Overseas money transfers are a method of sending money from one bank account to another, without an actual physical transfer occurring. Once done by cable, today most activity takes place over the internet.
International payments are made on a daily basis, for a variety of reasons. Common reasons include emergency cash for relatives or colleagues; making bill payments (for example, to your credit card or mortgage company, if you’ve been temporarily “seconded” to a foreign branch of your firm); transferring funds from one bank account to another; buying property; importing goods, or to cover expenses when opening a new base of operations overseas.
The days of telegraph communications are long gone, but international wire transfers are still the accepted way to transfer money overseas. Many high street banks offer the service, though they can be expensive. Some offer an online banking service for businesses, but this is risky unless you have extremely high levels of security.
Many people think international wire transfers begin and end with Western Union – a name left over from the old-fashioned days of the telegraph offices. However, it has a somewhat tarnished reputation among business users, and is generally associated with small personal transactions of a few hundred pounds. Larger amounts become prohibitively expensive.
In recent years, online currency exchange brokers like us at Pure FX have come to the fore. We offer a fast professional service, combining the personal approach of a high street bank with specialist knowledge of your needs. What is more, we are easy to connect to wherever you are in the world.
