Tips to Transfer Money Overseas Quickly, Cheaply and SafelyYou may find that you need to transfer money abroad on a one-time basis or monthly and even weekly. Whatever your requirements, you may want to investigate and explore the best ways to transfer money, especially if you have never done so before. Today, we’re sharing a few tips for transferring money abroad safely, quickly and at the lowest cost. Being aware of how to transfer money involves a few key components:
- Safety and security
- Knowledge and common sense
What To Consider Before Transferring Money AbroadWhen you know a little bit about the ins and outs of sending money abroad, you can rest easy knowing that you’ll save a bit of cash and time, and have peace of mind as well. There are some things you need to know before transferring money abroad. Be Aware of Exchange Rates Most people don’t know that the biggest fee when sending money internationally tends to be the exchange rate itself. As explained in our earlier article on how to beat the interbank exchange rate, the interbank rate is the international standard rate used by the big banks to trade amongst themselves. Ordinary, everyday people don’t get access to the interbank rate.
Banks know this and that’s why they slap on an extra 3 – 6 per cent ‘spread’ on top of the 0% exchange rate they get to use.Banks know this and that’s why they slap on an extra 3 – 6 per cent ‘spread’ on top of the 0% exchange rate they get to use. So you, as an everyday person, have to pay an extra 3 – 6% exchange rate just for the privilege of sending your money somewhere – and that’s before the fixed sending or receival fee they may charge on top. By being aware of this, you will be able to get the best rate possible for yourself. Be Aware of Those Fees Of course, you’ll need to be aware of transfer fees. Transfer fees can be quietly added on to your transaction from the sender and also to the recipient. Look for a service that will provide you with reasonable and possibly discounted transfer fees for overseas payments. Be Safe and Secure If you are using a bank or money transfer company, then be safe and secure. Check to see what body regulates and oversees the company. In this way, you can then rest assured that you, your recipient, and your money are all safe and sound. Make sure you can easily contact the customer service team and not be diverted to a large automated call centre in some unreachable part of the world. By the way, CurrencyFair is fully regulated and compliant when government legislation around the world. Look at Your Reasons for Sending Money Overseas There are many reasons why you may need to send money overseas, for example:
- You may be buying a retirement property
- You have international customers and/or suppliers for your business
- There may be a college student living abroad
- You work as a freelancer, sending and receiving invoice funds
- A family affair such as a wedding celebration
- Gift giving during holidays and birthdays
- Relocating for work.