International Money Transfers
Frequently Asked Questions

It depends on the amount of money you are sending overseas. For smaller amounts, below £/$/EUR 2000 or equivalent there will be a fee, but in comparison to banks these fees are very low, particularly with the online money transfer companies. Over this amount, with FX brokers, you will not be charged a fee at all. Sometimes the banks in the middle and at the end will charge a fee, but 9/10 times FX brokers are able to absorb these additional costs, as they make their money from the difference in the exchange rate they give you and the exchange rate they can command by buying foreign currency in bulk amounts, which is considerably better than those you would get from a bank.

No. We do not provide travel money services at this time.

Ensuring the safety and security of your money is central to all of our FX partners. They all comply fully with all relevant regulations and ensure your funds are appropriately segregated from business funds in line with requirements. UK based companies are authorised and regulated by the FCA(Financial Conduct Authority – formerly FSA), and they are required to hold sufficient capital to protect their business and further safeguard their customers and are willing to provide a bank reference for further reassurance. For non-UK based companies, we make sure that they comply and are registered with the relevant Government authority in the countries they operate.

The exchange rates quoted on our site are nearly always a lot better exchange rate than your bank and if you're quoted a better rate, they will match it but without the cumbersome bank fees – so it is still saving you money on your international payments! Savings are usually from 0.25% up to 4% of the amount being transferred which is reflected in our ‘You save’ feature in our comparison tables.

The exchange rate you usually see on online currency converters is the Interbank Rate (Read here). This is the exchange rate that banks sell to each other, in the billions and is not the same as the exchange rate you will actually get. They quote you a much lower exchange rate and that's where they make their money. This is known as the spread, or the margin. Our FX partners don’t trade currencies at the same volumes as the banks, but still source enough currency to get such good rates that they are able to pass on savings to you by offering margins higher than they bought it for but still considerably lower than banks. The Money Cloud, by introducing you to our partners receives a percentage of this profit made.

Yes, you can lock in an exchange rate now for a date up to 3 years in the future. This is often called a forward contract. You might need to pay an initial deposit and then the balance will be due at the end of the contract. If the exchange rates move against you may need to top up the deposit. Your dealer will explain and discuss this with you before you book your forward. This can be ideal if you want to know exactly how much you'll get when you come to make your international payment.

If it is to do with a specific transaction or complaint about the service provided, contact us straight away and we will ensure that the matter is resolved:

‍general@themoneycloud.com.

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