Are you considering using Kantor Exchange to do a money transfer? This article may be just for you. This article will give you more information on using Kantor Exchange and the other options you have for money exchange.

Who are Kantor Exchange Money Transfer?

Kantor money transfers are available in 37 currencies and has been operating since 1989. The company claims to be the most affordable currency exchange in Wrocław and offers currencies that are often hard to find with other transfer services.

How can you send money overseas?

If you have family who live abroad, you may want to send money overseas to them, to help them out or you may have a child who’s travelling, and they may have occasions were they need you to help them out financially.

As there are so many businesses competing for your attention, you may not know where to turn. There are the foreign exchange firms, but also the banks and money transfer firms like Kantor Exchange.

The best option for sending money overseas will depend on how much you are planning to send, the frequency of the payments and the method in which the recipient want to receive the money.

We have provided you with a step by step guide to how to send money overseas, and the most suitable option to suit your needs, whatever they may be.

The Options for Money Exchange

There are three options when it comes to transferring money overseas. You may choose to send it via your bank or building society, a foreign exchange broker or by using a high street transfer firm.

There are different benefits to each of these, and they also have their own drawbacks. There are considerations you can make before deciding on the most appropriate option, including the amount you are sending, how quickly you want it to be send and the total cost of the money transfer.

High street banks are always the safest way to send your money overseas, and they can be useful if you are planning to send regular payments.

Kantor Exchange and the Hidden Costs

If you are thinking about using Kantor Exchange, there are some hidden costs you should be aware of, including fees, interest and exchange rates. These can make it confusing to know which option you should go for.

You should start by finding out how much currency you will get for your pounds. With this sum in mind, you can then look at the different options available to you, to then make a decision on which will be most cost effective for you.

You can use this sum against add-ons and additional fees that may be put onto the total cost, and this will determine where you will get the best deal for your money.

The exchange rate for Kantor Exchange will vary throughout the week, so you should keep an eye out and if you find a great deal, snap it up! If you are comparing it with other offers, try and do it within 24 hours of when you receive the deal, as it might not be the same tomorrow, as it is today.

The Kantor Exchange may also have sending fees, and there could be receiving fees as well, which you need to be aware of.

It is particularly important to be aware of receiver fees if you have a child who is travelling, and waiting at the other end, as in this case, you may need to cover the fees yourself. The last thing you want is to be caught unawares with these fees.

Make sure you get confirmation

You have an important decision to make, and when you have made it, you should request confirmation from the foreign exchange broker, bank or transfer firm you decide to use.

It is important to confirm with your chosen form of money transfer that you are happy for them to handle the transaction, and deal with your personal information.

You will have specific requirements for the money transfer, including the timeframe for the transaction, the destination and expectations of the fees and exchange rates.

Confirmation will be required, and you should ask for this in writing, either email, or letter and it is important that you retain the paperwork.

Make sure you have your receipts for the transaction, just incase anything goes wrong, as you want to have the paperwork to be able to prove your money transfer.

Is it safe to use Kantor Exchange?

When you use your bank for money exchange, you have protected from the Financial Services Compensation Scheme (FSCS), which means your money will still be protected, if the bank goes bust.

If you choose to use Kantor Exchange or other foreign exchange firms, you will not have this level of security. If the money transfer firm happens to go bust, your money will be gone along with the company.

The Financial Conduct Authority (FCA) helps to ensure that there is level of quality that the company follows, and if the option you choose has FCA approval, you will have greater security and safety with your funds if the world should happen.

The best tip we can give is to ensure that you use a foreign exchange firm with FCA approval, whether that is Kantor Exchange or any other. This is particularly important if you are sending a high value of money overseas.

Kantor Exchange or your Current Account?

If you already have a UK bank account or building society account, you may be aware that they also offer a money transfer service, so why would you need to use a foreign exchange firm?

The answer is that you don’t, you can use your bank or building society for your money transfer. If you speak to your bank, they will be able to steer you in the right direction to do this.

It is safer and more convenient to use your bank to send the money, and of course, there is the familiarity you have with it, and the processes.

Other advantages of using your bank account are that you can set it up easily, and you will receive plenty of guidance throughout the process. It is a safe and protected option to use.

There are disadvantages to using your bank though. They tend to have lower exchange rates and the process overall can be much slower. It is easy to set it up but the actual transfer can take a while.

In some cases, the bank will take as long as 6 working days for the transfer. Foreign exchange firms specialise in this process, so it is a lot quicker.

Setting up Regular Payments

Although sending via your bank can be slow, you can speed up the transfer by paying a transfer or receiver fee. This can vary from bank to bank, so it is worth checking the costs first.

Many UK banks have other branches overseas, and this can work well for you, as it means they can provide you with a special arrangement, which suits your needs.

You should speak to your bank and ask about the lower exchange rates which may be applied and this may mean smaller or no charges.

If you plan to make regular overseas payments, it obviously makes sense to do this, as you don’t want to be paying extortionate rates each time.

If you own a holiday home overseas, and need to pay bills on this, or you are sending money to your family overseas, it makes financial sense to come to a special arrangement with your bank. This makes it more cost effective.

The best thing to do in this case is to ensure you have your name on both the UK bank, and the bank account of the country you are planning to make the regular payments to. This mean you can benefit from lower costs and reduced fees.

Using High Street Firms as Kantor Exchange Alternative

If you don’t wish to use your bank, you might choose a foreign exchange firm on the high street.

It is easy to make this choice, as there are high street branches all around, and you can even discuss the transaction in person, rather than online. If you are tech savvy though, you can look online for the best deals.

There are some advantages to using a high street firm, including the fact that they offer a wide range of services, which include instant transfers, which you can send directly into the recipient’s bank account.

It is simple to set up this payment, as you don’t need an account, and in may cases, you won’t even need to provide ID, especially if you are only sending small amounts.

If the money is urgent, this can be a great option, as they tend to do the transaction very quickly. If you have a family member waiting on funds, or your child is travelling and needs you to send money urgently, this might be the most favourable option.

You should consider the fees and costs of high street firms though, as you might end up being charged higher fees if you are doing a small transfer. You need to consider this before determining what to do.

The other issues with this option is that the exchange rates tend to fluctuate, which means that the deal you find one day, might completely change the next, so you should snap up a great deal as soon as you see it!

The overseas transaction will not always be safe, as the firm might not be covered by the FSCS discussed above. You should find this out before making your decision.

Should you use Kantor Exchange?

The third and final option is to use Kantor Exchange when you want to send money overseas. If you wish to send large sums of money overseas, and benefit from lower or no fees, this may be an attractive option.

The Broker also usually offers great exchange rates, as they are specialists in this area. If you are sending regular payments, this can be a good option, as you’ll make better savings.

When you transfer money with a Broker, you also benefit from a fast process. They won’t mess about, and can often send the money to your recipient within a day or even on the same day.

There are good points, but like all the options, there are also some drawbacks. It can take time to set up the account, it may take up to two days before everything becomes official.

You may only want to use this option if you are send large amounts of money overseas, smaller payments tend to end up with the highest fees, so the time you spend opening an account, may not be worthwhile.

Using a Broker is also not the safest option, as you could lose your money if they go bust. You don’t have protection, as they are not covered by the FSCS.

Comparing the market

You should not make any financial decisions without thinking about the situation and the costs. It is important to compare the market and find the best option to suit your needs, and circumstances.

If you are sending money overseas, there are a range of price comparison sites to choose from. Why use one when you can widen the market, and use several!

It is a good idea to ensure the search is as detailed as possible, your filters should match what you are looking for, as this will give you more accurate readings.

Should the deal fit your requirements, you can check it against the deals offered by banks, brokers and other firms. You may also want to ensure that the option you go for is FCA authorised.

It is also important to be aware of potential scams. As just like anything, scams are rife in the money transfer industry too.

A rule to go by is if the deal looks like it is too good to be true, it probably is. Compare it with other deals, and if it is substantially different, it could be a scam.

Some signs of a scam include the company asking you to click on external links, or if they are asking for personal details for no reason, when you have never spoken to the company before.

This is not the way genuine businesses operate, so you should be aware of any of these worrying signs.

Make sure you don’t just hand out your details. Open the account with an authorised provider, make sure they a running a legitimate business before you start dealing with them.

Another option is to use a credit card for your overseas purchases and payments. With a credit card, you will have peace of mind that any purchases you make will be safe, secure and insured. This is a quick and easy alternative to using a money transfer service.

You should avoid sending money overseas via cheque, as these can be easily to get hold of for scammers, and in the worst case scenario, you may never see your money again. It is always better to be safe than sorry in these cases.

The cheque transfer process an be extremely slow too, and there are handling charges at both the UK side and the foreign exchange side.

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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