A notable exception to this is HSBC, which currently does not charge a fee for transfers made within the European Economic Area, or to another HSBC account, no matter where in the world it is located. However, those who do not bank with HSBC and who are looking to transfer a significant amount of money or send money overseas regularly, should consider a specialist money transfer company.
Often, these companies offer much better exchange rates than high street banks and charge a small fee or no fee at all. In addition to this, the money is sent securely and can sometimes be received on the same day, though the downside is that the money must be deposited into a bank account and cannot be transferred into cash. For those who want to send cash, Western Union may be a good option, but there must be a local branch available to the receiver.
How to get the best exchange rate when transferring money
To get the best value when sending money abroad, senders should look to get the most competitive exchange rate on offer, and it’s advisable to have an idea of the mid-market exchange rate before sending. This can be found using a currency converter calculator, which will give a rough idea of what to expect when comparing exchange rates. Ideally, the sender should shop around and compare rates of several different money transfer companies and banks to find the best option.
There’s more to this story online, and for more information about transferring money abroad, read our guide on international money transfers.