How Batching Can Save Time And Money On Regular International Money Transfers
Most people are aware of the potentially savings of using a currency specialist when making one-off international money transfers, for example when buying an overseas property or importing goods (e.g. car). However, many people are unaware that they are also able to set up regular overseas payments. Most of the reputable service providers allow you to schedule your transfers in advance and send particular sums on specific dates over a set period of time. Such an option is very convenient for people who regularly transfer funds but the most important detail is that almost all reliable international money transfer companies offer discounted prices for this type of transfer. The discount depends on the company and the amount you are sending but usually varies between 5% and 10% of the amount being transferred. The cost savings come from a achieving a better exchange rate and cheaper international transfer fees. Banks typically charge £25-40 for priority international transfers and the exchange rate will be tourist rates (at least 6% off interbank rates). Using the services of a first-class currency broker enables you to take advantage of more advances opportunities to save money. You can ask your broker, to arrange your transfer at the most favourable foreign exchange rate during a certain period of time. Your currency broker will keep an eye on the fluctuations of that particular currency pair and using his Forex expertise as well as forecasting and analysis tools will determine the right time to conduct the transaction. Thus, you are getting the most favourable market exchange rate. Such recurring transfer can be made continuously up to 2 years in advance, allowing you to take advantage of the peaks of your home (base) currency i.e. the periods when it is in strongest position against the destination currency of the recipient. In the long run this will save you money by cutting down costs due to discounted prices of recurring transfers as well as accumulating income from the most advantageous momentous exchange rate. Some banks and investment companies provide similar services but they are more focused on the income side and require a substantial sum to be invested. A specialist currency broker are usual more flexible and will be happy to monitor the exchange rate and manage your money transfers accordingly.