide plenty of guidance. It is also easy to locate, as there are banks on the high street, and they are also safe and protected.

Disadvantages of using the bank include lower exchange rates, and the fact that sending money can be quite slow! In some instances, it may take up to 7 days for the money to be transferred.

Money exchange firms are a lot quicker. You may be able to get the money on the same day, or at least within 48 hours.

Can You Make Regular Payments

Although banks and building societies can be a bit slow with the money transfer process, you have the option to pay a transfer fee which will speed up the process. If you really want to use the bank, but you need the money to be transferred urgently, this may be an option.

Many UK banks have a counterpart in other countries, which can allow you to make special arrangements. Not all banks have this option though.

You may want to speak to your bank and ask if they have this arrangement available, as if they do, you may be able to take advantage of smaller or no charges.

This is particularly beneficial if you are planning to send money overseas on a regular basis.

If you need to pay bills for a holiday home or you have dependents overseas, it may be worth trying to make special arrangements with your bank. Overall, this can be a much more cost effective way to transfer money.

The best tip we can give if you are doing this is to ensure you have an account in your name in the UK, and the country you are planning to make the regular payments to. In this way, you can benefit from lower costs and fees.

High Street Firm as a Halo Financial Alternative

There is another option which is an alternative to Halo Financial, and that is using a high street exchange firm.

As there are high street branches everywhere, including in the Post Office, you can speak to someone in-person, if you’d like. You can also do a scan of the internet, if you want to find the best deals available to suit your needs.

One of the advantages of using a high street firm is that you have a wide range of services you can use, including doing an ‘instant transfer’, straight into the bank account of the recipient.

It is simple to set this up, as you don’t need a specific account. In many cases, you may not even need to show your ID, especially if you are just sending a small amount.

The high street firms can take care of the process quickly, which is ideal if you want to send money to your family, and you need to do it quickly. If you can’t wait and don’t want extra charges to pay for the privilege of sending money quickly, a high street firm may be your best option.

As all the high street firms have different fees and costs, you may be charged a higher fee if you are sending small amounts. It is a good idea to consider this before you decide on the most favourable option.

The exchange rate can change very quickly, so you need to make your decision when you find a great deal. If you don’t do this, you might find that the exchange rate has changed the next day. Snap up a good deal quickly!

It is not as safe for an overseas transaction, especially as some firms are not covered by the FSCS. This is something else you might want to consider.

Why not use Halo Financial?

Last but not least, is the option of using a broker like Halo Financial to do your money transfer. This is particularly prevalent if you are sending large sums which have either low or no fees.

Brokers are specialists in sending money overseas, which is why they offer better exchange rates, especially if you are going to be making regular payments.

Another important advantage of using a broker is that the payment is quick. Your recipient might be able to access the funds on the same day, or at the latest, the next day. Brokers are the ideal choice if you wish to make urgent payments.

Obviously, there are also downsides, which include the fact that setting up an account can take a while. It can sometimes take up to two days for everything to be completed.

You should only do this if you are sending larger amounts overseas, as smaller payments can cost you with higher fees, and this means that setting up an account may not be worth your while.

Using a Broker is also not the safest option, as if the firm happens to go bust, your money will not be protected, as some Brokers are not covered by the FSCS.

How to compare the market

You should always compare and contrast the market before you make a decision, especially when it comes to financial decisions. Make sure the offer is right for you when you are sending money overseas.

As there are many comparison sites, you should use as many as possible before making your final decision. The more options you try, the better your decision will be.

It is a good idea to be as detailed as possible with your search, and ensure the results match what you are looking for with your money transfer.

When you have the results of your search, you can compare these with the results from other firms, as well as banks and broker. Make sure the offer is authorised by the FCA.

Why you should be aware of scams

Scams are, unfortunately, all around us and it is important to always have your wits about you.

If you are offered a deal which looks so good that it doesn’t seem real, you should check it with others and see what the difference is. If it is too far off the others, it might be a scam.

Another tell-tale sign that things might not be quite right is if they are trying to encourage you to click on links, or the email address doesn’t look legitimate. Make sure you check everything is above board.

Legitimate banks and brokers will not do business like this, so make sure you don’t end up clicking on anything that is not from an authorised company.

Don’t hand over any details, especially those of a personal nature, until you are sure that this is legitimate company.

Another option you may want to choose for making your payments and purchases overseas are credit cards. These are convenient and generally safe to use.

There are also other options for sending money overseas but you should avoid sending cheques or foreign bank drafts as these can be easily intercepted and you might not ever see your cash again.

The process for sending cheques is also extremely slow and it is an unsafe way to transfer money. There are also handling charges on both sides. It is not worth sending cheques.

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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