Send or receive overseas business payments between UK pounds, the euro and other popular currencies and attain the very best deal with a money transfer company, as opposed to an expensive bank service. Making international business payments to pay for employees, overheads or other costs is cheaper and faster when you’ve a dedicated currency specialist to set up and expedite the transactions on your behalf.
|BROKER RATES: GBP/EUR
|FX MARGIN RATE
|*GUIDE RATE: GBP/EUR
|0.7 to 1.0%
|€1.159 to €1.163
For businesses who transfer regular amounts overseas to make payments in the UK pound, euro or other popular European currencies, using a currency transfer specialist is a money saving decision if your monthly transfers exceed £250. For smaller amounts you’ll have to continue using a standard bank service.
International business money transfers refer to the process of sending and receiving funds across borders for business purposes. This type of transfer is essential for companies conducting global business transactions and operations.
With the rise of technology, businesses now have access to various payment options that facilitate international money transfers, such as wire transfers, online banking, and mobile payments. However, international money transfers can be complicated due to different currencies, regulations, and fees involved.
It is crucial for businesses to research and compare options to find the most cost-effective and efficient method for their needs. Proper planning and communication with financial institutions can ensure that international money transfers run smoothly and securely.
SEPA payments, or Single Euro Payments Area, are a method of electronic payment that allow businesses to send and receive funds within the European Union. This system was implemented in order to simplify cross-border payments and create a more efficient and cost-effective way of conducting transactions. SEPA payments can be made in euros and are processed through a standardised set of rules and procedures, making it easier for businesses to manage their finances across multiple countries.
Additionally, SEPA payments are typically faster and cheaper than traditional bank wire transfers, which can be particularly helpful for small businesses with limited resources. Overall, SEPA payments offer a valuable solution for businesses looking to streamline their payment processes and expand their reach across the EU.
Although the UK is no longer a member of the EU, it has continued to participate in SEPA. This means that UK businesses can make and receive euro-denominated electronic payments in the same way as their EU counterparts. It also ensures that UK customers can continue to make payments to businesses in the EU using the same standards and processes as before Brexit. However, it is important to note that there may be some changes and adjustments to SEPA regulations as the UK’s relationship with the EU evolves.
The aim of SEPA is to make payments in euro and across Europe as fast, safe and efficient as UK payments are today.
It’s worth pointing out that all banks will still charge their own foreign exchange margin rate to SEPA transactions. An example of this could be: An HSBC bank SEPA transfer from UK pounds to the euro has a commission fee capped at £2.00 on the actual transaction, however the foreign exchange rate received has a 4.1 percent taken off the money received, which is hardly the best money transfer deal on the market.
Basically, the SEPA rules are written around euro or EU banking. They take no account of currency conversion or transfer exchange rates, which is what happens if money is transferred into or out of the euro zone. European banks can still charge anything they like for that service, irrespective of SEPA. For further information regarding SEPA, contact your local bank branch, or speak to a currency transfer specialist company. Go to: UK Money Transfer Comparisons
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