There are different factors to consider when you're sending money outside the UK, here are some tips to help ensure it’s a smooth process.
1. Find a service you can trust
It pays to be careful when sending money outside the UK. You want your money to be secure and arrive safely. Always check that the company is FCA authorised. You can check a company's status on the Financial Services Register.
2. Make sure the service offers the coverage you need
If you know you're going to be sending money outside the UK to several different countries, it may be convenient to use one service that covers all of them. For example, HSBC's International Payment service enables you to send money to over 150 countries.
3. Check exchange rate information
If you're hunting for the best exchange rate, check that the information you find is up to date. Exchange rates can fluctuate quickly and figures quoted on some websites might be old. When reviewing rates, it’s important that you input the exact amount you're looking to send as this may affect the rate you are offered.
4. Be organised around regular and future payments
If you're going to be sending money outside the UK regularly to the same person, you may want to consider setting up a recurring payment so that you don’t have to manually send the money every time. This can be very beneficial if you have a commitment outside the UK that you want to ensure you don’t forget.
You may also be able to set up future payments so you don’t forget to make a one-off payment you know is coming up.