If you’re considering using MoneyTO to do your money transfer, then this article is not to be missed.

Who are MoneyTO Money Transfer?

MoneyTO Transfers allow customers to send money countries around the world. Depending on where money is Saints, payment fees are between 1% and 3%, and the title trounces a customer same their mouth may not exceed 5000 pounds. The company is registered in the UK.

What options do you have for Sending Money Overseas

You may have family who live abroad or a child who is overseas and in desperate needs of access to some emergency funds while they are overseas.The process of money transfer is simple, not matter what option you choose.

There are many businesses out there, who are vying for your business, and want to help you send your money overseas. These may include the banks, as well as sending via money transfer firms like MoneyTO.

Figuring out the best way to send your money, can be extremely confusing, as there are a range of options to consider.

The firms who are able to provide you with this service will give you a deal that will look at different aspects of the transaction, including how much you are planning to send, the frequency of the payments, the timeframe of the transaction, and how the recipient would like to receive it.

Whether you are looking to make an instant payment or provide regular financial support to a family member, you can read on for more information on how to make the right decision.

The Options for Transfer

When you are sending money overseas, you should consider your options. You can make a transfer via your bank/building society, foreign exchange brokers, or alternatively, there is the option of using high street transfer firms.

The three options all have their own benefits and downsides, which of course we will look at in more detail throughout this article. However, there are your three main considerations to take into account, as you have the option of sending the money within the timescales you want, regular payments, and all of these options will have different fees and exchange rates..

if you are planning to send via your bank or building society, this will be the the safest and easiest way to send regular payments.

What costs are there with MoneyTO?

There may be a wide range of potential fees, interest and exchange rates which can causse this to become confusing, when you are using companies like MoneyTO for money transfer.

You should start off the process by using pounds as the currency and then get an understanding of how many foreign currency you will end up with. You will then have an initial sum, which you can use to compare against the other options.

This sum is also extremely useful when you are checking the other fees, and potential add ons.

MoneyTO’s foreign exchange rates are available in range of shapes and sizes, and they tend to change regularly, so you may find that the deal you get one day, is different the next day..

Therefore if you are looking at price comparisons, you should do this within a short period of time, as the deal may not be the same if you check later.

You will have sending fees from MoneyTO to consider, and there may also be receiving ends.

You should always consider the receiving fees when you are sending money overseas, as these will need to be paid. Although you will be able to cover these for the recipient.

Make Sure You Get Confirmation

Once you have have decided on the best option to suit your situation, you should make sure you receive confirmation.

You can then let the bank, exchange firm or broker know that you are happy for them to deal with your personal details.

You will have a set amount you are planning to send, a specific timeframe you want the recipient to receive it, and also a destination in the world you want it to be sent to.

Make sure you get confirmation of these details, and ask for them to sent this to you in writing, such as via email.

Should you retain all of your receipts as all the details will be relevant to you and your transaction. This may be required if anything happens with the transaction, and you need evidence to fall back on.

Is MoneyTO Safe to Use?

When you make transactions via your regular banking, you have the peace of mind of being protected by the Financial Services Compensation Scheme (FSCS). This means that if the bank goes bust, you will still have protection, and your funds will be safe.

If you use foreign exchange firms like MoneyTO, you don’t have the same level of security. The foreign exchange firms do not have this level of protection.

There is some protection, in the form of the Financial Conduct Authority (FCA) which demands that there is a certain level of quality. If they are protected by the FCA, then you will have a good level of protection if the company goes bust.

Our main tip here is to ensure you use an FCA approved foreign exchange firms like MoneyTO when possible, and particularly if you are sending a large sum of money.

MoneyTO alternative: use your Current Account!

You may be confused as to why you can’t just use your bank account, instead of using a foreign exchange firm. It would seem to make perfect sense.

The answer is there is no reason why you can’t. In fact, your bank or building society will be able to help you with the transaction.

It may also be much safer to use your bank or building society, as well being much more convenient. You are familiar with your bank or building society and this will make it easier to take care of the transaction.

Some of the advantages of using your own bank include it being a simple process to arrange, you will receive guidance during the process, banks and building societies are widely available on the high street accessible, and your money is also safe and protected.

The downsides of using your own bank can include lower exchange rates, as you don’t get the same exchange rates as when you used a specialist foreign exchange company.

Some banks will also take a while to complete the transaction. In some cases, it can be as much as six working days to complete the full transfer. Exchange firms will complete the transaction a lot quicker.

What if You Need to Make Regular Payments

UK banks can be a bit slow with the transfer, but you may be able to speed it up by paying an extra fee.

Many UK banks also have their own counterpart banks overseas, and you may be able to benefit from special arrangements.

Speak to your bank, and ask them about overseas banks, as there will often be lower exchange rates applied and either small or no charges associated with the transaction at all.

This is extremely useful if you are making regular overseas payments overseas.

Whether you’re sending money to pay for a ‘holiday home’ overseas, or you are using it to feed your family members living away, the special arrangements may apply.

Our main tip here is to make sure you have an account in your name in both the UK and the country where the regular payments are going to be made.  You may the benefit from reduced fees and lower costs.

MoneyTO Alternative: High Street Firms

As opposed your bank, you can choose to use a high street foreign exchange firm.

Making this choice is relative easy, there are high street branches to discuss with in-person, such as the Post Office or if you’re tech savvy you can quickly scan the internet for the best deals and fees.

The advantages of using a high street firm means that you get the chance to use a range of services such as ‘instant transfers’ into the recipient’s bank account.

This is also easy to set up, you won’t need a high street foreign exchange account and if the amount is small enough you don’t even need ID.

These firms are able to take care of the transaction very quickly, which is ideal great if your family member needs instant access to funds, and you don’t want to be caught up with any delays.

The fees and cost vary between all the high street firms, and you may end up being charged more for sending smaller amounts of money.

Other downsides include the exchange rate changing rapidly. You should make sure you take advantage of a good deal when you see it, as it may not be there the following day.

Additionally, your overseas transaction may not always be safe, as some of these firms are not covered by the FSCS discussed above.

Using MoneyTO

Your third option is to make use of broker like MoneyTO to send money overseas. This is an ideal option if you are sending larger sums of money, as you may not need to pay any fees.

Furthermore, as the Broker is the specialist in exchange rates, they may be able to offer you better exchange rates than the other options would give you.

Also, the exchange process is extremely fast. The Brokers will get on the transaction quickly and the recipient may receive the funds on the same day, or the following day.

There are downsides though, as setting up an account with a Broker can take a longer period of time. It may take one or two days just to set it up.

You should only do this if you are sending large sums, as if you send small sums, you may end up paying more, so the process won’t really seem worthwhile.

Brokers are not the safest option to use for money exchange. If the firm goes bust, your money will not be protected, as not all Brokers are covered by the FSCS.

Comparing the Market

You wouldn’t take any financial decision lightly, and this is no different. You should ensure you compare and contrast the market, and find out what works best for you.

There are many different price comparison sites out there, use them all! Don’t just stick to one.

Make sure your comparisons as detailed as possible, and make use of the filter to make your search as detailed as possible.

When the deal is relevant to your needs, you may wish to check this against other firms, banks and brokers. You shouldn’t sign up until you find out if your deal is covered or authorised by the FCA.

Make sure you are aware of the scams doing the rounds, as these are unfortunately, very common these days.

If the deal looks too good to be true, it will be, you should return to comparing and contrasting this deal with the other options.

If you find deals that requests that you click on to external links, or they ask you to call numbers you don’t recognise, it is likely to be some kind of scam.

Most firms, banks and brokers will not carry out their business in this way.

You should open an overseas account with an authorised provider,and make sure they are legitimate, before you hand over any of your personal information.

If you are making purchases and payments, such as online shopping from overseas stores, you may wish to use a credit card. This is a convenient way to send money, and it is safe.

There are also other ways of sending money overseas. It is a good idea to avoid sending cheques or foreign bank drafts as these could be intercepted and you may lose your money.

The process may be slow, painful and unsafe and you may end up paying more.

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