The 5 Minute Guide To Saving Money On Your Overseas Payments
Do you regularly make overseas payments or are you thinking of sending money abroad for Christmas or another special occasion? Before you opt for the transfer company that appears at the top of your Google search results or use the company you always use, read this handy guide into making international payments safely, easily and for the best rate.
Compare Money Transfer Offers Online – It Only Takes A Few Minutes
You probably wouldn’t purchase a new TV or mobile phone without comparing prices online or in store, so why would you make an International money transfer without comparing rates online? You may not be aware that you can do that, but the good news is that there are a number of reliable and reputable money transfer comparison sites offering up to the minute exchange rate details and advice. That few minutes you spend comparing the market could save you a great deal of money.
Book That Forward Contract
Did you know that you can secure your exchange rate for up to 12 months? When you find a rate that is in your favour (not always possible) you can simply lock that rate in for the whole year and enjoy money transfers at that rate.
Forward contracts are available from most foreign exchange brokers and are great if you want to know exactly how much your money will convert to when transferred overseas. You’ll sleep better at night knowing that your rate is locked in even if the market moves against you. To benchmark the rate you are offered versus the ‘‘real rate of exchange’’ use a reputable currency converter.
Transfer Money Safely – Always Use Companies That Are FCA Regulated
Regulations are there for a reason and put tight controls on companies offering certain services. The financial industry needs to be heavily regulated in order to protect the vast amounts of money that are transferred everyday. These regulations are also put in place to protect the consumer so take advantage of these rules and only ever use a money transfer company that is FCA regulated.
Always Use A Foreign Exchange Specialist
Come on, it’s time to make the switch from your bank to a foreign exchange specialist if you really want to get access to the best rates. You’ll also get a more personal service, tailored advice and won’t have to pay hidden fees or charges. Whilst your bank might seem fluffy, friendly and familiar, the rate they give you will often be much lower than the rate a foreign exchange specialist can give you. And because they specialise in exchanging currency, you can expect up to the minute rates, up to the minute advice and access to the widest range of foreign exchange services available today.
30 Second Recap – All You Need To Make Your Overseas Transfer Go Further
So, compare those exchange rates, book that forward contract, steer clear of your bank or companies that are not FCA regulated and opt for a foreign exchange specialist that can give you the best returns and transfer advice when you need it.
Author Bio: Daniel Abrahams is a personal finance writer, entrepreneur & startup mentor at ABC Startups. He Co-Founded OPP award winning comparison website MyCurrencyTransfer.com
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Category: Money
