Tips For Top Savings When You Transfer Money Abroad

Planning to transfer money abroad? Then there are multiple ways you can save money in the process. For instance, you can locate the best exchange rates, and use a currency broker that doesn't charge commission. But how do you put these tips into practice? How do you find the best exchange rates, and the best currency broker?

Fortunately I have put together a list of tips below to answer just these questions. Remember these tips the next time you transfer money abroad and you could receive big savings!

No Commission for money transfers

It's best to choose a currency broker that doesn't charge commission when you transfer money abroad. This is because it's an additional fee that you can avoid. There's no reason to pay more than you have to after all! Simply make sure that the currency broker you choose doesn't charge commission, and you should be fine.

Best Exchange Rates

It's an obvious advantage to locate the best exchange rates when you transfer money abroad. It means the money you send goes much further. To receive the best rates though, you must contact several currency brokers and compare the rates they're offering. Simply choose the broker that offers the best rate for where the markets are.

FSA Authorised

It's a good idea also to choose an FSA authorised currency broker when you transfer money abroad. This is because FSA authorised brokers can guarantee the security of the transfer. It means for instance you can rest assured that the money isn't going to be lost while being sent to a foreign bank account.

Transfer Receipt for money transfers

Find out whether the currency broker offers a transfer receipt when you transfer money abroad. This is useful because it means you have evidence that the transfer was successful, and can refer to the receipt if anything goes wrong. It's simply another way you can rest easy.

Don't Be Greedy when transferin money

It's not a good idea to hold out for a certain rate when you transfer money abroad. It's better instead to take advantage of a good rate - rather than hope for a better one. This is because the exchange market fluctuates frequently, meaning that if you hold out the rate could quickly become worse. In short - don't be greedy.