There are all sorts of reasons why you may need to make a currency transfer. It might be to pay a mortgage on a property overseas, transfer you pension, or to repatriate overseas earnings to a bank account back home.
Here at Mondassur, we know that expats are always looking for the best solution that will save them time and money and take away the stress, and we’ve provided a few tips to answer some of the questions you may have regarding international payments.
Should I use my bank to make a currency transfer?
Before getting your bank to make international payments on your behalf, you should be aware of the alternatives, which could save you time and money. With the banks, it’s likely you’ll get an inferior exchange rate and a less personal level of service. By using a specialist foreign exchange broker instead, you could save money. The benefits offered by each currency broker vary, but typically you’ll get:
• Better exchange rates
• Low or no transfer fees
• Faster transfers
• More personal and attentive customer service
What sort of currency transfer can I make?
There are three main types of currency transfer you can make.
Use these if you need to make a currency transfer straightaway.
A forward contract allows you to fix an exchange rate now for a transfer taking place on a future date. Since exchange rates are constantly changing, this is useful in case the rate moves against you. With a forward contract, you’ll know exactly how much money you’re going to receive in advance of the transfer date.
If you need to transfer your salary on a regular basis, regular payment options could be for you. You can arrange to have funds transferred automatically on a regular basis, for example if you are converting your monthly salary.
How do I choose the right broker?
There are lots of foreign exchange brokers to choose from, so as well as considering some of the options above, it’s always worth speaking with a broker directly to discuss your individual requirements prior to opening an account.
Mondassur has carefully selected World First – a leading foreign exchange specialist – to help with your international money transfer needs. As well as taking advantage of their competitive exchange rates and excellent service, you can also be sure that your money will be safe and secure – World First ensures all necessary steps are taken to safeguard your money in line with requirements.
To find out more or sign up, visit worldfirst.com
19, rue des Longs Prés
92100 Boulogne - FRANCE
Our opening hours are from 9:00 to 18:00 Central Europe Time from Monday to Friday to contact our consultants. Our medical platforms are reachable 24/24 and 365 days a year..
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