How to save money on your international transfer using currencytransfer.com
Frequently asked money transfer and CurrencyTransfer.com product questions. No spin. No Jargon
01 – Introduction– 0:00
Hello, and welcome to your video tutorial for the CurrencyTransfer.com Global Payments Marketplace. I’m Saloni, and I work in the Operations team. In this video I am going to show you all the steps to successfully completing an international transfer. There are chapter links for specific questions below, so if you are looking for a specific answer feel free to jump ahead.
For the purposes of this video, we will assume that you have an activated account on CurrencyTransfer.com, so if you do not already have an account, please head over to CurrencyTransfer.com/sign-up to register.
02 – Getting a Quote – 0:35
When you log in to your CurrencyTransfer.com account you arrive here. You can return here at any point by clicking on “Make a transfer” in the main navigation bar.
The first step depends on whether you have a fixed amount of currency you have which you wish to sell, where you would enter the amount in the top field, or if there is an exact amount of currency you need to buy. Enter that amount in the corresponding box and select the relevant currencies, the top box being the currency you currently hold and the bottom box is for the currency you would like to buy.
For this tutorial we are going to use the example of a UK company needing to settle an overseas invoice and pay 50,000 Dollars for the manufacture of goods.
Being a UK company you would be holding Sterling so we don’t need to change the from currency, keeping GBP in the top box. If we held a different currency, we could select the relevant currency from the drop-down box.
In this example we are paying an invoice, so we enter the exact amount required to fulfil the payment. Make sure you change the desired buy currency from the drop-down box. In this case, we need US Dollars.
Next, we need to select the delivery date. The available dates depend on the currency pair, and any national holidays, but as a general rule for the majors, you can choose a date anywhere from same-day delivery, all the way up to 12 months in advance.
Bear in mind, selecting a delivery date further ahead than 5 days will book a forward contract. Everything else is the same, the rate agreed is secured for you and the payment will be released on receipt of your settlement, but the settlement isn’t due until the forward date and you may be required to pay a deposit of between 5% to 10% on securing the contract. . For more information on forward contracts, please refer to our webpage on forwards contracts or give us a call to discuss..
For this example we’ll select the earliest possible delivery date for US dollars. For compliance purposes, you’ll need to enter the reason for your transfer. In our example, we are paying an invoice, so we will enter Manufacturing Invoice.
Now we’re good to click the “get a quote” button
03 – Editing Your Quote – 2:42
The quotes on the CurrencyTransfer.com platform are live bookable transfers. They are not indicative. When you accept the quote, you enter into a contract with our Payment Partner. You will see here that quotes are automatically refreshed every 15 seconds, indicated by the countdown bar.
For the purpose of this video we are just going to pause the video so we can go into detail on the information on the quotes page.
In this top section, with the tick next to it, there is an overview of the selections you made for getting a quote. It’s worth drawing your attention to the ‘Pay by’ settlement time and date, which is when your settlement funds would need to arrive with the Payment Partner, in order for them to deliver the bought currency by the requested date. And also, we show you the Mid-market rate – which is provided for 100% price transparency transparency in the CurrencyTransfer.com service.
If you need to make any changes to your original quote, you just need to hover your cursor over the top section and you will will be given the option to modify and update your quote.
Ready to book a transfer? Let’s do it
As you can see, this green section is your current quote. As a Global Payments Marketplace, we return a quote from the Payment Partner, most suited to serve your transfer, offering the best exchange rate for you.
This first value under the title “your account” shows you how much you will need to settle. You will need to transfer funds, via bank transfer, from your account to the Payment Partner to settle your transfer.
The “Rate” is the exchange rate at which your funds will be converted.
“Recipients Account” shows how much will arrive in the recipient’s bank account and you can also see the estimated date of delivery that you selected when you built the order.
At the bottom here, you’ll see an estimation of how much you save compared to your average high-street bank. Watch these savings add up!
05 – Booking a Transfer – 4:28
In our example we need the recipient to receive 50,000 dollars. The best payments provider for this transfer has a conversion rate of 1.2976 which means to settle this deal, we need to transfer 38,532.76 pounds to the payment partner.
When you are happy to proceed, you book with a 3-click confirmation. Remember, when by clicking ‘Confirm’ book , you are entering into a legally binding currency contract.with the regulated Payment Partner. When you book the deal, they purchase the bought currency amount, immediately, in real time, in order to honour your deal and guarantee the exchange rate agreed.
So, let’s go ahead.
Click the “book“ button
Click the “I agree” tick box to agree to terms and conditions
Click the “confirm” button to the right of the “I agree” tick box.
Congratulations – your transfer is booked, and hopefully we’ve helped save you a small fortune!
06 – Applying a Recipient – 5:23
There are only have 2 more steps before your funds can be delivered
The first is to enter your recipient details so we can send your funds to the right place, and the second is to settle the deal, making an electronic payment to the regulated Payment Partner.
So, to add a recipient, you need to click the allocate payment button here on the trade confirmation screen.
If you do not have any recipients saved in your account, you can create a new recipient using the “Add New Recipient“ option which will open the Add New Recipient Form and allow you to fill in a few simple fields to enter the receiving account details of your Recipient.
For this example we are going to allocate the payment to a saved recipient, ABC Limited. We click on ABC Limited from the list and click the “confirm” button.
Next, we need to enter a “Payment reference”. This reference will show up on your recipient’s bank statement and helps to identifying the transfer as coming from you.
We are going to use the invoice number from the invoice that we are settling with this payment Invoice – 001255
Then click the “allocate” button
Give the summary a quick final review, just to ensure all the details are correct and click confirm
And that’s it. You have completed your international transfer and providing you settle on time, the currency you have bought should be delivered by the estimated delivery date you selected.
If you want to review your transfer history, just click on the tab in your dashboard.
Thank you for watching.
We hope you have found this tutorial useful. If you have any further questions feel free to check out some of our other tutorial guides or contact us via email using support@currencytransfer
Until next time. Have a great day.
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