With Brexit causing chaos for British expats in Europe and various other entanglements complicating things around the globe, it is definitely not the easiest time to be an expat abroad. These latest issues are just the tip of the iceberg of things that expats have to deal with though, with everything from taxes and housing to meeting new people and assimilating presenting harrowing hurdles.
Perhaps nothing is more troublesome for expats though as transferring money abroad, with endless hours (and dollars) being lost to this sometimes costly pursuit. The following is a quick guide full of tips for having the smoothest money transfer process possible.
Learn the Lingo
If you are new to the world of international money transfers, which most expats are at first, you need to first arm yourself with basic knowledge about the process – and this starts by learning the lingo. Some of the most important financial terms to understand regarding the process are ‘same-currency money transfers’, which is a transfer of money without changing currency and ‘foreign currency transfers’, which involve a change of currency. Once you’ve decided what type of transfer you will be needing, you must then decide on a way to transfer it, and that’s where the next tip comes in.
Banks vs. Currency Transfer Companies
There are two main ways to transfer money abroad: banks or currency transfer companies.
Over the years, banks have tended to be the go-to option for many, as their banking licenses allowing them to pay out interest and keep money deposited. Banks offer an all-inclusive service that allows accounts in one particular country to take in monies from an account in another country. It is important to keep in mind though that the fees that banks charge are typically slightly higher than currency transfer companies, but they do offer a lower risk of financial insolvency.
On the other hand, currency transfer companies are dedicated solely to money transfers, and operate under an umbrella of rules and regulations. Currency transfer companies typically offer their services at a cheaper rate than banks, have an easier-to-understand structure of fees than banks, and offer more online-centric platforms. These firms came about in the early 1990s, and have since become wildly popular for their ease and their savings.
Compare, Compare, Compare
If you decide to use a currency transfer company, like searching for flights or hotels, getting a lay of the land before you even set a money transfer in motion is the smart way to go. And like their travel-centric counterparts, money transfer comparison sites are the best way to accomplish this. The leading sites review, evaluate, and contrast international money transfer companies so you don’t have to and this can end up saving you a ton of money in the long haul. Each money transfer firm receives a score, so you can go into a transfer armed with information. These sites also recommend money transfer companies based upon your specific need – whether it be for corporate payments or simply just a remittance.
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