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Transferring money internationally without high fees

I have a UK private pension that is paid into a bank account in Britain and I want to move the money to France every month, how can I make sure that I do not lose too much in transfer fees?

When making any kind of regular currency transfer, the provider you use can make all the difference.

Arranging to move money to and from France with your bank can be time-consuming and, as most banks charge transfer fees of £10 to £40 on every transaction, it can be costly. 

If you were moving your pension to France on a monthly basis, you could end up paying up to £480 a year in transfer fees.

However it is easy to avoid paying these transfer fees – you just need to use a dedicated currency specialist who does not charge them, giving you immediate savings.

As well as helping you avoid transfer fees, this can also help you secure a competitive exchange rate for your regular pension transfers to France, making your money go further still. 

While a small discrepancy in the exchange rate might not seem important, it can make a big difference to how much you receive. Over the course of the year you could save enough to fund a trip back to the UK – or at least pay for a few nice meals out.

You could also opt to fix the exchange rate for up to a year, which would give you the comfort of knowing exactly how much you will receive every month and protect your pension payments from any negative market movements.

Simply set up a direct debit and the payment will be made automatically every month, removing hassle and ensuring your money is where it needs to be, when you need it. You also have the option of setting up more than one regular overseas payment, ideal if you need to send money back home to loved ones, pay a mortgage or cover general living costs.

 

Question answered by Pippa Maile of Currencies Direct. For more information on international money transfers with Currencies Direct see www.currenciesdirect.com/france or call +33 (0)4 22 32 62 40

If you have a query on this topic send it to news@connexionfrance.com

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