Save Money When You Transfer Money Abroad

Did you know there are several ways you can save money when you transfer money abroad? It's true! You can uncover big savings by choosing the right currency broker and getting the best exchange rates. But how do you manage this? How do you guarantee the exchange rate you're getting is the best available?

To answer these questions I have listed some important tips below. Simply keep them in mind the next time you transfer money abroad!

Use Forward Contracts

Have several payments to make in the future but want to take advantage of today's rate? Then talk to your broker about forward contracts. This type of transfer means you can fix the exchange rate at the present amount, and send money abroad at that rate in the future. It's a great way to avoid falling victim to fluctuations on the market.

To find out about forward contracts, it's best to speak to a selection of currency brokers. They'll each offer a similar service, but it's worthwhile knowing that you're comfortable with the business before you transfer money abroad. This is because you're sending large amounts of cash through them after all.

Avoid The Low Of The Day

The foreign exchange markets are fluctuating constantly, meaning it's impossible to guarantee the rate you receive. You can however save money when you transfer money abroad by avoiding the low of the day. This means you make sure you're not moving money when the rates are at their lowest, and the money you're transferring is worth least.

To ensure you don't send money at the low of the day, simply speak to a good currency broker. They ought keep an eye on the exchange markets, and let you know when a good rate has become available. It means you could avoid losing a lot of money!

Locate The Best Rates for transferint money

You can maximise the value of the transfer when you send money abroad by getting the best exchange rates. This means that you're getting the most possible value for the currency you're changing. For instance, if you transfer sterling into euros at 1.20, you get better value than if you'd transferred at 1.18.

To get the best exchange rates when you transfer money abroad, simply speak to a good currency broker. Then speak to another one. Find out what rates they're offering, and compare between them. Then - once you're satisfied you've found the best rate - make the transfer! It means you're getting the best possible deal.