International Money Transfer
International Money transfer is an essential part of your
international move and/or business, which, if handled correctly
can boost your bottom line or settling funds dramatically.
Anybody looking to move overseas, send money to family or
conduct business with an overseas company will need to purchase
or transact in the destination currency. In order to complete
any property acquisition ahead of your move or just simply
transfer your existing assets over to your new country, the
method you choose will make a big difference.
In today's volatile currency markets, a small change in the
currency rates, coupled with the high commission charged by most
banks can make an enormous difference in the net currency amount
received when converting your currency, you are placing what is
possibly your life savings into someone else's hands. Depending
on the size of transaction, this could make a tangible
difference of several thousand dollars; money you may prefer to
put towards starting your new life! This can leave you exposed
to the market fluctuations and could give you a handsome boost
to your funds or put a big hole in your budget.
To start with you have several choices how you move your money:
1. Use your normal Bank and accept the charges and the fact that
you may not be talking to an expert when you discuss the
transfer. 2. Use a specialist international currency transfer
company 3. Use a normal money transfer agent (again accept the
charges) 4. Buy a huge amount of traveler's cheques or take cash
(not recommended)!!!
Lets discuss each one with a bit more detail:
Possibly the most important piece of advice I was given when
emigrating was that the high street banks were not the best
people to entrust with your money transfer overseas. How do you
know that the bank teller has any idea what you are talking
about (not being belittling but it probably isn't an everyday
service)? They charge commissions, transfer fees and then to cap
it all off they give a reduced exchange rate.
Essentially, the high street money transfer agencies are similar
to the banks. They may know more about the transactions but will
hit you with commissions, charges and not the best rates.
Travellers cheques and cash speak for themselves - don't do it!
They are easily lost/stolen, some countries only allow a limited
amount of cash to be carried into the country and in the case of
travelers cheques, you may have to pay to buy them and then to
cash them in. Just plain don't do it!!!!
Last, but not least, it's the international currency transfer
companies. I had no idea that international currency transfer
specialists even existed, never mind the exceptional services on
offer.
Naturally, securing the very best rate of exchange becomes all
important. There are several money transfer companies that offer
an alternative to the banks - in fact "alternative" is too weak,
they outclass the banks by a mile! When we first heard about the
services on offer it really did seem to be too good to be true
and we were very skeptical. We thoroughly researched the major
high street banks in the UK and the rates they were offering
(adding the fees and commissions!) and then compared to the
service we were offered. Again, there had to be a catch.
The transfer company had no commissions, transfer fees and also
gave a rate that was close to 3 cents to the pound better than
the banks. All the funds would be transferred electronically to
the bank account of our choice normally within 2 working days.
We were even offered a choice of payment methods which included
direct debits/debit cards/electronic wire transfers and the
ability to "book" a rate in advance for a small deposit and then
pay the balance prior to the contracted transfer date.
We had to find out how these people could offer such a service
so quite bluntly asked. The answer was very simple. This was a
dedicated, specialist company that dealt on the Forex markets in
large volumes - this meant that there would be a low profit
margin on each individual deal but the overall volume made it
worth while. Because they are a specialist company, they could
pass on the savings to their customers and the use of modern,
electronic transfers ensured the costs were low with no need to
pass them on to us! A true Win-Win situation.
The other added bonus is that these people are dedicated foreign
exchange experts who research the markets and accurately
forecast the trends and can advise action accordingly. If it
makes sense to "book" a rate for settlement up to 2 years ahead
then that will be recommended - you pay a deposit and commit to
the deal and then they buy the currency at the agreed rate of
the day. They hold the currency on your behalf and then at the
agreed date you pay the balance and the money is transferred.
This protects you against fluctuations and allows you to budget
accurately.
For more, detailed information about this fantastic service
please visit
http://www.onestopimmigration-canada.com/money_transfer_overseas.
html