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Need to get your money somewhere in a flash? A word of advice – don’t go through your bank

by Gemma Blommaert | Mar 05, 2014
  • Most people choose a brick and mortar bank when they need to send money from the UK in a hurry. Unfortunately, this costs them time and money. We'll show you how a good forex agent will beat the bank - every time.
  • 111_Need-to-get-your-money-somewhere-in-a-flash-dont-go-through-your-bank

    Convenience

    A solid forex agent will let you choose between a cash deposit, EFT, or debit card. Your money will reach its destination within one to three working days, compared to the sluggish ten working day period promised by most banks.

    Reduced fees

    Banks charge exorbitant fees for transferring money. Using UK > South Africa as an example, if you transfer £1000, you would pay roughly £10 through 1st Contact, with no receiving fees and no hidden costs whatsoever. The bank will likely charge you £25 for the transaction, as well as a receiver fee of £7. You’ll effectively save around R610 by transferring though 1st Contact Forex as opposed to a UK bank. Also good to know is that with 1st Contact Forex, every fifth transaction is free and all transactions over £10 000 are free.

    Best exchange rate

    Beware of transferring money through anyone who can’t guarantee your exchange rate at the time. When transferring through 1st Contact Forex, the rate you see is the rate you get, so you can expect no nasty surprises.

    1st Contact Forex will let you compare fees and register for free in just two minutes.

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