Sending Money Abroad: A Guide
International Money Transfers with Cambridge Currencies
If you need to send money overseas—whether for personal expenses, business transactions, or managing international accounts—our seamless and efficient international money transfer service can help. While we do not charge for transfers, recipient and intermediary bank fees may apply.
Who Can Benefit from International Transfers?
You may need to make overseas payments for various reasons, including:
- Transferring funds to your international bank account.
- Paying bills abroad.
- Sending money to family or friends.
- Making purchases from foreign businesses.
- Managing a home or holiday property in another country.
- Relocating for work or study.
- Investing in overseas property.
- Supporting dependents in different countries.
- Traveling frequently and requiring access to funds globally.
If you’re sending money internationally for the first time, the process might seem daunting. However, Cambridge Currencies ensures that it is straightforward and hassle-free. While we support transactions in most locations, legal and regulatory restrictions may apply in certain countries.
Step-by-Step Guide to Sending Money Abroad
1. Determine Your Transfer Needs
Assess why and how frequently you need to send money abroad to choose the best transfer method.
2. Choose Your Transfer Method
Decide whether you want to send money online, via mobile banking, or through a dedicated specialist at Cambridge Currencies.
3. Understand Transfer Options
Different methods come with varying fees, speeds, and exchange rates. Choose the most suitable option based on urgency and cost.
4. Check the Exchange Rate
Foreign exchange rates fluctuate. Ensure you secure a competitive rate before initiating your transfer.
5. Select the Currency
Determine whether to send money in the recipient’s local currency or another preferred currency to minimize conversion fees.
6. Gather Recipient Information
Ensure you have accurate bank details, including the recipient’s IBAN, SWIFT/BIC code, and account information.
7. Set Up Payment Details
Enter the transfer amount, currency, and recipient details to confirm the transaction.
8. Complete the Transfer
Review all information before finalizing the transaction to avoid errors or delays.
9. Cancelling a Transfer
If you need to stop a payment, act quickly. Once processed, cancellations may not be possible.
10. What If the Payment Doesn’t Arrive?
If the recipient does not receive the funds within the expected timeframe, Cambridge Currencies can help track the transaction.
Key Considerations When Sending Money Abroad
Time Zones and Processing Delays
Banking hours vary worldwide, affecting how quickly your payment is processed. Factor in time differences when planning urgent transactions.
Costs and Fees
Cambridge Currencies does not charge for international transfers. However, intermediary and recipient bank fees may apply.
Processing Time
- Transfers within the EEA (in Euro or another EEA currency): The recipient’s bank is legally required to credit the payment the same day it is received.
- Transfers outside the EEA or in non-EEA currencies: Processing times vary, typically between 1 to 5 business days. However, transfers to certain regions may take up to 14 working days, depending on local banking practices.
Receiving Money from Overseas
If you are receiving money from abroad, electronic bank transfers are usually the fastest and most cost-effective method. To ensure a smooth transaction, provide the sender with your complete bank details.
If a cheque or bank draft is used, there are two main processing methods:
Funds by Negotiation
- Cheques or drafts in the local currency can be credited within a few days, subject to charges.
- The issuing bank may still return the cheque unpaid at a later date.
Funds for Collection
- If the payment comes from a high-risk country or a different currency, it may be sent for collection.
- Funds are only credited once confirmed by the issuing bank, which may take several weeks.
Additional Support and Services
Planning a Move Abroad?
If you’re relocating for work, study, or retirement, Cambridge Currencies can help streamline your international banking needs.
Premier Currency Exchange Services
For high-value transfers, we offer tailored exchange rate solutions and dedicated support to help you maximize your funds.
For more information on international money transfers, fees, and exchange rates, contact Cambridge Currencies today.