Sending an international money transfer or making multi payments overseas can seem daunting, and with more and more of us paying mortgages and transferring money abroad it is important to find a transfer service that will save you time and most importantly, money. These top tips will help you to ensure that your international payments aren’t lost in translation.
Firstly it is important to understand that banks are not the only option when it comes to this sort of thing; foreign exchange specialists such as Axia FX have access to exchange rates that can compete and even beat the banks and other money exchange facilities. It is also handy to note that banks and building societies will often charge a fee for transfers.
How big are your payments? When it comes to making international transfers, size matters, so whether you’re sending money home or paying your overseas property bills, the higher the transfer often means the better exchange rate. This is why it is sometimes advised that smaller payments are saved up, and then transferred in one larger lump sum.
Consider how regular your payments will be. If you want to ensure that your more regular payments go out on time but don’t want the hassle of setting up a new transfer every time they are due, then you can set up a standing order to go out as and when.
Asses your options when it comes to the exchange rate. You have the option to either send each payment using the current exchange rate, which is handy if the rates sway in your favour. Or fix the rate for up to a year in advance, so you can be certain that your money won’t suffer if things go the other way.
Make sure your money is in safe hands. You might be paying overseas property bills or tuition fees, either way it is critical that you only deal with a broker that is authorised and regulated by the FSA (Financial Services Authority). This means that your money is safeguarded, giving you that extra peace of mind.
Taking all of the above into consideration it should be apparent that research is key when it comes to setting up international payments. All you have to do is ask the right questions. Now you have the tools and the know-how to get the hard part out of the way, so you can start making payments overseas with confidence!
