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How to make an international money transfer using CurrencyTransfer.com - YouTube
Channel: CurrencyTransfer
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hello and welcome to your video tutorial
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for the currency transfer comm Global
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Payments marketplace
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I'm Flo nee and I work in the operations
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team in this video I'm going to show you
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all the steps to successfully complete
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in an international transfer there are
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chapter links for specific questions
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below so if you're looking for a
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specific answer feel free to jump ahead
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for the purposes of this video we will
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assume that you already have an ax based
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account on currency transfer com if you
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don't already have an account please
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head over to currency transfer comm
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slash sign up to register when you log
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on into your currency transfer comm
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account you will arrive here you can
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return here at any point by clicking on
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make a transfer in the main navigation
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bar the first step depends on whether
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you have a fixed amount of currency that
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you would like to sell where you would
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enter the amount in the top field or if
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there is an exact amount of currency you
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would like to buy and that amount in a
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corresponding box and select the
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relevant currency the top box being the
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currency you currently hold and the
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bottom box is for the currency that you
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would like to buy for the purposes of
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this tutorial we are going to be using
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the example of a UK company needed to
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settle an overseas invoice and pay fifty
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thousand US dollars for the manufacture
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of goods being a UK company you would be
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holding sterling so we don't need to
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change the from currency keep in GBP in
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the top box if we held a different
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currency we could select the relevant
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currency from the drop-down box in this
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example we are paying an invoice so we
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enter the exact amount required to
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fulfill the payment to make sure you
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change the desired by currency from the
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drop-down box in this case we need US
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dollars next we need to select the
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delivery date the available dates depend
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on the currency pair and any national
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holidays but as a general rule for the
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majors you can choose a date anywhere
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from same day delivery all the way up to
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twelve months in advance
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bear in mind selecting a delivery date
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further ahead than five days will book a
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forward contract everything else is the
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same the rate agreed is secured for you
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and the payment will be released on
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receipt of the settlement but the
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settlement isn't you until the forward
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date and you may be required to pay a
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deposit of between 5%
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percent on securing the contract for
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more information on board contracts
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please refer to our webpage on forward
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contracts or give us a call to discuss
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for this example we'll select the
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earliest possible delivery date for US
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dollars to compliance purposes you will
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need to enter the reason for your
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transfer in our example we're paying an
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invoice so we'll be entering
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manufacturing invoice now we're good to
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click the get a quote button
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the quotes of a currency transfer calm
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platform our live bookable transfers
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they are not indicative when you accept
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the quote you enter into a contract with
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our payment partner you will see here
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that quotes are automatically refreshed
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every 15 seconds indicated by the
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countdown bar for the purpose of this
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video we're just going to pause the
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video so we can go into more detail on
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the information on the quotes page in
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this top section with a tick next to it
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there is an overview of the selections
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you made for getting a quote it's worth
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drawing your attention to the pay by
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settlement time and date which is when
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your settlement funds would need to
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arrive with the payment partner in order
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for them to deliver the bought currency
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by the requested date also we show you
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the mid-market rate which is provided
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for 100% price transparency in the
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currency transferred comm service if you
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need to make any changes to your
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original quote just hover your cursor
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above the top section and you will be
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given the option to modify and update
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the quote ready to book a transfer let's
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do it as you can see this green section
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is your current quote as a Global
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Payments marketplace we return a quote
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from the payment provider most suited to
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deserve your transfer offering the best
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exchange rate for you the first value
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under the title your account shows how
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much you will need to settle you will
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need to transfer funds via bank transfer
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from your account to the payment partner
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to settle your transfer the rate is
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exchange rate at which your funds will
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be converted recipients account shows
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how much will arrive in the recipients
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bank account and you can also see the
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estimated data delivery that you
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selected when you built the order at the
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bottom here you'll see an estimation of
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how much you've saved compared to your
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average high street bank watch these
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savings add up in our example we need a
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recipient to receive 50,000 US dollars
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the best payment provider for this
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transfer has a conversion rate of one
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point twenty nine seventy six which
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means to settle this deal we need to
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transfer thirty eight thousand five
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hundred and thirty two pounds and
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seventy six cents when you are happy to
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proceed you book with a three click
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confirmation remember by clicking
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confirm book you are entering into a
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legally binding currency contract with a
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regulated payment provider when you
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the deal they purchase abroad currency
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amount immediately in real time in order
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to honor your deal and guarantee the
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exchange rate agreed so let's go ahead
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click the books button click the I agree
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tick box to agree to terms and
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conditions click the confirm button to
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the right of the I agree tick box
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congratulations your transfer is booked
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and hopefully we've helped you save a
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small fortune there are only two more
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steps before your funds can be delivered
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the first is to enter a recipient
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details so we can send your funds to the
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right place and the second is to settle
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the deal make an electronic bank
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transfer to the regulated payment
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provider so to add a recipient you need
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to click the allocate payment button
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here on the trade confirmation screen if
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you don't have any recipient saved in
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your account you can create a new
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recipient using the add new recipient
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option this will open the add new
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recipient form and will allow you to
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fill in a few simple fields to enter the
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receiving account details of your
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recipient for this example we're going
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to allocate the payment to a save
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recipient ABC limited we click on ABC
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limited from the list and click the
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confirm button next we need to enter a
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payment reference this reference will
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show up on your recipients bank
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statements and helps to identify the
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transfer as coming from you
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we're going to use an invoice number
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from the invoice that we are settling
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with this payment invoice 0 0 1 2 5 5
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then click the allocate button give the
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summary a quick final review just to
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ensure all the details are correct and
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click confirm and that's it
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you've just completed your international
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transfer and providing you settle on
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time the currency you report should be
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delivered by the estimated delivery date
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you collected if you would like to
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review your transfer history just click
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on the tab in the dashboard thank you
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for watching we hope you found this
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tutorial useful if you have any further
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questions feel free to check out some of
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our other tutorial guides or contact us
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directly via email using support at
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currency transfer com until next time
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have a great day
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