Are you considering using Master Transfer for your money transfer? This may just be the article for you.

Who are Master Transfer Money Transfer?

Master Transfer offers a very fast and secure way to send money from the UK. Transfers can be done with the MasterTransfer app, and payment can be done with a bank transfer or cash in hand. The company is registered in the UK and offers transfers to 81 countries.

What You Might Want to Send Money Overseas

If you have family staying abroad and you need to help them out, you may need to send money overseas. You may have a holiday home and you have bills to pay, and this may be your reason for looking to do a money transfer.

There are many businesses out there who are competing with each other for the opportunity to do the money transfer for you, and these may include banks, and money transfer firms like Master Transfer.

If you have never sent money overseas before, you might not know where to turn, and which option would be best for you.

It is likely that each company will offer you a deal which is based on the value of the money transfer, the frequency of the payments, how quickly you need to send it, and the format of the payment and how they recipient would like to receive it.

Whether you would like to make an instant payment or send regular payments to a family member, this steps by step guide will give you guidance as to what steps to take next.

The 3 Options to Consider

When you are deciding to do a money transfer, there are three options to consider; bank/building society, foreign exchange brokers or you may choose high street transfer firms.

These three options all have their own pros and cons, which we will look into in more detail throughout this article. There are a few considerations to take into account before you decide what one to opt for. You should find out how long it will take for the payment transfer to be completed. For instance, if you need it urgently, you will need to ensure they can manage this. You may also want to find out how much they can send, and of course, the overall costs.

If you are sending regular payments, you may want to go for the safest option, which is your high street bank.

Costs Associated with Master Transfer

When you are sending money overseas, there are fees, interest and exchange rates to take into consideration. This is where the whole process can become quite complex, and difficult to know which is the right option.

You should figure out how much you are planning to send and get the details on the currency this will get you. Once you have this total sum, you can then start looking at the offers and deals you can get. It is a good starting point for getting the best deals.

The next consideration is the fees and charges you will get on top of the total costs.

As the foreign exchange rates for Master Transfer can change so often, it is important to find out what they will be at any given time. They may be different from one day to the next.

It is a good idea to check the offers on the same day, so that they don’t end up changing. The deals can change within 24 hours, so check the expiry of the deals first.

The receiver may also end up with sending fees, so this is something to look out for. The last thing you want is for the recipient to end up with unexpected fees.

Although receiver fees can be quite common, you will be able to cover these at the other end, so that the recipient does not need to.

Get Confirmation!

Once you have decided on the best option to use for your money transfer, it is time to get the confirmation. This should give you all the information you need, including costs an timescales.

The next step is to let the bank, foreign exchange firm or broker know that you are happy for them to deal with your information.

Your expectations will include the value of what you want to send, the expected timeframe, and the destination of the payment. Make sure you always have confirmation of this.

The confirmation should be in writing, such as email or letter. Make sure you keep all related paperwork for the money transfer.

Ensure you have all the receipts as you will have specific expectations and these receipts can be used if anything goes wrong with the money transfer.

Is it Safe to Use Master Transfer?

We have a lot more protection through our banks and building societies, as these are covered by the Financial Services Compensation Scheme (FSCS.) This means that in the unlikely event that they go bust, your money is protected.

However, this is not the same as when you use foreign exchange firms like Master Transfer, as there is not the same level of security. If the money transfer firm goes out of business, they are gone, and your money transfer goes with it.

However, there is some protection in the form of the Financial Conduct Authority (FCA.) With this, a certain level of quality is necessary which will increase your safety, security and your chances of receiving your money back will be increased.

The best tip we can give is to ensure you always use an FCA approved foreign exchange firms like Master Transfer. This is particularly important if you are sending large volumes of money.

Another option to Master Transfer: your Current Account!

If you already hold an account with your UK bank or building society, you are probably wondering why this isn’t sufficient enough for a money transfer. Do you really need to use money exchange firms if you have this option?

The answer is no! You don’t have to use a money exchange firm, you can use your bank or building society to send your money overseas.

Using the bank or building society is one of the safest options for money transfer, and it is also the most convenient, as you already have an account set up.

The benefits of using your own bank are that you can set it up quickly and easily, there is help and guidance available to help you through the process. You can also find banks on the high street, so they are highly accessible. Your money will also be safe and protected.

With the benefits come the downsides though. Banks usually have lower exchange rates, so you will get less for your money than other options. The banks can also be much slower.

In some cases, it could take as long as 6 days for the transfer to be complete. Exchange firms can usually take care of it within a day.

What if You Want to Make Regular Payments?

Whereas UK banks can be a bit slow with the transfer there is usually an option to pay a transfer and/or a receiver fee to speed up the process.

The UK banks on the whole have their own counterpart banks overseas where special arrangements can be made.

Ask your bank about overseas banks as often lower exchange rates can be applied and even smaller or no charges are added.

This is very useful if regular overseas payments need to be made!

Whether you’re paying the bills on a ‘holiday home’ overseas, or financially feeding family members living away then making special arrangements with your bank can be cost effective.

Our top tip here is to hold an account in your name in both the UK and the country where regular payments will be made.  You can then benefit from reduced fees and lower costs.

High Street Firms – another Master Transfer option!

If you don’t want to use your bank account, you can use your high street foreign exchange firm.

It is easy to choose this option, as you can find high street branches everywhere, which give you the option to discuss with someone in-person, such as in the Post Office or if you could also check the internet for the best deals.

The benefits of using a high street firm include the chance to use a wide range of service, which may include ‘instant transfers’ straight into the recipient’s bank account.

It is easy to set this up, you will not need to set up a high street foreign exchange account and depending on the payment, you might not need ID either.

High street firms are able to take care of the process very quickly, which is ideal if the person you are sending the money to, is looking to receive it urgently.

Everything is variable with high street firms, so this is something to bear in mind. The fees and costs can be different, which means you could be charged higher fees when you are making smaller transfers which is something you need to consider.

Other downsides to be aware of include the exchange rate changing rapidly. This is why it is important to ensure that you make a decision on the same day you have spoken to these firms, as the exchange rate may be completely different the following day.

With high street firms, you may find that your overseas transaction is as safe as you may like, as not all firms will be covered by the FSCS.

Broker option – Master Transfer

Your other option is to use a broker like Master Transfer to enable you to send money overseas. This is a great option is you want to send large sums of money and want to benefit from lower fees.

Brokers are also specialists in exchange rates which means better deals for you. The exchange rates are always better, making it ideal if you are planning to make regular payments.

The process for sending money via a broker can be extremely quick too. If you want to make an urgent payment, this could be the most favourable option. In some cases, the money could hit the recipient’s account within a day.

It can take time to set up an account with a broker though, sometimes one or two days.

it may only be worth doing this if you have larger amounts to send overseas, as smaller payments tend to get the biggest fees, which means that setting up an account may be more hassle than it’s worth!

This is also not the safest option,as if the firm goes bust you won’t have protection for your money. This is because most brokers will not be covered by the FSCS.

Comparing the market

It is important that you don’t take any financial decision like this lightly, you should compare and contrast the market to find the best deal.

Instead of just using one price comparison site to get the best deal, try a few as you will find that there are different options on each price comparison site to consider.

Make sure your comparisons are as detailed as possible, make sure you filter to get the exact requirements you are looking for.

When you find the best deal to fit your needs, you should check these against other firms, such as banks and brokers. Also, you should also find out if the deal is covered or authorised by the FCA.

It is important to be aware of scams, as these are common, even in money transfer.

If it looks like the deal seems too good to be true, go back and compare it with others, and make sure there is no huge difference. If there is, it is probably not

If you the company are trying to get you to go onto external links, or send personal details over email, this is a sign that it may be scam.

Most firms, banks and brokers will follow the right channels, if they are legitimate.

Make sure you know the company is legitimate before you sign up to anything or send any of your money.

You may also want to consider using a credit card for your purchases and payments, especially for online shopping from overseas stores where a credit card can be used. Credit cards are a convenient and safe way to make purchases.

You should avoid sending cheques for overseas payments, as they are easier for people to get hold off, and it can be a long process

It can be a very slow and painful process, to say the least!

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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