The transfer rates of popular banks.

There are many ways to send money overseas and there are lots of firms that are competing for your business including financial services such as banks, money transfer firms and foreign exchange brokers. The demand for currency transfers has really boomed in the past few years as people have an increasing number of reasons to exchange a large sum of for example pounds to other forms of cash such as the US dollar or Euros. This is mainly attributed to the fact that there is an increase in international business transactions and more people are buying or selling property abroad. There is also a need for regular sums to be transferred with could be money from a pension or savings moved to pay their bills or maybe settle an oversee mortgage.

In most cases, when sending money to friends and family abroad your first thought is to rush to the bank. Transferring large sums of money through the bank is easy with payments which can be made through a wide array of platforms such as using a desktop computer or even a Smartphone and can offer the best transfer rates. Below are the different banks that you can consider to use when making international money transfers:



1. Barclays Bank

This is a big and well-established bank that offers services in the international transfer of money. However, Barclays bank is considered to be expensive due to their bigger fees and costly exchange rates. For example, making use of Barclays on today's date to send $10,000 in the Eurozone would cost one an additional $426 over what you'd pay using currencyFair. Barclays will display their charge rates on their website but there are some additional charges you will incur when you make use of their services.

2. HSBC

This one of the largest banks in the world with a market capitalization of over $140.One can send money via the internet banking with a default maximum of $50000 at only a fee of $25.You are also given a chance to raise this limit and conduct a telegraphic transfer up to $100000.You can save $5 for each overseas transfers by using the HSBC internet banking services. However, the procedure is slow and can take up to 5 business days on the international transfers.

3. The Co-operative Bank

The Co-operative Bank in most parts of the world are involved in taking deposits and lending money to its customers but in the present times, the bank plays a major role in international money transfers. It offers several convenient ways to send or receive money worldwide. Personal international transfers can be done through CHAPS which is a method of making electronic transfers for any amounts to clearing banks in the United Kingdom.

4. LLOYDS BANK

This is one of top four banks in the UK that has extensive branches of over 2,000 all over the UK. With over 30 million active customers, the bank is the leading financial service provider. The bank offers 24-hour internet and mobile banking services. The bank claims to offer the best transfer rates in the market and promises you to save a lot in international money transfers.



In order to get the best transfer rates in the international markets its therefore crucial to know more about the bank that you are dealing with so as to get a more secure, efficient and economical transfer rates.

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