Clear Currency explores the best way to send money overseas so you can take control of your international payment requirements.
Whether you’re making a personal purchase overseas – perhaps you’re buying a dream holiday home in the sun – or you run a business with international payment requirements, your finances will be exposed to exchange rate fluctuations and additional costs. You must, therefore, take the time to understand the most cost-effective and efficient international payment method.
What is the best way to make international payments?
Many people default to their bank when making international payments. However, their core services don't include exchanging currencies and sending money overseas, impeding their ability to facilitate fast and cost-effective payments.
Aware that banks don’t offer a focused service, you should consider the benefits of using a currency specialist like Clear Currency instead:
● Personal service: You will be assigned a dedicated account manager.
● Ability to plan ahead: The team can introduce you to a range of tools that are designed to help you secure favourable exchange rates for future payments and mitigate risk, such as a forward contract.
● Transparent fees: Some banks charge fees of up to £40 when making an international payment and might also charge a receiving fee. Clear Currency doesn’t charge a fee to make transfers – large or small.
● Fast transfers: Unlike high-street banks, which typically take two to five business days to complete international transactions, Clear Currency offers same-day delivery up to specific times and next working day delivery for most major currencies to anywhere in the world.
Types of international payment methods
Once you’ve decided to use a currency specialist over your bank, your dedicated account manager can help you understand the different types of international payment methods so you can execute your payments more effectively.
Wire transfer – A wire transfer is an electronic transfer of funds from one person or institution to another using a network that is administered by banks and transfer service agencies globally. Almost every country is connected to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network, allowing local banks and institutions to process SWIFT transfers. Other secure systems that are used to send wire transfers include Fedwire and Clearing House Automated Payment System (CHAPS).
Credit and debit cards – Credit and debit cards are widely accepted across the world with the exception of a handful of countries. You can send money abroad online using a credit or debit card, although it’s not the most commonly used method due to the fees levied.
Direct debit – An international direct debit is an authorised payment instruction to your bank to make a one-time debit from your account to the recipient’s account overseas. Rather than sending the funds from your account, you are authorising the recipient to collect the funds directly.
Online platform – A currency specialist will provide you with access to a convenient online payment platform. This international payments gateway allows you to manage all your currency requirements online on the go. From instructing and tracking payments to purchasing currency, it offers the visibility and control you need.
Over the phone – If you prefer the personal touch, you can phone your dedicated account manager to help you execute your international payments. Before pressing the send button, they can also help you obtain the best exchange rate and answer any questions you have.
What details do you need to make an international payment?
To make an international payment successfully, the following details are required:
● The recipient’s name and address.
● The recipient’s International Bank Account Number (IBAN). Clear Currency offers virtual IBANS, which allow routing of multiple virtual accounts to a single ‘physical’ account for greater control when undertaking international transactions.
● The name and address of the recipient’s bank.
● The receiving bank’s Bank Identifier Code (BIC) or SWIFT code.
● The currency and amount being transferred.
Make international payments with Clear Currency
Make the most of your international payments – whether personal or professional – by seeking the services of a currency specialist like Clear Currency, rather than defaulting to your bank. Their personal service and foreign exchange know-how will help you make quick and secure payments that are shielded from currency risk.
Sign up for a free account today for quick, secure and cost-effective international currency transfers.
Clear Currency is FCA regulated and has a 5* Trustpilot rating.
To find out more and get a free transfer quote using the currency converter, visit clearcurrency.co.uk, call +44 (0)20 7151 4871 or email edp@clearcurrency.co.uk for more information.
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