With news that private banks are promoting the safety of money transfer services in order to attract new customers, it is important to consider the best way to transfer money abroad.
Transferring money to somewhere like Australia, for example, holds a number of dangers in terms of gaining the best exchange rate.
It may not be prudent to choose the first rate you come across or the rate which is accompanied by the best marketing campaign.
These may not necessarily be the best rate available. It is better to assess the entire market before coming to a firm conclusion. Have a look at what is on offer for the country you wish to transfer funds to, and only commit to a transfer when you are happy that everything is right for you.
The total figure that you get in return for your money will change according to the exchange rates, so do not underestimate the value of preparation in this area.
Also, you can expect to pay a fee to the company carrying out the transfer. This charge is at the discretion of the company and varies widely.
Anybody looking to send money internationally should first consider all the factors involved in the transfer. How much am I sending it? How far does it need to travel?
Consider these questions before you make your final decision.
Transferring money to Australia
If you are looking to invest in Australia, think carefully about how you will be transferring money to Australia. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.
So if you are looking to send money to Australia from the UK – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency. It could be the difference between a good deal and a disastrous one.
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