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How To Save Money When Making Overseas Money Transfers | Financial Planning Tips

How To Save Money When Making Overseas Money Transfers

Financial Tips:

Money transfers which include some form of currency exchange are a whole different ball game when compared to a regular transfer between accounts.  There are essentially three main factors to consider when making an international money transfer and they are: cost, time and security.

Transfer fees are arguably the most important factor when you are sending money abroad as the cost of a transfer can vary depending on how much you send, how fast you want it to arrive and who you choose to send your money through. Choosing a bank is not always the best option as banks are notorious for charging high transfer fees, so it is important that you research the costs beforehand. As well as transfer fees, there are varying amounts of commission deducted from the amount you send, along with fluctuating exchange rates to consider. Taking all these factors into account, sending money through a bank can severely hamper the return you get for the money you send.

Using a bank can also take a fairly long time as your money will usually be debited from your account immediately but the recipient may not receive the money for up to 2 weeks, often purposefully to keep your money in their system for longer which benefits them.
With some money sending bureaus and agencies there can also be long registration processes which are unsuitable if the transfer needs to be made urgently.

A foreign exchange broker however can often offer you a highly competitive deal on money transfers compared to their opposition.
On the other hand, a money transfer service like Xendpay to offer customers a better deal than banks on money transfers.

They can offer these benefits as your custom allows them to buy currency in large volumes at good rates and in turn they can pass those discounts on to their customers which make it a win-win situation. Another reason that they can offer these rates is that money transfers are the main bulk of their business, so their overheads are much lower than that of a bank.

RationalFX are one of a number of companies who are authorised by the FSA and regulated by HMRC to handle international payments.  Thousands of both individuals and businesses from all over the world send money with them and they have transferred over $2 billion worldwide to date.

This is a guest post by Ricky Bean

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