International Money Transfer

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.

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