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Send money Overseas

Europe is one of the most popular countries with Brits regarding money transfer, partly because a large number of sun seekers own or rent a property there or because they have family living in the sunshine hotspot. If you need to know more about sending money Overseas, read on.

Buying property Overseas

Individuals who are buying a property abroad typically make the largest foreign exchange transactions, although sending money overseas for holidays, business or emigration can also involve considerable amounts of money being transferred.

If you are looking to buy a property Overseas you need to know its exact price first. Visiting the property itself first and placing a deposit without working out the exact cost after the exchange rate is like buying a home in the UK without knowing how much it is.

Therefore, before you start looking at property Overseas you need to look at the exchange rates so you know the actual amount you can spend on property.

Spanish currency

The euro (EUR) is Europe's current form of currency and like the pound it is available in both notes and coins. The coins are available in 1 Euro Cent, 2 Euro Cent, 5 Euro Cent, 10 Euro Cent, 20 Euro Cent, 50 Euro Cent, 1.00 Euro and 2.00 Euro. The smallest value of a note is 5.00 Euros with the largest being 500 Euros.

Before Spain used the Euro as its official currency, the Peseta was the common form of currency but it is no longer accepted as a form of money Overseas.

How to benefit from good exchange rates

Exchange rates with banks vary massively, with some being reasonable and some being awful. Often, it will depend who the customer sees in the bank when they enquire about exchange rates.

Generally, banks do not offer competitive rates and often consumers assume exchange rates are fixed and therefore do not shop around for a better rate.

Exchange rates are not fixed which is why individuals looking to send money Overseas should look around for a good exchange rate. Using a broker could save as much as 4%, which equates to a saving of £5,000 for a transfer of €150,000.

Use a broker for one or regular payments Overseas

Foreign exchange brokers can help consumers looking to send money Overseas make the most of the exchange rate as they do tend to offer a more beneficial rate than high street banks. A broker can help you for a one off transaction or for regular money transfers.

How long does it take to send money overseas

There is no guarantee how long it will take to send money Overseas, and a number of different factors contribute to the speed in which the money is transferred.

Transferring money Overseas will be far quicker than sending money to a country such as India, as their currency is the Rupee, which is not considered a major currency. Therefore, because the Euro is a major currency money could be sent and received Overseas in one or two days, although this is not certain.