Many people have doubts and apprehensions about transferring funds overseas. However, the process is not as complicated as it might seem. While you have the option of using the services of various banks, a number of specialist online money transfer companies offer noticeably better deals. If you know what aspects to address, you can choose a personal money transfer company according to your needs.
Reasons for Personal Overseas Transfers
As the world continues to shrink, travel across borders for personal reasons is on the rise. During the recent past, there has also been significant growth in the use of global money remittance services for personal reasons.
Here are some of the common situations that give rise to personal fund transfers:
Transferring Funds to Family or Friends
If you work overseas and support your family back home financially, you will likely have to transfer funds to your home country on an ongoing basis.
Always compare money exchange companies to find out which ones let you set up regular transfers. Especially for one-off transfers to friends or family members, the amount you wish to transfer can have a bearing on the company you select.
Paying Loans and Bills
Making payments towards a home mortgage, any other kind of credit source, or utility bills will require regular transfers.
Choose a service provider accordingly. Such transfers usually involve sending money to overseas bank accounts. All prominent online money remittance companies provide this service.
Selling or Buying a Property Overseas
If you plan to buy or sell property in a foreign country, learn about applicable taxes ahead of time, as these add to the cost of the transaction.
Consider how you plan to move the money in or out of the country in advance. By choosing the right method and timing the transfer correctly, you can save a significant amount of money.
Destination weddings have increased in popularity over recent years, with scores of couples now making a beeline towards exotic locales.
In most cases, making payments in local currencies is a part of the deal. Even with a single point of contact, you may have to make separate payments to your wedding planner, the caterer, and the entertainment brigade.
As an international student, your initial fund transfer comes in the form of the tuition fees you pay to enroll.
Once you move to a foreign country to study, you may require money from home to deal with daily expenses Overseas transfers become the most attractive solution.
Temporary or Permanent Emigration
If you are moving overseas, temporarily or permanently, first decide whether to rent or buy a home. If you have a home in your native country, determine if you wish to sell it or rent it. In both cases, you will have to use the services of an overseas fund transfer company.
Sending money to pay bills and cover other financial obligations also requires your attention.
Retiring Overseas as an Expat
If you have worked as an expat in a foreign country and plan to retire in that country, you might have to use a fund transfer company to receive regular pension transfers from your home country. You might also have to use the services of these companies to fulfill outstanding financial obligations back home.
Reasons to Compare Money Exchange Companies and Banks
While banks offer safety and security in sending money to overseas bank accounts, their cost effectiveness and customer service levels often leave room for improvement. So, while using the services of your bank might be an easy option, it may not be the most advantageous.
Using your bank for a small one-time transfer may be convenient. However, if you make regular transfers or if you are transferring a significant amount, the fees can add up to a substantial sum. When transferring a large amount, compare international money transfer companies, since even a small markup in the exchange rate can lead to a noticeable difference. The leading online money remittance service providers have all the required licenses in place, providing the same level of security as the leading banks.
The table below will give you a snapshot indication of how banks fare against some of the top international online money transfer companies.
Note: these rates were taken from the institutions from a personal account and not a business account. Business account pricing may be negotiable.
Transferring Funds From Australia to the UK:
|Service Provider||Amount Transferred||GBPAUD Exchange Rate||Fees||Amount Received|
|Avg. Aussie Bank||$30,000||0.5397||$20||£16,180|
Transferring Funds From the U.S. to the UK:
|Service Provider||Amount Transferred||GBPUSD Exchange Rate||Fees||Amount Received|
|Average bank rate||$30,000||0.7509||$15||£21,463|
*Rates used in the examples above were effective August 2, 2016.
The given examples illustrate how using the services of a specialist money transfer company can lead to monetary savings. To find out which company offers the best deal, compare money exchange service providers immediately before a transfer.
How Involved Are iCompareFX.com Reviews and Comparisons?
When iCompareFX.com reviews any brick-and-mortar or online money remittance company, it pays attention to aspects such as:
- Ease of use – including account creation
- Exchange rate and fees
- Customer service
- Additional features
We look at the intricacies involved in sending money from one country to another, which include how you can pay for your transfer, how the recipient can receive transferred funds, and how long different kinds of transfers take. Using different tools at your disposal, you can compare international money transfer companies easily.The next time you wish to transfer money to a bank account, cash pick up center, or mobile wallet, use the services of iCompareFX.com to compare your options. You can also get access to promotions and offers, which can lead to added savings.