How can I send my salary to another country?
Today, thanks to technology, it is easier now than ever before to send your salary abroad. Today, you can transfer money within a matter of minutes, no matter where the beneficiary is located. Just remember that sending your salary to a foreign location can be costly, which is why you should do some research about transfer options to ensure your money reaches its final destination safely and quickly and of course, cost effectively!
Sending Money via Currency brokers
Forex brokers can help you send your wages abroad to just about anywhere in the world, and without the excessive rates that banks will charge you. There are a number of other significant advantages for using brokers when sending money abroad. For a start, many of them will provide you with personal account managers who you will be able to speak to (minus the ten minute automated response) should you have any concerns. On top of this, many brokers have pretty impressive online systems and payment tracking technology that keeps you updated every step of the way, notifying you when your funds finally reach their beneficiary.
Transferring Money Abroad With Banks
Banks are the obvious option for a lot of people, but it is important to know that banks quite often charge higher margins than most brokers. In addition, it may take a bit longer for your money to reach its destination. If you want to save money when sending a big amount abroad, then it is a good idea to use a Foreign Exchange broker. They don't charge fees, and have great exchange rates. Some FX companies are in fact 4 to 5 % cheaper than the banks, and often give pretty good discounts to their regular customers. If you have a mortgage in another country and need to transfer that money, or maybe you just have to make regular overseas payments, then brokers can really help keep these costs down. If you’re concerned about those volatile markets, then you can lock the exchange rate in when making regular payments, this is called a ‘forward contract’. You can also lock the exchange rate for one time payments. However, in order to make the most of this type of contract, you will have to make a decent sized transfer. You may even consider having a limit order, which will allow you to nominate the ideal exchange rate. This way, your FX broker will contact you once the currency has hit that rate.
Online Money Transfer Services
There are several reputable online money transfer services like PayPal. If you and you're designated recipient have a PayPal account, then it would be possible for the transaction to take place within a few minutes. However, it is important that you know that the international transfer fee is 4%, which can be quite expensive if you’re doing a big transaction. One good way to decide how you should be exchanging your salary abroad, is to consider the amount that you are transferring, and then how quickly you need to make the transaction. In some cases, banks and online payment gateways earn a lot of money on hidden fees and excessive rates, which you can avoid these by hiring a good foreign exchange broker.