Transferring money abroad – what do I need to know

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Anybody looking to send money overseas for a property purchase should consider the charges which are likely to accompany any transfer. Anticipating what charges you are likely to face and adjusting your plans accordingly could be the difference between securing value and making a financial error.

It is also very important to leave as much time as possible when transferring the funds. By leaving the transfer to the last minute you are limiting your options considerably and putting yourself at the mercy of potentially expensive charges/fees.

If you wish to send money to Australia from the UK for example, it is definitely a good idea to plan the transaction in detail to make sure you secure genuine value.

It may initially seem daunting when you initially consider how to transfer money abroad.

The key to the whole process is to assess your options effectively before deciding exactly how to proceed. Foreign currency exchange rates quoted by banks are generally not as attractive as the exchange rates available through specialist currency dealers.

With this in mind, it is probably a good idea to get a comprehensive overview of the market before you transfer your funds.

Quality not quantity

Many people might consider that the amount of money they are planning to transfer is quite small and, as a result, that they should not worry too much about securing a decent exchange rate.

However, there are a number of reasons why this is simply not the case. It is a good idea to get into good habits regarding the search for a positive exchange rate. By doing everything you can to secure a good rate for your transfer you will appreciate the importance of the process when, if the situation arises, you need to transfer a more significant amount in the future.

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Transferring money abroad – what do I need to know

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