No matter whether you are going on holiday, buying a property overseas, or sending money to a family member who lives abroad, you may need to deal with foreign currency and international payments. Read on to discover everything you need to know…
Information on sending money abroad to purchase a property
No matter how big or small your payment may be; when you are sending money to another country you need to give the process a greater deal of consideration than you would usually. Nevertheless, this level of thought is enhanced dramatically when it comes to buying something as monumental as a property. After all, no one can deny the fact that sending such a large amount of cash can be rather worrying. But don’t threat, by the end of this article everything will be a lot clearer.
First and foremost, you need to recognise how important it is to have direct contact with the foreign exchange company in question. Make sure you talk to them one-on-one; whether it is in person or on the telephone. You need to liaise with them and explain your situation and how you are going to pay for your property. They will then assess your options and provide advice regarding the best way to send such a large amount of cash abroad. Furthermore, they will also look at ways you can safeguard your money for the future.
If you are planning on paying for the property in installments then you will need to find a company offering good deals with regards to fixed rates and alike. After all, imagine if you started paying your house monthly from now. Everything is going great, however from July until October the exchange rates plummet dramatically. This can make things exceedingly expensive for you and you may find that you actually cannot afford to pay the money owed. However, if you can opt for a company who gives you a straight rate from the get-go you have nothing to worry about. A good mortgage provider, like Altrua Financial, can also help with this. They will advise you on the best set-up based on where you live and your unique situation.
Use a cash passport if travelling
When going on holiday money can be a hassle – and this doesn’t merely relate to accumulating it. There is nothing worse than going abroad and having to carry lots of cash. You constantly worry about whether the money is safe, once you get to the hotel you then have to spend your money on a safe, and it all just seems like one big inconvenience. And that is because it is. If you search around you will see there are some fantastic alternative solutions, but none of them are quite as impressive as cash passports.
A cash passport looks nothing like your typical passport. In fact, it is simply a card – just like the debit and credit cards you have in your purse or wallet at present. The card is prepaid. This means that you will load funds onto your card before you travel. But don’t worry, if you run out of money whilst you are abroad then you will have the possibility to top your card up.
The reason why cash passports are such a great choice is because they are a lot safer than carrying around your money yourself. Your card operates the same way as a traditional debit card does in the sense that you will have a pin number. Therefore, security is a priority. In addition to this convenience is assured. How much easier can you get than carrying around a small bit of plastic? This definitely takes away the hassle.
Aside from convenience and security, there is one benefit that makes a cash passport soar above all other methods of travel money. This is the fact that a cash passport has the capacity to hold various currencies. This means you can top up your card in pound sterling, or euro, or dollar, or any other currency that is used in the place you are going to. But that’s not all. The card automatically knows the currency of the place you are situated in. Thus, say you are in Australia and have no clue regarding what currency to use, your card will detect that it is Australian Dollar.
Finding a good dollar to euro rate
A lot of people constantly complain that they get nothing for their US dollar when they exchange it to euros. There seems to be this overriding feeling that the dollar to euro rate is terrible and always will be. But don’t fear, as this is not the case. The euro rate has actually improved and stabilised a lot over the past few years. You can use the tips in this article to help you find the best pound to euro rate available.
You need to be aware of the fact that exchange rates constantly fluctuate. They are affected by numerous factors. Therefore, if you do use time to your advantage then you will be able to wait and source out the better exchange rate. Most companies provide you with the opportunity to set an alert. You can set your desired exchange rate and you will then be notified when the pound to euro rate has gone up to the level you were seeking. This means you do not have to search every day.
However, what you need to bear in mind is the fact that the exchange rates will not rocket overnight. When you assess the current exchange rate you need to do so in comparison to the current state of the country. If there has been a financial crisis, then there is no way you are going to get a very high valued exchange rate. Be realistic about it. Use time to your advantage and recognise when is the best time to cash in and get your euros.
In addition to this you need to assess all of your options. There are lots of different places that offer an exchange facility. You should compare all of these in order to locate the best dollar to euro rate. This should not take you a great amount of time. Thanks to the internet you can compare different exchange rates easily. You can use comparative websites and some foreign currency sites actually have the comparison tables built in so that you can see their rate next to others.
When looking for the best dollar to euro rate you need to be patient. Set a realistic exchange rate goal and have an alert implemented for when this rate is achieved. Furthermore, make sure you compare various websites rather than going for the first one you lay your eyes upon. Use this advice and you will reap the gains.
Essential tips to ensure safe money transfers to foreign countries
As the world becomes a more integrated place the need to send money abroad is becoming more and more frequent. People may have family in other countries, they may have businesses abroad, they may a holiday home abroad, and they may have investment in different countries – the reasons for transferring money to a foreign account are endless.
Nevertheless, you need to make sure you are savvy when it comes to doing your international money transfer. There are lots of great companies online offering this service but you need to make sure you don’t fall into the trap of a bad one.
The first thing you need to do is get a feel for the company you are considering to do your transfer through. The questions you need to ask yourself are: Has the company been running for a long time? Do they have a credible reputation? Are they easily contactable? Do they have many branches throughout the country? Is their website secure? If you consider all of these points then you will come to a solid conclusion regarding the reputability of the company. This is important because it is imperative that your money is in the hands of someone trustworthy, efficient, effective and credible.
Now you need to deal with the transfer process. You should be given the exchange rate up front and there should be no added or extra hidden fees. You need to be assured that you will be given a receipt as well – proof of transfer is absolutely essential. If you do not take the effort to unearth this information then you can easily find yourself faced with extortionate costs or a rubbish exchange rate. Therefore your money will be deflated in amount. An honest and genuine company will give you this information upfront. And one more thing; never ever pay an advance fee. Why should you pay any money before you have benefitted from a service?
And last but not least, simply use your common sense. If the company is asking for questions that are irrelevant then alarm bells should be ringing in your head. Never go for a company that you have simply been sent an email about as this could be spam. And don’t forget to make sure that the money will be sent and received in a timely manner. If no time indication is given then companies can simply keep putting you off.
If you use the guidance given in this article then you should be completely savvy when it comes to making an international money transfer and foreign currencies.