Expat Guide to International Money Transfers

Contributed by HiFX, 10 March, 2016

Whether you are moving overseas to work, travel or retire, dealing with two currencies can often feel daunting and can be confusing at times. You may want to send money abroad to buy a property, transfer your pension or simply send money back home to relative. Whatever the reason, it's always best to do some research before making the transaction.

The mistake many people make is to use their banks to make a transfer without realising there are currency specialists like HiFX that specialise in transferring money easily, securely and without the high fees and poor exchange rates of the banks.

When it comes to making international money transfers, no one solution is right for everyone but the following guide will hopefully help you get the most out of your money.

Watch out for hidden charges

Whether you're sending the payment or receiving it, the costs can be categorised into 2 main parts. When shopping around, make sure you keep note of the following:

This makes it very hard to compare one supplier with another and so it comes down to one question – 'How much foreign currency will I get for my money after those charges have been applied?'

Exchange rates change every 6 seconds, so you may want to compare suppliers simultaneously – just make sure you add on the hidden charges before you make your mind up!

Make sure you're protected

If you're making an especially large transfer for a mortgage overseas or transferring your pension, then you need to know that your money is fully protected. If you decide to register with a currency specialist, make sure you undertake the following checks:

HiFX is one currency specialist where you'll benefit from consistent bank beating exchange rates, 24 hour account access and top class customer service as well as the ability to transfer to over 160 countries around the world.

Register with HiFX today and see how much money you can save.

Tags: audit | business | currency | insurance | fees | trade |

 

 





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