When you’re making international money transfers, timing is everything whether you need to make an overseas payment or send money to a family member.
With foreign exchange rates fluctuating 24 hours a day you need reliable and expert help when moving your money around. Fortunately, there are many ways you can make your money go further and many companies offering fast and secure transfer services.
1. Look For Companies Offering Live Rates
Look for a foreign exchange company that takes a proactive approach to exchange rates. Banks tend to be more reactive and are not likely to alert you when a good exchange rate comes up. And surprisingly, the rates they advertise are not a true reflection of what is going on in the markets. They usually take the morning’s rate and use that rate for the entire day’s trading. In fact, the difference between the “live” rate and the bank’s money transfer rate could be as much as 5%. Look for FCA approved companies offering access to up to the minute rates. If you are transferring significant sums of money you could save a fortune.
2. Need To Transfer Money In An Emergency? Don’t Be Caught Out.
If you think you may need to transfer money in an emergency, look for a company offering standard and priority transfer options. You will usually need to pay an onward transfer fee especially for a priority transfer and shopping around for the best price could save you a lot of money in the future. If you need to transfer emergency cash, always ask for a quote. There are many companies out there that will add hidden charges or charge you an extortionate fee for transferring your money in a hurry.
3. The Many Benefits Of Using A Foreign Exchange Broker
If you really want to save on your money transfers, use a foreign exchange (FX) broker. Better exchange rates and lower fees are just some of the reasons to do so. These companies also offer excellent benefits to corporate or regular clients. For example, corporate customers may be offered transfer deals without fees and regular clients may be able to lock their exchange rate for all future transfers. FX brokers usually offer 24 hours service can transfers can be completed in 24-48 hours. They also specialize in nothing but foreign currency exchange and transfers and are experts in their field.
4. Consider Other Money Transfer Services For Instant Transfers
If you simply cannot wait 24-48 hours for your money to be sent, money transfer services such as PayPal could come in handy. These allow you to make instant payments around the world, but this service does come at a price. The fees for money transfers are usually set at a minimum of 4% and that could prove costly if you are moving around large sums of money. It’s a much better idea to arrange a priority transfer with a foreign exchange broker instead.
5. Always Get A Quote In Writing
Lastly, it’s important that you get everything in writing when making an International money transfer. Ask for quotes, ask for receipts and make sure you keep everything safe in case you need to refer back to it later. In the event of a problem you will need proof of your transfer. The good news is that a good foreign exchange broker will have these mechanisms firmly in place giving you total peace of mind that your money is safe.
This is a guest contribution written by Aviva Tabachnik, resident currency expert at OPP award winning comparison website MyCurrencyTransfer