If you have family based abroad, business interests in a foreign country or you’re simply heading off on holiday, there are all sorts of possible reasons why you might need to arrange a global money transfer. But there’s a lot to think about: from ensuring that you pay the lowest fees to making certain that you sort everything out in time; transfers are easier said than they are organised. Here are three top tips for ensuring that your money transfers are as simple as possible.
Leave plenty of time
If your requirement for a transfer isn’t going to change, it’s wise to get it done as soon as you can. That’s because extra time may be needed in order to get what you need: bureau de change sometimes need to order in currencies, for example, while banks may carry out security checks on foreign transfers in order to avoid financial fraud.
Sometimes, it may be tempting to leave international money transfers to the last possible moment in order to increase the chances that you’ll access the best possible exchange rates. While this is understandable, the foreign currency markets operate like any other market – which means they’re somewhat unpredictable, and could easily go the other way. If you’re able to budget for your transaction well in advance, it may be best to just press ahead and get it done in order to ensure that there are no hold ups.
Compare fees online
When it comes to how much you’ll have to pay, it’s likely that this will depend in large part on your chosen currency broker. While exchange rates are somewhat unpredictable and can’t always be mitigated by a good broker, the level of any additional fees charged can be controlled – and some brokers are more cost-effective than others. The best international money transfer rates can be found by carrying out an online comparison, and this is definitely worth doing.Don’t just choose the first one you find, as this may also be the priciest.
Check for alternatives
In some circumstances, such as physical travel from one destination to the next, there’s no alternative other than actually converting cash from one currency into another. But in other circumstances, it may actually be more appropriate to look for alternatives to switching currencies. If you’ve made some profits abroad at a branch of your global company, for example, could you consider holding this cash in an account in the country in question until the exchange rate is more in your favour?
Currency conversions can be tough, especially if one of the currencies involved is obscure or not so profitable for your required conversion at the moment. However,there are several steps you can take to ensure that things aren’t quite as bad: from giving yourself plenty of time to find the right deals to using online comparison sites, you’ll usually be able to find a deal or an arrangement that works for you.