The world of currency markets and international money transfers can be confusing at first – from technical terms, to fluctuating markets.
So, whether you have been living abroad, or have a holiday home overseas, here are a few top-tips on how to make the most of your international currency transfers.
Assess your own requirements
Making the right decision for your international money transfers starts by asking the right questions. The first thing to do is assess your personal requirements.
Here’s a list of things you need to consider:
- Reason for your transfer: are you buying a property, paying bills, sending a pension or simply sending funds to friends or relatives?
- Frequency of your transfer: will it be a one-off transfer or regular payments? How often will you transfer (monthly, quarterly, etc.)?
- Time or date at which the funds are needed: do you require the currency for a specific time of the year or do you have some flexibility as to when funds can be received?
- Other criteria: is there any other criteria relating to personal circumstances that could impact your transfer requirements?
Taking the time to answer the above questions will help you become fully aware of your requirements when discussing your needs with a currency expert.
Consider your options
Transfer service provider
The first choice for you to make, and one of the main considerations in the whole international money transfer process, is your chosen transfer service provider.
The solution may appear simple – you’ll just use your bank, right? In truth, it could actually cost you a lot more money, as traditional high-street banks often offer poor exchange rates and tend to charge commission. Alternatively, a currency transfer specialist such as Currencies Direct can provide a tailored service and better exchange rates than the banks; completely fee-free with no hidden charges.
Type of transfers
Once you’ve chosen your service provider, you’ll need to decide the type of transfer that you’ll go for. This is where the initial assessment and the guidance provided by the currency experts will help you to find the service most suited to your needs, as well as the right time to transfer.
In some cases, spot contracts (immediate transfers) are the most appropriate option, while other services will potentially give you more flexibility and better suit your needs. For instance, forward contracts could enable you to lock-in today’s exchange rate for a transfer at a later date, and limit orders will only trigger your transfer once your desired rate has been reached, ensuring that you know the exchange rate you’ll transfer at.
Transfer methods
As well as choosing the right transfer service, it’s essential that you find the right time to transfer, especially when large sums are involved. Currency transfer specialists offer you the option to transfer over the phone, 24/7 online in just a few quick clicks or via a dedicated currency transfer app, allowing you to send money on the go; so you’re totally in control of when and where you transfer.
At Currencies Direct our award-winning service has helped over 150,000 customers save on their currency transfers since 1996. We offer bank-beating exchange rates* and never charge transfer fees or hidden charges.
Register and transfer by Thursday 1 June 2017 to receive up to £50 in Amazon vouchers.
*For more details on our bank-beating exchange, please visit our website.