Are you considering buying a property abroad? Once you’ve found the perfect plot, managed to decipher the multitude of complicated rules that often accompany a foreign purchase and had your offer accepted, it’s time to start thinking about funds.

Transferring large amounts of money abroad can be very expensive and complicated – especially if you decide to do it through your bank. A number of fees could exist, not just for you as a sender, but for the recipient too. In many cases, the amount of commission you pay might not be clear and fluctuating exchange rates may also affect the final price.

There are other options, such as using specialist money transfer services. Not only they can help you streamline the process, but they can save you money too. One of the main reasons money transfer services can be the better option is the fact that they are competing with one another. In a buoyant, online marketplace, companies are vying for your business, and that’s great news for the consumer.

Faster and cheaper than using online banking

Online banking is convenient and all, but the biggest issue with it is the accuracy of the exchange rates.   As it’s linked with a particular bank, the rates are updated several times a day.  Not only that, the transfer fees are quite significant, too. All in all, it’s often not ideal, especially when it involves a large amount of money, such as property purchase transactions.

Unlike online banking service, with a transfer service, you are likely to have more up-to-the-minute information about exchange rates. This will allow you to predict your final bill far more easily.

With many transfer services based on the internet, you can manage your money in real time. Of course, you can do this with online banking but that holds you down to your personal bank where charges are likely to be higher.

Most money transfer services will offer a fixed price for the job. By their very nature, money transfer services are clearer, cheaper and far easier to use than the equivalents offered by banking groups.

Buying a property overseas is likely to be the biggest foreign purchase you ever make. Be sure to do your research beforehand and you could save thousands. Websites like Compare Currency have money transfer comparison tables that make this process very easy to undertake.