There are a number of checks you can carry out before deciding on using CanadianForex to handle your Money Transfer Overseas. Firstly, are they authorised by the Financial Conduct Authority (FCA)? If they are, they will have had to comply with Payment Services Regulations, along with the FCA’s own business conduct regulations and guidelines. Large companies who trade in excess of 3 million Euros per month have to be authorised by the FCA. They then have to make sure that their clients’ money is safeguarded should they get into financial difficulties, consequently preventing their creditors claiming your money. Smaller companies can register with the FCA, but this does not provide the same level of protection as being authorised by the FCA, meaning your Money Transfer Overseas is not protected if they find themselves in trouble. To register, a company has to be based in the United Kingdom and none of managers should have at any point been convicted of financial wrongdoing. You could also check on the size of the company and how long it has been trading. If they have direct access to the largest worldwide payment and settlement system, SWIFT, this ensures clients a quicker and more secure payment.
Most of the high street banks will offer an international Money Transfer Overseas option, you will probably need to have an account with the bank to receive this service. The bank will make the arrangements for you, and you can pay extra for additional services, such as an express service, if you need the transfer to be completed quickly. A bank is more than likely to be the simplest, and safest, option for a single relatively small transfer. Their exchange rates are not the most competitive but it can be a very convenient choice.
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