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Types of Money Transfers Products Payments

why use a currency broker than your bank

From this section you can see all money transfer products payments. The currency companies range from specialists that can send money internationally at an exchange rate better than a high street bank.

Types of Money Transfers Products available

Today there are many ways to transfer your money overseas, this ranges from conventional methods such as completing an BACS or CHAPS transaction to using the latest technology such as companies using online currency trading platforms or prepaid currency cards to pay and control your spending habits. High street banks are no longer the chosen method to transferring your currency overseas as consumers and businesses are now looking for faster alternatives that offer instant money transfer options and more cost effective where consumers and businesses can get corporate trading rates without the million pound trades that are required to get these rates.

Apart from high street banks which have always been the most reliable method to manage overseas payments and carrying international money transfers online Western Union have also been there transferring millions daily offering an instant and faster option to sending your money overseas.

(MTO) - Money Transfer Operators

MTO which stands for money transfer operators are currency exchange companies that offer money transfer services. Money transfer operators are usually made up of agents or branches offering consumers and businesses the option to send money from one country to another. Money transfer operators in most cases do not generally require you to open an account unless you plan to make transfers on a regular basis then they are required to do a KYC check which is to know your customer check which involves checking your ID and also home address verification to ensure no money laundering is taking place. Money transfer operators are usually retail and outlets based and there will be branches locally as well as on any high street. Some of the most popular money transfer operators are Skrill, Western Union, MoneyGram, Chequepoint, Coinstar and Ukash.

Money Transfers using High Street Banks or Building Societies

The majority of High Street Banks and Building Societies offer an international money transfer payment service. With all High Street Banks and Building Societies you must have a bank account or savings account with them in order to use the international money transfer payment facility. Anyone can open a new bank account or building society account as long as they pass the credit check which is not always a guarantee.With High Street Banks or Building Societies you have the options to either go to a local branch, conduct your currency transfer online or over the phone by using telephone banking. In most cases you will not secure a premium currency exchange rate and will be charged a currency exchange fee. On average it is estimated that banks and building societies give consumers and businesses 3% and up to 5% less currency that a foreign exchange broker.

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