Top Tips When Transferring Your Salary – Save Time And Money
If you need to transfer your salary to another currency, you’ll want to make sure you’re getting the most for your money.
Follow these top tips to help you get a better deal.
1. Should I use my bank or a specialist foreign exchange broker?
Not everyone is aware that there are alternatives to using your bank when it comes to making international transfers and by using a specialist foreign exchange broker, you could save money.
Unlike banks, currency brokers operate specifically to help you transfer your money and this means they can focus on securing you a better exchange rate and providing service to meet your individual needs. The benefits offered by each currency broker vary, but typically you’ll get:
Better exchange rates
Low or no transfer fees
Faster transfers
More individual customer service
2.Foreign exchange solutions
If you’re transferring your salary, these options could help you even more:
Forward contracts
A forward contract allows you to fix an exchange rate now for a transfer taking place on a future date. Since exchange rates are constantly changing, this is useful in case the rate moves against you. With a forward contract, you’ll know exactly how much money you’re going to receive in advance of the transfer date.
Regular payments
If you need to transfer your salary on a regular basis, regular payment options could be for you. You can arrange to have funds transferred automatically on a regular basis, for example if you are converting your monthly salary.
3.Choosing a broker
There are lots of foreign exchange brokers to choose from, so as well as considering some of the options above, it’s always worth speaking with a broker directly to discuss your individual requirements prior to opening an account.
Expat Network has carefully selected World First – a leading foreign exchange specialist – to help with our members’ international money transfer needs. As well as taking advantage of their competitive exchange rates and excellent service, you can also be sure that your money will be safe and secure – World First ensures all necessary steps are taken to safeguard your money.
Case study
Let’s say a customer was looking to transfer €30,000 to sterling in two months’ time. Worried that the exchange rate may move against them during that time they could choose to fix the rate in advance with a ‘forward contract’. It would let them know exactly how much they would receive on the day of the transfer.
So if for example a rate of 1.26 was fixed and by the transfer date the rate had moved to 1.30, the customer would have received £733 more than if they transferred at the prevailing rate on the day.
To find out more or sign up now at: www.worldfirst.com