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Ensuring A Safe Money Transfer During Brexit

Published: 10th October 2019 15:21

 

Brexit has caused quite a lot of upheaval in the international markets, and money transfers may be complicated by this development. If you are sending money overseas, you need to know what the bank or transfer company will charge, how the transfers are completed, and the various ways you can send money. Each of the tips below will ensure that you can get the best possible results.

Which Banks Or Offices Will Accept Transfers?

Sending money online requires an agreement between both banks or transfer companies. Transferring money online from the UK means that the two banks are working together. If you are using an online transfer company, you need to know if they are willing to send money to another country from the UK.

Plus, some companies do not send money to the UK anymore because of the Brexit issue. You simply need to ask all your questions upfront so that you know what sort of service you can get. If you run into any problems, you need to find a company that is still willing to work with the UK.

Exchange Rates May Be Skewed

Exchange rates may be skewed because of Brexit. Certain countries will have worse exchange rates because they are skeptical about how the British Pound will perform due to Brexit. If this is the case, you need to know what the true exchange rate will be when you send the money.

Ask the transfer company if they offer a special rate for UK transfers, or find out when the best time to send a transfer would be. There are certain countries that favor weekends, or you may need to watch the exchange rates because they are constantly shifting.

Transfers May Take Longer

Brexit has caused a logjam in the international banking system as certain countries are not accepting transfers or have enacted new rules for UK transfers. You must ask your transfer company or bank how long it takes to complete your transfer. In most cases, you need to wait one or two business days to complete the transfer. Plus, you need to ask the transfer company if they have any issues with certain countries.

If you are sending money to a remote location, the transfer could take much longer than normal. You have no control over these transfer windows because you did not set the rules. You simply need to alert the recipient if they need to wait.

Sending Cash Is Different From Sending An Electronic Transfer

You may send an electronic transfer to a bank account in another country, but you may need to wait for a few days because of new rules that govern how these transfers are done. You also need to ask the bank if they put holds on the funds that are transferred. Someone who is sending a small amount of money may receive a hold that is twice that amount to authenticate the account.

If you are sending cash, you may not need to wait for very long because the office can convert cash at any time. If the office has a shortage of cash, they may not be able to complete large transfer requests. Ask the company if they have a transfer limit that is much lower than what you expected. Also, you must make sure that this bank or transfer office has the currency that you would prefer to use.

Could Your Transfer Be Denied?

You may have a problem with your transfer if you are sending money to a bank that does not accept transfer from the UK.
Sending money online requires a bit of research because every bank or country has its own rules. You should not try to send money without checking first because you will lose the fees that you paid to try the transfer in the first place.

Transfers could be denied if you are sending money for the first time from the UK. You need to have a valid form of ID ready when you send your money, and you may need to upload a copy of that ID to the system before your money is sent. When you do not have a valid form of ID, you may have issues sending money. The same is true when your recipient wants to pick up the money.

Conclusion

Sending money overseas from the UK requires a bit of research and thoughtfulness. You need to work with a company that can send money to any country you like, and you need to make sure that the receiving bank will work with UK banks. Check on the hold that will be placed on your account, ensure that the transfer office has the right currency, and have your ID ready to prove that you are who you say you are. Brexit has made things more complicated. You should be cautious every time you want to send money overseas.

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