Are you considering using Thomas Exchange Global for your money transfer? Would you like some information on all the options available to you? This article will explore the pros and cons of using Thomas Exchange Global, as well as the other options you might want to consider for your money exchange purposes.
Who are Thomas Exchange Global Money Transfer?
Thomas exchange global has been in business since 1993 and is currently one of the largest foreign exchange services to private clients in the UK. The company has branches across the UK and facilitates money transfers around the world.
is it easy to send Money Overseas?
There are many reasons why you might want to transfer money overseas. You may have a child living abroad, who needs access to funds, or you might have a holiday home abroad, and may need to send money to cover bills, etc.
Just as there is with everything, there is competition between money transfer companies. Banks also provide a facility to send money overseas, so there a range of options and things to consider. It may be that Thomas Exchange Global are not the right option for you, or they may be perfect.
With so many options available to you, it is no wonder that making that final decision, can seem like a minefield.
The transfer firms all have different things to offer, and it is worth considering how much you plan to send, the frequency of the payments, and whether the company can send it within the timeframe you require. For instance, if you need to make an urgent payment, you need to be careful that the money exchange firm can accommodate this.
Our step by step guide will provide you with more information on the pros and cons of each option, so that you can make the right decision to suit your own individual needs.
The Three Options
There are three main options when you send money overseas. You may want to opt for sending the money via your bank or building society. It may be that you choose a foreign exchange broker, or another option is a high street transfer firm.
Each of these options has their pros and cons, which this article will detail for you. When determining the right option, there are three considerations. How fast can the company sent the money? Are they able to send the amount you require? And what is the total cost, including exchange rates and any additional fees?
High street banks are usually the safest option, and the easiest to set up, especially for recurring payments. You already have a bank account, so this can be a simple way to transfer your money.
When making your choice, you don’t just want to focus on the exchange rates, as you will also need to pay fees, and you may have interest on top of that. Think about the overall cost when using companies like Thomas Exchange Global for your money transfer.
Start by looking at the pounds you have and how much in foreign currency this will convert to. This will at least give you a starting point for when you are looking at the different deals on offer. It is a good idea to figure out the best option based on the overall cost, but this is a useful starting point.
The next step is to consider the additional fees, and any add-ons, and combine this with the exchange rates to get the overall cost of using the transfer service.
The foreign exchange rates for Thomas Exchange Global tend to be ever changing, and it is worth snapping up a great deal if you find one, as you never know when it will expire again!
If you are looking at their exchange rate against others you find, you should try to take the deal within 24 hours. If you’re not fast, you could be last, as they say!
You may find that Thomas Exchange Global also charge receiving fees, which means there will be a cost at the other end when you are sending the money.
It is important to be aware of these as if you are sending money to someone who has no funds, they may pick it up and be told they need to pay a receive fee, and they might not have it. You can pay the receiver fee for them though, if it comes to it.
Why you need confirmation
No matter which option you decide to go for, it is important that you ask the transfer firm or bank for confirmation, so that you have it incase it is needed in the future.
After determining the option you are going to go for, you can let the exchange firm, broker or bank know that you give them permission to deal with your money transfer.
The confirmation should include the value of the money transfer, the expected timeframe for delivery, as well as the destination, and any other essential information.
You can get confirmation of the transfer in writing via email or letter, and you should ensure you keep this safe, as it may be required in the future.
If in the worst case scenario, something goes wrong. For instance, you need to make a complaint as the money has not turned up, the paperwork may be used as evidence to support your complaint.
Is it safe to use Thomas Exchange Global?
If you use your bank for money transfer, it is protected by the FSCS, which is the Financial Services Compensation Scheme. This protection means that if the worst happens, and the bank goes bust, your money is covered.
If you opt to use a foreign exchange firm like Thomas Exchange Global, you have no such protection. If they money transfer firm goes under, it takes your money with it, unfortunately. This is not to say that it is not safe to use Thomas Exchange Global though.
There is also the Financial Conduct Authority (FCA) who also command quality and strict rules need to be followed to be FCA approved. If Thomas Exchange Global are FCA approved you have better security that your money will be protected, should the worst happen.
The best tip is to use an FCA approved company like Thomas Exchange Global wherever possible. This is especially important if you are sending large amount of money, as you want to keep your money as protected as possible.
Thomas Exchange Global alternative: using your bank
You don’t actually need to use a foreign exchange firm at all to send money overseas, you can do it simply and quickly if you use your UK bank or building society.
The good thing about going down this route is that it is a safe way to send money, and the bank or building society will usually talk you through the various options, so that you take the most convenient and cost effective option.
Banks are a safer, more convenient way of sending money overseas, and if you are sending money for the first time, it can give you a bit more peace of mind.
Other benefits of sending money via your own bank are that you can arrange it all quickly and easily, with guidance throughout the process. You know your money is secure when you use a bank or building society.
The downsides are that you are unlikely to get the best deal, as banks usually offer lower exchange rates, particularly if you are sending a lot of money – and in addition, it can be a slow process overall.
In some cases, it can take 6 working days to do a transfer overseas via your bank. With exchange firms, it is a much quicker process.
Can you send regular payments through the bank?
Although it is slower to send money via a UK bank, there is always the option to pay a free, either transfer or receiver fee (or both!), which will speed up the process a bit.
Most UK banks have a counterpart overseas, which makes the process much easier, as they can make special arrangements to make the process overall quicker and easier.
Speak to your bank and discuss whether they have overseas counterparts, as this can often result in lower exchange rates, and in some cases, lower charges.
If you are planning to send regular payments, it makes sense to get the best deal possible, and this is worth finding out before you set up your payments.
You may have a holiday home and need to pay regular bills, or send money through to your family, and in this case, it would make more sense to set up an arrangement with your bank, as it will be more cost effective for making regular payments.
The best tip is to have an account in your own name in the UK and the country you want to send the money to. In doing this, you will be able to benefit from much lower fees, and costs.
Thomas Exchange Global Alternative: sending money via High Street Firms
If you don’t wish to use your bank, another option is to to use a high street foreign exchange firm.
With a plentiful supply of choices, the high street branches give you the opportunity to speak to people in-person, and you can also checked the internet to find the most attractive deals and fees.
The good points about using high street firms is that you have a choice of services, and you can do transfers which go straight into the bank account of the recipient.
It is also simple to set up payments with high street firms, you don’t need an account, and depending on how much you want to send, you will not require ID either.
The other bonus is that they process can be done quickly, which is ideal if you have a family member who is in dire need of getting access to funds, and they really can’t wait for a week or more.
The fees for high street firms are extremely variable, which means you may end up being charged more for small transfers. It is important to weigh up all the pros and cons, before you decide on the most favourable option.
The exchange rate can also fluctuate, so if you find a good deal, it is best to make a decision quickly, as it may not be around for long! You may end up getting a much worse deal if you decide to wait around.
It is not as safe as using the bank, as not all firms you might choose to use will be protected by the FSCS. It is important to check this before you decide on the most favourable option.
Using Thomas Exchange Global
You might also want to consider Thomas Exchange Global as another option. With this option, you can send large sums of money, but often with low or even no fees, depending on how much you are sending.
They are also specialists in exchange rates, so you can expect to get one of the best deals, if you choose this option. If you are sending regular payments, this may be one of the most favourable choices.
If you are looking to send the money quickly, this is an idea choice, as the payment is usually received either on the same day you send the money or the following day, at the very latest. There is no delays with brokers, so you can expect an almost instant transaction.
There can, however, be delays in the initial set up of the account. It can take a day or two until everything is properly set up, so this can be a bit of a downside if you urgently want to send money.
It is also best to only use this option for sending large amounts of money, if you send small amounts, you will end up with big fees to pay, and this may mean it is not really worthwhile.
Brokers are also not as safe as the other options, depending on whether or not the broker is protected for the worst happening. If they are not, your money won’t be protected if they end up going bust! Check if they are FSCS covered.
Compare the market
You don’t want to just make a snap decision when it comes to your finances, you want to spend a bit of time analysing the market, to find the best possible option to suit your needs, especially if you are sending money overseas.
A good way to do this is to use comparison sites, and not just one, but as many as possible! The more you use, the better deals you will get, as they all have different things to offer.
Always ensure you compare using as much information as possible about what you are looking for, including the timeframe, amount you wish to send and the destination. Not every option will be able to accomodate you.
If the deal fits and looks good, you can check it with the deals offered by other firms, brokers, and banks to see if it will be worthwhile using. You should also check that it is authorised by the FCA.
You should always be aware of the potential for scams, and make sure you use a company who are tried, trusted and authorised. Check reviews, information on their website and their authorisation status.
As they saying goes, “if it looks too good to be true, it probably is!”, and this is also true of foreign exchange. It should at least tie up with the other deals on the market.
Don’t click on any links or send your personal details if you are not entirely sure if the company is legitimate. Make sure you are 100% aware of who you are dealing with. Most banks and brokers wouldn’t ask you to send details like this anyway, so just be aware before you do anything like this.
You never know who’s hands your details may end up in, so it is always better to be safe than sorry. Keeping your wits about you is paramount when dealing with finances.
Other options for sending money abroad include using your credit card for making your purchases and payments for overseas transactions. Doing this is easy, convenient and it is above all, safe. Most credit card companies provide cover, so that in the event of anything going wrong, you will be protected.
You should avoid sending cheques as an alternative though, as these can be easy to get intercepted by someone else, and also, the whole process can be quite painful. It takes ages and there are charges associated with it, which are higher than other options.