Nothing has a greater impact on an expats or travellers day to day life while living and travelling abroad than the international money transfer service they use. Their ability to meet their expenses has a direct bearing on their well-being while they are away from their home countries depends upon this. It is therefore essential that they use the services of the right kind of international money transfer service provider.
Given how difficult it can be to know which service provider would best suit their purpose, expats should use MoneyTransfers.com when making their money transfer abroad. This is a money transfer service comparison site that can help you make the right choice quite easily.
The best money transfer service providers are the ones, who don’t overcharge for their services and can be relied upon to make safe and timely transfers to the destination in question. There are many reasons why expats need to be reasonably well versed with matters concerning international money transfers. Let us look at what these might be:
Access to Your Income
When you are travelling or temporarily living abroad, the only way you can access your income from back home is a money transfer to the place you are currently in. This income could be on account of your pension, property sales proceeds or even your savings. Just like when they were back home, they would need to be able to access their funds and international money transfers are the only way that they can do that.
Obtaining a Loan to Purchase Property Overseas
An expat looking at buying property in the country they are currently living in might want to leverage the high credit score they enjoy back home to get a loan at an attractive rate of interest. This will only be possible if they can get the loan money transferred to where they are living now.
Transferring Money Back Home
If you are working abroad, you may want to transfer money back to yourself in your account back home, or to your family members. When you are living away from your family in a foreign country international money transfers are the only way you can take care of your financial obligations.
Understanding International Currency Transfer
Transferring money internationally is very different from doing so within the country. For one, you have to factor in the fluctuating international currency exchange rates. These can often change by as much as 1 to 2% in a single day. Its impact on transfers involving large amounts can be substantial.
You can well imagine that timing is of the essence here. A favourable currency rate could make your money go much further in a foreign country than at a time when it is weak. Also if you opt for instant transfers notwithstanding a poor rate you might be needlessly suffering a loss. You can instead use simple- to -install tools that can help you wait for the most favourable exchange rate before initiating a transfer.
Advantages of Using the Services of an International Money Transfer Agency
The good money transfer services let you remit money abroad at the optimal foreign exchange rate and will generally charge a lower fee than what a standard bank transfer would cost you. It might make sense to work with transfer services that have a physical presence in the country one is visiting, as they will both charge reasonably and perform efficiently.
Also, it might be a good idea to find out if the transferring agency exchanges from the original currency to the target currency and not go via an intermediate currency. The cost of the exchange is always higher when the intermediate currency route is used. This is something you should find out before you decide to use their services, so that you obtain a fair rate of exchange.
The scale of your money transfer also has a bearing on what the transfer service company charges. If you need to transfer only small amounts, it makes better sense to use the services of a firm that specializes in that and vice versa. Then some firms offer a good exchange rate, but charge a hefty fee and others do the opposite. Your choice should be based on what works best for you.
Some transfer services even offer a lock-in rate to protect a fluctuating currency rate. You can then make a transfer at a later convenient date unaffected by a volatile foreign exchange currency rate. Thus, one needs to be reasonably well aware of the goings-on in the global money transfer business to be able to send and receive money internationally. That is the reason why expats often take the help of international money transfer company comparison sites to help them decide on their choice of service. This saves them the bother of having to carry out extensive and time-consuming research.