Money Transfers Abroad :: HEADstart2london

online money transfer to UK

Money Service Businesses (MSB’s), which is what money transfer companies are classified as in the UK, are regulated by HM Revenue and Customs and do not fall under the jurisdiction of the FSA. This does not mean that they don’t have to comply with strict criteria when processing your transfer – HMR&C work in conjunction with the EU when setting regulations for MSBs and they have strict regulations regarding the way they operate and the amount of documentation they have to collect from each client to comply with the UK and EU anti-money laundering regulations.

The pro's of using a money transfer company (or MSB) are the fact that the transfer fees are usually lower than the high street banks, their exchange rates are usually much better than a banks and with the better MSB’s you can do your entire transfer online.

A money transfer company is definitely easier to use and you get better value for your money, but you do have to be sure you are using a regulated company. The company you register with should be doing the required amount of KYC (Know Your Customer) as set out by HMR&C in their anti-money laundering regulations. This should include the client having to supply the MSB with any ID and other documentation required by the company and if the MSB is not asking the client for documentation or explaining how they do their KYC checks (they could be doing them electronically) you should not be using them as they will probably not be legitimate. A money remitter should have the MSB number displayed somewhere on their site and it is always better to use a company that deals in electronic banking only as opposed to cash - that way, if your funds are 'misplaced' your bank can put a trace on them and recall them back to your bank account so you cannot 'lose' them. You should also ensure they are a UK registered business. You can check this by entering their Company Registration number in on the Companies House website. As with all websites where you provide sensitive information, make sure that the page you are on is a secure page.

When transferring through a high street bank the transfer fee they charge clients usually does not include receiving bank costs, costs you (or your beneficiary) will incur when the funds clear in the beneficiary account. These can be quite high sometimes and are often based on a percentage of the amount of money received. Ensure you always find out all the costs incurred during the transfer process so you’re not surprised at the other end.

Exchange rates are another thing to look out for – ensure that the rates of exchange that a company are displaying on their website are indicative of the rates you would expect to get when transferring funds, and are not simply the inter-bank rates at the time – these are rates you would expect to get near if you are transferring hundreds of thousands of Pounds!

If you use a legitimate money remitter, they are definitely better value and easier to use than going in to your high street bank. Below, you will find some information about Easy Exchange, just one company that conforms with all the above criteria.

Easy Exchange Limited

www.easyexchange.co.uk is owned by
Online Money Transfer

Online Money Transfer

which is a registered Limited Company in the UK (Registration number: 3779438: Go to Companies House on the internet to make enquiries about Easy Exchange). Easy Exchange Limited is owned by and capitalised by two partners, a South African and a New Zealander, and is not associated with any other financial institutions. The company has been operating since January 2002.

Easy Exchange is not regulated under the Financial Services and Markets Act of 2000 or the Banking Act, as it is a Foreign Exchange Bureau (money transmitter) that does not give financial advice or hold the deposits of its clients for any other reason but money transfer. Easy Exchange does not accept Debit or Credit card payments on-line. This is where most fraud takes place over the internet. We only accept payments from customers for transfer via phone/internet banking which are proven safe.

Business conducted by Easy Exchange is governed by consumer protection acts such as that of 'Fair Trading', and non-compliance with these acts would result in criminal prosecution. Easy Exchange has registered as a Money Service Business with HM Revenue & Customs (Registration Number 12141558), a new requirement introduced since September 11th 2001 to help prevent money laundering. Easy Exchange is also a member of the UK Money Transmitters Association – an association started by Money Transmitters, and backed by the government, to ensure companies are trading in full compliance with the UK and European anti-money laundering regulations. Go to www.UKMTA.org for more information.

Easy Exchange has partnered with associations such as In2touch.com and Voetsek.co.uk to provide services and any extra information their members might need about money transfer in general, as well as the benefits of transferring money with Easy Exchange.

Because we are owner operated, we strive to give the best service possible at all times and adjust/change problem areas highlighted by our ever growing and loyal client base. We provide a fast e-mail response service to all our clients, and would-be clients, so if you are unsure about something or just need a bit more information about a certain aspect of Easy Exchange please do not hesitate to contact us.

enquiries@easyexchange.co.uk

online money transfer to UK