Whether it’s a stranded relative, your teenage child on a gap year, or a business associate in another country, we all need to make an international money transfer at some point in our lives.

Here are some things to consider if you have to make an international money transfer:

1. Exchange rates
Obviously (or not!) you’ll have sought out the best possible exchange rate you can if you’re a dab hand at making an international bank transfer.

Most cards add a 3% charge on the exchange rate, so you’ll end up paying more, but a Visa or Mastercard doesn’t, so if you have one, use that instead to save money.

2. Same bank, no charge
Many of our banks are global these days – if you transfer money from your Barclays Bank account or HSBC, for example, to someone who uses the same bank overseas, there is usually no charge.

3. Look for an authorised broker
Using an authorised broker can give you assurance that your money is safe and will reach the recipient rather than make its way down a black hole.

To check, make sure your broker of choice is registered or authorised under the Payments Services Directive.

4. Know who you are sending money to
Obviously, if it’s a relative or a trusted friend, you will have that long-standing relationship with them, but if transferring money to a new business associate, make sure you do your due diligence so you don’t get burnt.

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