close menu

Transparency in numbers – money transfers

by 1st Contact | Oct 30, 2008
  • Unbeknown to most people, one of the most expensive ways of transferring money to international destinations is through banks, where many individuals are bearing the brunt of various additional costs.
    Forex

     

    Forex experts and international financial services group 1st Contact has disclosed the following hard truths about traditional international money transfers and how these pitfalls can and should be overcome.

    There are two key elements to be aware of when sending money to international destinations:

    1. The truth about hidden exchange rates

      Most organisations (including banks) struggle to openly reveal which exchange rate will be received at the moment of transfer. Without this knowledge many unsuspecting individuals are unable to determine the actual cost of their transfer and therefore the amount of foreign exchange they should expect to receive in their destination account.

    2. Awareness of sending and receiving fees

      Another major cost which individuals incur when sending money home is the cost of both sending their money and then receiving funds in the destination country. While the cost of sending is often high, it is at least known at the time of transacting; however the cost of receiving is often not known until such time as the funds clear into the destination account, less of course the receiving fees.

    According to 1st Contact, individuals should not have to put up with excessive additional costs and misleading exchange rates when sending their hard earned cash back to their home countries. As such, 1st Contact have engineered a unique platform to ensure that the rate you see is the rate you get – no frills, no thrills, just the straightforward truth.

    When utilising the 1st Contact Forex infrastructure, individuals can use their debit cards online, thereby securing the exchange rate at the point of transfer, putting customers in full control of their financial affairs. The immediacy of the transaction is a solid guarantee of a fixed, upfront and transparent rate. This coupled with the fact that there is no commission charged by 1st Contact, low transfer fees with all transfers over £ 10 000 free of charge and no minimum transfer amounts required, makes this the most cost effective option in the UK.

    1st Contact advises individuals to consider the benefits of regular international money transfers and larger lump sum transfers.

    The table below details a brief example of the savings that can be expected when sending GBP from 1st Contact Forex in comparison to a bank.

      Country Amount Transfer fee Exchange rate Transfer amount Bank charges Saving
    Bank ZAR £1,000 25 16.30 R15,893 R300 -
    1st Contact ZAR £1,000 10 17.10 R16929 R0 R1,337
                   
    Bank AUD £1,000 25 2.47 $2,408 $15 -
    1st Contact AUD £1,000 7 2.51 $2,492 $0 $99
                   
    Bank NZD £1,000 25 2.47 $2,408 $15 -
    1st Contact NZD £1,000 7 2.79 $2,770 $0 $104

    *The above exchange rates were accurate on 27 October 2008

    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.

    • Businessman-balancing
      Brexit: How to protect against currency fluctuations
      Mar 13, 2019  |  by Anton Van Teylingen
    • Rand-pound-sterling
      Britain - a good time to invest? Make use of your 2018 investment allowance
      Nov 14, 2018  |  by Andrew Rissik
    • trust-handshake
      But, do you know your forex broker’s name?
      Oct 10, 2018  |  by Saskia Johnston
    • risk-ahead-sign
      Increase your business’s bottom line with currency hedging
      Jun 06, 2018  |  by Calvin Matsaure
    • dollar-euro-birdcage
      Is your forex broker saving or costing you money?
      May 15, 2018  |  by Tim Smith
    • international-money-transfers-globe
      How to choose the right forex partner for your business
      Dec 11, 2017  |  by Saskia Johnston
    • dollar-vs-rand-depreciation
      Uncertainty is here to stay, so how do you roll with the punches?
      Nov 24, 2017  |  by Gary Kockott
    • rand spiral blog
      Can the Rand make a comeback? Or is it too late?
      Oct 20, 2017  |  by Andrew Rissik
    • business-man-chasing-thief
      Scam warning! Australian importers beware
      Oct 18, 2017  |  by Tim Smith
    • Piggy bank and rain
      Protect your wealth from exchange rate volatility
      Jul 12, 2017  |  by Anton Van Teylingen
     
     

    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).

    We use cookies to provide the best website experience for you. Using this website means that you agree to this. How we use cookies.