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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.
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    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.

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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    South Africa

    Cape Town

    Regent Square
    Doncaster Road
    Kenilworth 7708 +27 (0) 21 657 2120

    Durban

    25 Richefond Circle
    Ridgeside
    Umhlanga 4320 +27 (0) 31 536 8843

    United Kingdom

    Croydon

    One Croydon
    12-16 Addiscombe Road
    Croydon CR0 0XT +44 (0) 20 7759 7514

    Australia

    Melbourne

    9 Yarra Street
    South Yarra
    VIC 3141 +613 (0) 8651 4500

    Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services License issued by ASIC to deal in foreign exchange (1st Contact Group - AFS License number 335 126).

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