Top 10 Tips to Transfer Money Overseas
Top 10 Tips to Transfer Money Overseas
There are many ways in which you can save money when making foreign exchange transactions abroad. We’re going to discuss our top ten money saving tips for managing international currency transfers to help you get the best deal.
1) Get the Most for your Money with a Competitive Exchange Rate
We all want to feel we’re getting the very best value for money when purchasing something and that shouldn’t be any different when the transaction is foreign exchange. One of the simplest means of getting the best return on a currency transfer is to secure the best possible exchange rate. Reputable currency brokers can offer a more competitive exchange rate than other institutions, beating the banks by up to 3% and getting you more for your money.
2) Avoid Hidden Fees and Charges
Another way you can see savings is to avoid paying unnecessary costs. In addition to being offered a more competitive exchange rate, currency brokers can offer you fee-free transactions and don’t charge commission. Other foreign exchange providers, such as high street banks, can charge several kinds of fees on every transaction which can all eat into the amount of currency you receive.
3) Being Assigned an Account Manager
Some leading currency brokers will assign you your own Account Manager, a forex expert at the end of the phone whenever you need to discuss your transactions. Having direct access to your Account Manager saves you having to wait in call centre queues and means you can build a real level of trust with the person handling your money.
4) Acquire Market Insight
Brokers live and breathe currency and spend all day watching market movements. Consequently, when it comes to trading your desired currency pair, brokers can offer expert guidance and help you pick the best time for trading your Pounds, Euros or US Dollars.
5) Frequent Transactions Made Easy with Regular Overseas Payments
Another upside to using a broker is the ability to set up a Regular Overseas Payment (ROPs) account for the management of frequent foreign currency transfers. You’ll be offered a commercial rate for transfers ranging from £500 to £10,000 per month and if you’re a business needing to make multiple international payments each month, you can take out several plans to accommodate your foreign exchange needs.
6) Fix a Favourable Exchange Rate with a Forward Contract
The ability to implement a forward contract can be a massive plus when planning a foreign exchange transfer. Brokers can fix a favourable exchange rate for you for up to two years before you make a trade, an ideal circumstance when you’re waiting for a property purchase to be finalised and are concerned the exchange rate could fluctuate out of your favour.
7) Set up a Desired Exchange Rate with a Limit Order
If you have an exchange rate in mind that’s currently better than the market rate, leading brokers can set up an automatic transaction to trade on your behalf when the currency pair in question reaches your target. Therefore you’re never going to miss out on getting the exchange rate you want.
8) Protect Your Funds with a Stop Loss Order
You can discuss a minimum and maximum exchange rate at which you want to buy your currency and if the market moves to either of these levels your trade will go through automatically. With this option, your funds have a certain level of protection if a large move occurs in the market.
9) Receive Market Updates to Help you Know when to Trade
When you sign up with a currency broker such as TorFX, you’ll be able to receive all the latest market news delivered straight to your mailbox, so you won’t miss out on a favourable rate.
10) Trade Quickly with Fast Registration
If you need to move money in a hurry, you’ll be able to open an account with a leading broker in no time at all. Before you know it you’ll be conducting fast, free international money transfers, all with the specialist insight offered to you by your personal Account Manager.