Banks typically charge 3–5% in combined fees and exchange rate margin on international transfers. On a £20,000 transfer, that is £600–1,000 in avoidable cost. Wise and OFX charge a fraction of this. The bank is never the right answer for large international transfers.
A forward contract lets you agree today's exchange rate for a transfer you will make in 3–12 months. You pay a small deposit (typically 5–10%) and the rest on the settlement date. Useful when you have a known future liability in a foreign currency — rent deposit, property purchase, salary transfer — and want to eliminate rate risk.
Property purchases abroad, large pension transfers on a specific date, securing a rental deposit before the rate moves against you. Not useful for flexible ongoing transfers where you can choose timing.
OFX offers forward contracts with no fee. Call their 24/7 dealing desk to discuss. Wise does not offer forward contracts.
Fraudsters intercept legitimate transfer instructions (property purchases are especially targeted) and substitute their own bank details. You send the money, they disappear. Always verify recipient bank details by calling the recipient directly on a number you already know — never use contact details from an email, even if the email appears genuine. Once sent, large bank transfers are rarely recoverable.
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