There’s three main things which will determine what the best way to transfer money is depending on your situation:
How much money you’re sending
What currencies you’re sending from-to
How quickly you need the money to arrive
In most situations where you’re not sending very large sums of money, an online currency transfer specialist is probably the cheapest way to send money overseas.
But it’s also worth checking out your bank for any good offers they have. Often you’ll have to have one of their premium style bank accounts for the fees to be competitive but it’s definitely something you should look at.
If you’re sending really large sums of money you’re probably better of going with a foreign exchange broker. Many have no fees and have better rates than your bank.
Whoever you go with your going to want to make sure you trust them with your money.
If you use any transfer company that holds your money and it goes bust whilst it has your money there’s no guarantee you’ll get it back.
One simple check you can do is to check that the firm is authorised by the country’s financial regulator. This is a good indication that they are financially reliable and responsible.