How to Save Money When Relocating Overseas or Paying Family Members
If you’re planning on relocating overseas, whether for business or personal reasons, your move will no doubt involve transferring money overseas as well.
For instance you might need to send funds to pay for a property and buy furniture so it’s all ready for you to move in, or to purchase a car so you have your own transport when you arrive.
Once you are overseas you may also need to send funds home to your family members. For example, let’s say you’ve scored a great job overseas for a few months and you will be needing to send money home for your family while you’re there. It’s only natural in this case that you would want to ensure your family gets the best value from the funds you send.
But in any case, the fact is that sending funds when relocating overseas can be expensive if not managed well. Players in this field such as the banks and credit card companies often put mark-ups on the exchange rates, and they may charge international transfer fees as well. In some instances, the advertised exchange rate ends up being different from the one applied when the transfer hits your account.
These extra charges can really add up and end up costing you a lot of extra money! Fortunately, there are some very cost-effective ways of transferring money overseas. Here are some scenarios.
Paying for an overseas property
Buying a property always involves big sums of money. But when it’s abroad, currency exchange rates and extra fees can really pump up the cost! This makes it important to use a reputable currency broker when paying for property in a foreign currency. A good currency broker such as Currency Exchange (TorFX) can help you the best deal on exchange rates and avoid those extra fees, which can potentially save you thousands of dollars.
The good news here too is that when you open an account with Currency Exchange, you get your own dedicated TorFX Account Manager. Your manager is committed to saving you money, by monitoring the market on your behalf, notifying you of how the rates are trending, and providing advice on when to move funds.
For example, when the exchange rate is good at a particular point, you can secure a ‘Spot Contract’ to lock it in. That way you can be assured that the rate isn’t going to change by the time the transaction takes place!
Paying family members
If you will be sending money home to family members while you’re overseas, again you can save a lot of money by getting the best exchange rates.
Often people will use their bank for international transfers, either for the sake of convenience or maybe because they don’t realise there are other options available. The trouble with this is that banks are usually not the best option. They are often more expensive, may charge international fees, and their transfers can sometimes take days to arrive.
On the other hand, Currency Exchange with it’s partner TorFX can get you a great rate whether you are sending money from or to Australia. You also have the option of locking in a rate in a ‘Forward Contract’ for up to two years in advance. This could work well if you want to ensure your family receives the same amount of money every time, rather than their funds being subject to the variations in the exchange market.
These are all factors that your TorFX Account Manager can help you with. Currency Exchange also offers tools and features that enable you to get the best deals on rates at any time. See below for examples.
Here are some of the other features of Currency Exchange (TorFX)
• Rate Improver Guarantee – a commitment to match or beat valid quotes from other providers, such as the banks.
• Transfer fee-free, fast and secure international transfers. Transfers up to $50,000 can be done online with an account any time, and those over $50K through a call to your Account Manager.
• Free online account where you can check the market and keep up with the trends.
• Tools such as Rate Alerts that allow you to set conditions so you can move funds at the most opportune moments.
To sum up, whether you are buying goods or property, sending money to family or friends, paying for an overseas trip, or trading on the currency market, Currency Exchange can smooth out the market bumps and blips for you. This in turn can save you a lot of money, time and stress. Click here if you’d like to find out more.