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Why You Should Avoid Your Bank for International Money Transfers

The best way to send money abroad isn't necessarily your local bank.  That's because of several reasons, not the least of which is you might end up paying more.

Banks can be expensive.

Banks are multi-faceted organizations that may or may not prioritize international money transfer services.  These multinational conglomerates compete for customers in such a wide variety of products...loans, savings accounts, credit cards and more. That means they may not care as much about attracting customers who want to send money abroad.  It's not as important that they corner the market on this business, so they don't bother to be as competitive with their rates and theirs services as they might otherwise be. A customer who wants to send money abroad with a credit card is not a priority for many banks, in other words.  Therefore, it's very likely that banks may charge you a lot more for international money transfers.  International wire transfer fees can range from £30 to $£45 and up.  Then there's another fee for incoming transfers! Finally, banks favor large money transfers, since their fees are the same no matter how much money you're sending.  For individuals who wish to send smaller amounts abroad, using a bank can really add up.

Banks can be slow.

Not only can they cost more, but banks can be achingly slow.  The processing time if you want to send money abroad online through your bank or even in person with a teller is two to five days.  The bank may begin processing same day, but it will be a few days before the recipient sees the money. That's because their main focus in the money transfer lineup of products is the business customer. With ACE-FX, standard delivery time is less than most banks.  The standard time frame for one-off transfers is two to four days.  You also have the Express option, which features an even shorter delivery time, typically 0-2 days.  The reason for the range of days?  Different currencies have different delivery times when it comes to money transfers.

Banks can have lots of requirements.

Most banks don't accommodate people who want to send money abroad with a credit card or debit card.  They require both the sender and the receiver to have bank accounts.  If you don't have a bank account with the bank then you would be required to open one or go elsewhere to send your money. To send money abroad with credit cards or debit cards you might have to find a non-bank institution.

Ace-FX is neither slow nor expensive.

With a focused business like ACE-FX you're getting the royal treatment because your business matters the most.  We concentrate on international money transfers and prepaid travel cards so our customers know they're getting the best service. With us, you can send money abroad online quickly and easily.  All you do is sign up for an account through our trusted partner, MoneyCorp.  You may even use your debit card.  Alternatively, you may pre-fund your account with a transfer from your bank.  Either way, your rates don't change. Those rates, by the way, track live exchange rates but are based on a combination of factors including how much you're transferring.  That makes a lot of sense for people who don't need to transfer huge sums of money.  That's just one way we save you money over banks.

We partner with MoneyCorp.

MoneyCorp is one of the largest foreign exchange providers in the UK.  We've partnered with them to bring you international money transfers that are safe, secure, and cost-efficient, 24 hours a day. MoneyCorp completes over 9 million customer transactions every year and they have offices in the UK, Europe, Ireland and the USA.  Their impressive roster of blue-chip corporate customers speaks to their excellent service and longstanding reputation as a major provider of money transfers.

Business or personal, we offer money transfer options for everyone.

For our personal money transfer clients, we offer 24/7 online transfers because we know you're busy and time is precious.  You'll save 1% to 4% compared to your bank, too. Choose from regular payments or just a one-time payment for a special circumstance.  It doesn't matter: either way you get:

  • no transfer fees
  • all currencies
  • all international payments made
  • top notch customer service

For our business clients, we offer money-saving transfers as well.  We actually guarantee you'll save money on any size transfer abroad.  We also offer:

  • expert guidance
  • spot contracts
  • forwards
  • contract options and market orders

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