Knowing a little insider information can make a significant difference to how much money you receive in your new currency
If you’re looking to move abroad, you’ll want to send your money overseas in the most cost-effective way possible. Our currency partner Global Reach shares five top tips to maximise your currency transfer so that you can take more of your money abroad with you.
1) Know the Difference of Digits
When you’re looking to send your funds abroad, you’ll notice payment providers all offer different rates. While it may seem easier to send your funds through a bank, it’s worth getting a quote from a broker too. For instance, if one payment provider offered you a pound to euro (GBP/EUR) exchange rate of 1.14, while the other offered you 1.09, you might find there was a €15,000 difference on a £300,000 transfer.
2) Know the Markets
You don’t have to become a market expert yourself, but by registering with a broker, you’ll be able to call your dedicated dealer about your money transfer, whenever you need. Your broker can keep you up to date with market news, offer informative guides to enable you to have a better understanding of exchange rates to help you make smart decisions, and can get in touch should your exchange rate reach the desired level.
3) Give Your Property Price Stability
If you’re looking to buy a property abroad, the amount you’ll need to pay may change on a daily basis as the exchange rate fluctuates. With a broker like Global Reach, you can lock-in an exchange rate for up to two years, meaning you’ll be able to sleep easy at night knowing that even if an adverse market movement takes place, your property won’t cost you more.
4) Avoid Fees
Some payment providers may charge fees, so it’s always a good idea to ask when you enquire if any fees or commission could be tagged on at a later date. Global Reach doesn’t charge fees over the minimum transaction value of £3,000.
5) Be Prepared
Speaking to a broker as soon as possible can help you plan your transfer and gives you the opportunity to make your international money payment at opportune times. If the exchange rate hits the highest level of the year so far, you may want to make a transfer immediately or lock-in that rate. Likewise, if the exchange rate starts to sink you may want to send your funds to avoid further losses. Brokers can help you send money quickly and securely, all over the world.
To find out more about using a broker, contact Global Reach today at globalreachgroup.com and see how you can maximise your international money transfer.