(By lisaNW1/Money.co.uk) If you’ve decided to “up-sticks” and move abroad, then you’ll soon need to consider the best way of transferring money from the UK to your accounts overseas.
When it comes to making payments from the UK, there are a few different methods you can use to make sure you get the most out of your Pound.
Small payments
If you need to make smaller payments consider “purpose-built” products such as prepaid currency cards. The cards allow you to load funds in advance at competitive exchange rates and can simply be used like a debit card to pay for products and services online or when abroad, without further transaction or exchange fees. (Some providers charge an ATM fee for withdrawals in the UK and/or abroad).
With many highly competitive rates and providers now operating solely online, turn to the web to stretch your Pound. Ensure the provider is FCA Authorised and then choose one that meets your needs. Some also offer mobile apps, such as the FairFX app, which allows you to top up your prepaid card, transfer money or check your balance whilst on the go.
Anywhere Sterling cards
These are loaded with Pounds Sterling and the currency conversion takes place at the point of sale, meaning they can be used in over 220 countries worldwide. If you’re likely to be travelling between countries, or paying in currencies other than Euros and Dollars then this is a great card to have, as you don’t need to worry about buying multiple currencies.
Euro and US Dollar cards
These are among the best ways to carry and pay for items in the Eurozone or USA as you can you lock-in exchange rates before you pay. These cards are very popular for paying for items online, and you can benefit from them being Chip & PIN protected. Another benefit of prepaid cards is their safety – they are not linked to your bank account.
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