When you send money abroad, especially larger sums, you need to think carefully about whether the method you’re using is safe. If you’re using a specialist foreign currency broker, or any other company that specialises in sending money overseas, then you need to ensure the company you are using is reputable and has important safeguards in place.
For obvious reasons, sending money from UK to certain countries will vary in risk depending on the country you’re sending it to. For instance certain parts of Africa might have relatively unstable political or economic systems. With this in mind, if you’re sending money to Africa then you should choose a company who specialises in African money transfers.
Again the company needs to be vigilant against illegal activities such as money laundering. Money laundering and the funding of terrorist organisations abroad is a real problem, and so any foreign exchange company needs to both understand the mechanics of money laundering and have the infrastructure in place for reporting suspicious transactions.
It is important that any company you choose to handle your money transfer is both reputable, qualified and experienced. You should look for recognition from bodies such as the International Association of Money Transfer Networks. Also, you should be prepared to ask any company various questions about their business, how your money will be managed etc, endeavouring to get to know the company on a human level.
