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Get more from your currency transfers.
Living in another country often means having to make currency transactions, whether it is to send money home, top up your living costs, or fund your relocation.
Currency markets are constantly fluctuating by up to 10 percent in a matter of weeks, so knowing when to make your international payments can be tricky. And in today’s economic climate, it’s more important than ever to make the most of your money.
Moneycorp, the foreign exchange specialist, has outlined some basic tips to make sure you are getting more from your currency transfers to and from Spain.
Top tips to maximise your currency transfers
1) Shop around
Look for the best deal, as you would for your car insurance. Don’t assume that your high street bank will offer you the best deal. You can save up to 2 percent on the exchange rate, and between GBP 10 and GBP 25 on the transfer fee, by using a currency specialist.
2) Plan ahead
Currency markets fluctuate constantly, and if you simply wait until you have to make a payment, you will get the exchange rate of the day and will have run the risk of markets turning against you. If 6 months ago you knew you had to make a payment in euros around this time, but had done nothing to secure your exchange rate, the payment would now cost you 20 percent more.
3) Get expert guidance
Currency market expertise is no longer restricted to bank trading floors. Currency specialists have teams of trained and qualified dealers who can help consumers through the minefields that are the currency markets.
4) Don’t get stung by overseas banks
Be aware that overseas banks can often charge handling fees just for receiving your money. This can amount to up to 1 percent of the value of your transfer and can soon add up, dependent on the amount of money you are sending or the regularity of your transfers. You can possibly negotiate with the receiving bank before sending your funds, or currency specialists can also help.
5) Consolidate your payments
If you are sending money regularly, think about reducing the number of payments that you make and increasing the size of these payments. This will reduce transfer fees. However, you should also take steps to protect yourself from adverse exchange rate movements.
Making an overseas transfer?
With Expatica, you won’t have to pay transfer fees on any currency transactions made through Moneycorp. Visit www.expatica.com/moneycorp for more information.
Information supplied by Moneycorp
Web: www.moneycorp.com Tel: +44 (0)20 7589 3000
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