The movement of people, goods, and services continues to increase across geographical boundaries. So does the need to transfer funds from one country to another. Fortunately, technological advances in the field of international money transfer services have simplified the process considerably. Now, you can transfer funds to most countries around the world within a day or two. And in some cases, almost instantly. For example, TransferWise has partnered with Raphaels Bank to gain access to UK’s Faster Payment Service.
Before you select an international currency exchange and fund transfer service, find out how to distinguish the good from the not so good. For example, some global money transfer companies might advertise highly competitive exchange rates. But make up for the those by charging exorbitant fees. Other aspects require your consideration as well.
At iCompareFX.com, our goal is to provide you information you need to help make your decision with choosing an international currency transfer company. Here, you gain access to reviews of the most popular names in the field. Once you develop a short-list, you can compare the desired companies across crucial parameters. These include exchange rates, fees, supported countries, transfer methods, and customer service levels.
When it comes to comparing global money exchange and fund transfer companies, iCompareFX.com provides you with all the tools you need. iCompareFX only reviews and partners with the best available global money transfer providers.
Who Uses Funds Transfer and Currency Exchange Services?
In the not-so-distant past, transferring funds from one country to another would take days, if not weeks. Much of the money that moved across borders involved trading at the government level, although international businesses also required movement of money between countries.
In today’s world, while businesses end up transferring funds overseas for different reasons, an increasing number of individuals also use money transfer services.
Personal Money Transfers
Individuals who use global money exchange and fund transfer services do so for different reasons, which include:
- Transferring funds to family or friends – People who work in foreign countries transfer funds to their family members or friends for a host of reasons such as money for day-to-day living or emergency funds.
- Emigrating temporarily or permanently – If you plan to relocate to a new country for any period of time, you will have provide for different kinds of expenses in the local currency. These include payments to government bodies, legal expenses, and money for everyday needs.
- Retiring in a foreign country – If you plan to make a foreign country your home after retirement, some financial obligations might continue to require your attention in your home country. These can include outstanding credit card and loan payments, as well as payments towards utilities. A specialist international currency exchange and fund transfer company can also assist in moving your savings to the country you plan to call home.
- Working as an expat – As the world continues to shrink, work-related travel continues to increase. Now, a significant number of people live in foreign countries solely because of work. In such a scenario, you might need an international currency transfer company to make payments towards your mortgage, loans, credit cards, and bills.
- Studying overseas – The number of students traveling overseas for further education is on the rise. When overseas, students make use of fund transfers to receive money for tuition, fees, and for everyday expenses.
- Buying a property overseas – If you plan to buy a home in a foreign country as an investment or for personal use, you will have to transfer funds over time. Initially, you will have to transfer a substantial sum to pay for the purchase. Transfers that pay for ongoing maintenance costs of your new home are other considerations.
- Destination weddings – Destination weddings are no longer the sole domain of the super rich. Many couples now want to get married in exotic locales, and when you get married in a foreign country, expenses in the local currency are part of the parcel. Since wedding expenses can mount quickly, using a specialist global currency exchange and fund transfer company can keep the fees you pay to a minimum.
No matter which fund transfer company you use, it is in your best interest to compare currency exchange rates ahead of time. Most of the better international currency transfer companies give you the ability to sign up for free rate alerts and track rate fluctuations.
Business Money Transfers
Businesses use international money transfer services for different reasons:
- Payments to suppliers – Many manufacturing concerns import raw materials from foreign countries, requiring them to make payments in foreign currencies. When paying an overseas supplier, you can turn to most of the prominent companies that offer fund transfer and currency exchange services.
- Expanding internationally – Businesses looking to expand overseas will need access to funds in local currencies for reasons such as setting up new offices, obtaining licenses, as well as paying employees and consultants. Post setup, the business might want to transfer funds to the parent organization.
- Paying overseas employees – Businesses from countries such as the U.S., the UK, and Australia are looking for talent in countries with lower labor costs. Using a global currency exchange service provider gives you the ability to pay overseas employees quickly and easily.
Tools such as hedging and forward contracts offer added benefits to businesses involved in the international relocation of funds. While hedging can help minimize foreign exchange risk, forward contracts give businesses the ability to lock in rates for the future. If you wish to transfer funds for a business purpose, it is important that you compare money transfer companies across different parameters.