There are many things that will lead to international money transfers.
Paying for student accommodation abroad or organizing a wedding on foreign shores will naturally involve international money transfers. Likewise, if you’re planning on purchasing a car or a property or any other big ticket offshore item, you may need help in arranging the best way to pay.
Let’s look at different ways to reduce the hassle of international money transfers and increase the likelihood of a smooth transaction.
1. You Need a Trustworthy Service Provider
A cursory Google search will pull up multiple companies each offering to provide a fast and care-free international money transfer service, and you may be tempted to believe that these services must be regulated and that you are safe to choose the company offering the lowest rates.
You would be wrong.
Although regulations do apply, there’s nothing to stop rogue traders from squandering your cash and leaving you with a mess to sort out. Ensuring that your selected provider is known to you and is registered with the Financial Conduct Authority is a great place to start.
See https://www.exiap.com/guides/money-transfer-services for expert money transfer services.
2. Search for the Service You May Need Again
Some people may need to make international payments on a regular basis to varying countries.
Beware that spending the time setting up all the relevant account details with a trustworthy provider may be all for nothing if that provider does not provide overseas money transfer solutions for every country on your list.
Note: Setting yourself up with a bank will take longer than setting up an account with an alternative service provider, but banks generally offer a better exchange rate in the long run.
3. Fluctuating Exchange Rates
Exchange rates are the only thing that change faster than fashion.
Keep a check on daily exchange rates to ensure that you do not send cash on a day or at a time where exchange rates are spiking, meaning you will pay more but receive less in the outcome.
Obviously, if you need to set up regular payments, daily exchange rates cannot be helped. In this case, make sure you choose wisely between banks and other suppliers, which may offer different exchange rates depending on the amount of money you are looking to send.
You shouldn’t constantly worry about exchange rates, but keep them in mind.