If you’re thinking about using Taaj to do a money transfer then this article is for you.

Who are Taaj Money Transfer?

Taaj offers affordable money transfers to various countries in the world. Money can be saved online, allowing recipients to receive cash at their location. Taaj is owned by TTC FINANS A/S Corp and has been in business since 2011.

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How do you Send Money Overseas

If you have family or friends who live abroad or perhaps you have a child who needs some emergency funds while on holiday or travelling, you may want to send money overseas, and this is relatively straightforward.

There are many choices of businesses who are competing with each other to offer you a money transfer service, so you have plenty of choice available to you, including banks and money transfer firms like Taaj.

Figuring out the most favourable way to send your money can be confusing, especially since there is so much choice.

You can expect that each firm will want to offer you a deal that will take into account the amount of money you are sending, the frequency of the payments, and the speed of the transfer. These are all important aspects of consideration when determining what option is best for your money transfer.

Whether you are looking to make an instant payment or you want to make regular payments for financial support. Why not read on for our step by step guide to help give you information on making the right decision.

The Three Different Options

When you are looking to send your money overseas, there are three main options to choose from. You may decide to send the money via your bank/building society, foreign exchange brokers or you might decide to do it using high street transfer firms.

These three options all have their pros and cons, which we will look at in more detail throughout this content. However, you have three main considerations before determining what to do. You may want to ensure the payment is taken care of urgently or you may not have a timeframe.

You may want to ensure the option you choose can send the money frequently, and of course, you will want to know how much it’ll cost in fees and charges.

In general, you can expect the high street banks to be the safest and easiest option, but generally, not the quickest or cheapest.

Understanding the Hidden Costs of Taaj

You can expect there to be a wide range of potential fees, interest and exchange rates and this can make the whole process seem incredibly confusing, whether you are using companies like Taaj or any other option.

To figure out which is the best option and how it much it is going to cost, you should start with your pounds as the starting currency and then work out exactly how much foreign currency pounds you will get for your pounds. This then gives you a total sum that you can use to mix and match against other offers and deals.

The total sum will be a good starting block when you are looking at add-ons and additional fees, and on top of this, the exchange rates.

Taaj’s foreign exchange rates are wide ranging, and they also change regularly, so you can expect that they won’t be the same for long.

If you are looking to compare the exchange rates with other offers, you should try and do so quickly, and at least within 24 hours of looking at the deal. The reason for this is that the deals will change regularly, so nothing is certain.

You can expect to pay sending fees when you use Taaj and you may also have receiving fees at the other end too.

It is important that you ask the question about receiver fees, as you don’t want to leave the recipient having to pick up these fees, especially if they don’t have the money!

Make sure you get confirmation!

Once you have determined what option is best for you and will give you the best value for money, you should seek confirmation

The first thing to do is to confirm with the bank, exchange firm or broker that you give them permission to deal with your personal details.

You will obviously know the amount you wish to send, the timeframe (for example, the recipient may need it urgently!) and the destination you wish to send it to.

You should always make sure you get confirmation, and this may either be through an email or by post . Make sure that you retain all the necessary paperwork.

It is important to keep all receipts, as the amount and destination will be specific to you and your circumstances. You will require these details, if something goes wrong.

Is it safe to use Taaj?

As you may, or may not know, your everyday banking is protected by the Financial Services Compensation Scheme (FSCS.) This gives you reassurance that in the unlikely event that your bank goes bust, then your money will be covered.

However, as far as foreign exchange firms like Taaj go, you don’t have this kind of security. If a money transfer firm goes bust, they are gone, and your money transfer will go with them.

There is the Financial Conduct Authority (FCA) though, and this ensures that a high standard of quality is followed, which does increase your safety. If the company you choose is FCA approved, you will have reassurance that your money will be protected, should the worst happen.

The best tip we can give you is to ensure you use FCA approved foreign exchange firms like Taaj, as this will give you extra protection.

An alternative to Taaj – your current account!

If you are questioning why you should be using a foreign exchange firm when you already have a current account within a UK bank or building society, who offer the same service, you would be right. Indeed, you can just use your bank for a money transfer.

Your bank or building society will be able to discuss the various options you have for sending money overseas, and it will usually be a straightforward process.

Your bank can also be a lot safer, more convenient and as you are more familiar with using your bank, you may find it a bit more reassuring.

Some of the advantages of using your bank, are that it is easy to arrange, your bank can guide you through the process if you desire and there are banks everywhere, so it is highly accessible, as well as being safe and protected.

The downsides of using your own bank, however, are that you will get lower exchange rates, and you may find the process is a lot slower than it would be with a foreign exchange firm.

Some banks may take as long as 6 working days to make the transfer whereas exchange firms can sometimes complete it within minutes.

Do you want to make regular payments?

UK banks can take quite a while to complete the transfer, but you will usually have the option to pay a transfer and/or a receiver fee, if you want to speed up the process.

The UK banks will usually have their own counterpart banks overseas, which means they can make some special arrangements.

You should speak to your bank about this, as if they have branches overseas, they may be able to offer lower exchange rates, and either smaller or no charges may be applied.

If you are looking to send regular overseas payments, this can be extremely useful.

Whether you’re sending regular money overseas to pay bills, or you’re sending money to family members on a regular basis, making special arrangements with your bank can be a cost effective option.

Our top tip here is to make sure you have an account in your name in the UK and the country you are looking to send the regular payments to.  You would then be able to benefit from reduced fees and lower costs.

Taaj Alternative: High Street Firms

If you decide not to use your bank, another option you have is to use a high street foreign exchange firm.

With high street firms, you have the options of many branches to choose from, where you can discuss with them in-person. High street firms are available in places such as the Post Office or you can also use the internet to get the very best deals.

The benefits of using a high street firm are that you have the option to use a range of services such as ‘instant transfers’ which go straight to the recipient’s bank account.

These are also very easy to set up. You will not be required to have a high street foreign exchange account and if you are transferring a small amount, you probably won’t need ID either.

These firms are also able to take care of the transaction quickly, which is ideal if your family member needs access to the funds as quickly as possible.

Fees and costs can vary greatly amongst high street firms, and you may be charged higher fees for small transactions, so it is important to be aware of this.

Other disadvantages of using high street firms are that exchange rates can greatly fluctuate, which means you should always aim to make a decision on the day you are speaking to these firms, as the exchange rate may be completely different the next day.

Another downside is that it is not always as safe option, as not all firms will be covered by the FSCS discussed above.

Should you use Taaj?

Your third option is use a broker like Taaj for your money transfer overseas. This option is ideal for sending larger sums of money as you may benefit from low or no fees.

Unlike banks, brokers are specialists in exchange rates which means you will be getting the right kind of expertise, as well as some of the best rates especially if you are planning to send regular payments.

With a broker, the process is extremely fast, the Brokers won’t take time with your overseas payment, and the recipient may be able to get the money or the same day, or within 24 hours.

There are also downsides to using a broker. The process of setting up an account may take time, it could take a couple of days.

You should only send money through brokers, if you are planning to send larger amounts overseas, as smaller payments can result in higher fees, so the long process of setting up an account may not be worth your while.

Again the Broker is also not the safest option, as if their firm goes bust, your money will not have protection, Especially as not all Brokers are covered by the FSCS.

Comparing the market

You should never take any financial decision lightly, you should always compare and contrast the market. Find out what option works best for you and your needs, and will be the most cost effective.

There are lots of price comparison sites out there. You don’t need to just use one, you can use a range of these to find the most favourable option.

You should always make your comparisons as detailed as possible, always alter the filters on these sites, so that they match exactly what you want.

If the deal fits your needs, you should check this against other firms, banks and brokers. You should also ahead double check that the deal is covered or authorised by the FCA.

Always be aware of scams, otherwise, you may end up losing a lot of money. Have your wits about you at all times when making financial decisions.

If you find a deal that looks too good to be true, it probably will be so go back and compare and contrasting this with other deals.

If there are deals that attempt to get you to click on external links, make other calls, or sending details over emails, check all these details with a payment provider.

In reality, most firms, banks and brokers will not do business this way, so it may be a scam.

Make sure you open the overseas account with an authorised provider, and make sure you do not give your details out to just anyone who asks. They should always be legitimate and above board.

You may want to just use a credit card for purchases and payments, such as if you are doing some online shopping from overseas stores. Credit cards are convenient, safe, insured and are a good alternative to money transfers.

There are also other ways of sending money overseas, however, you should not send cheques or foreign bank drafts, as there is the danger of these being intercepted and should this happen, it is unlikely you will see the money again.

Transferring with cheques is slow, painful and can be unsafe. You may also receive handling charges from both the UK and foreign exchange sides.

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