How you can save money when sending your funds oversees
How You Can Save Money When
Sending Your Funds Oversees
Would you like to send money to another country?This sort
of transaction is more complicated than you probably think.
In addition to bank fees and commission, an international
money transfer entails hefty middlemen fees. Most
middlemen make their money from the volatile foreign
currency exchange rate.Another hidden fee is charged by the
receiving banks in the foreign countries. If you are not aware
of all these charges you may get surprised at how much your
funds have shrunk.
As hinted above, banks are one means of sending funds
abroad.They send large and small amounts. Prior to using
your local bank, inspect their current exchange rate and fixed
fees.Then calculate the total amount of foreign currency
your local currency can buy.Your bank is not the only money
transfer option on hand.
There are internet-based foreign exchange brokers (deal with
huge transactions) and money transfer firms too. But how can
you compare deals from banks, money transfer firms and
foreign exchange brokers?You can use a comparison site that
uses a smart calculation tool to generate the lowest and
fairest exchange rate.
How does a comparison site work?
It works in an idiot-proof manner that is outlined as shown
Select your local currency from a drop-down list.
Select the currency to which you intend to send funds from
another drop down list.
Choose the method of transfer among cash exchange,
currency transfer and travel card.
Enter the amount and press compare.
The comparison site will generate data consisting of different
banks and other financial organizations.The result will
compare and contrast listed organizations in terms of rate,
fee, buys, and margin. It will also give you more information
on each international money transfer bank or service
provider and tell you whether registration is needed.There
may be a review of each service provider in the generated
As a customer you should read the self-explanatory end
result and compare different quotes. If listed banks are too
expensive, regardless of the size of the fund you want to
transmit, choose either a money transfer firm or a foreign
exchange broker.To be honest you cannot only focus on the
The security of the money you want to send oversees also
matters. If you are going to choose a FX exchange broker,
ensure that they are not only registered but also authorised
by a certain organisation. In the UK, FX exchange brokers
are regulated by the FCA (Finance Conduct Authority).