Here are our top tips for sending money overseas:
- Don’t use your bank. Banks typically charge hefty fees and high margins on the exchange rate.
- Find a reputable money transfer provider, like OFX, to get great exchange rate and swift delivery time.
- Stay on top of exchange rate fluctuations. Pay attention to upcoming central bank announcements or major elections.
- Use risk management tools. Forward Contracts let you lock in a rate for up to 12 months, so you can keep your budget intact.
1. Use a Reliable Online Transfer Service Instead of Your Bank
When you use a bank to transfer funds internationally, they’ll not only charge you a fixed fee, but will also add a margin (usually up to 5%) on the Interbank Rate. That means you could be paying up to $500 on a $10,000 transfer in addition to hefty fees.
At OFX, we think that’s too much, and we’ve built a global business around giving people like you a better deal. Think of it like this: if you were to buy a luxury vehicle from overseas, using OFX to transfer your money could save you enough to cover the cost of shipping.
2. Check the Exchange Rate Before You Transfer
Exchange rates fluctuate by the second, so timing matters a lot when you’re moving your money. To stay on top of the latest currency news, sign up for the latest market news written by our currency experts. You can also sign up for our mailing list to get market insights from our financial gurus, so you can make a more informed choice with your money.
3. Protect Yourself Against Currency Fluctuations
Risk management tools can benefit both businesses and individuals when it comes to managing currency exposure. With a Forward Contract, you can lock in an exchange rate today for up to twelve months in the future. No matter how the currency markets move, you’re in control of your money with a Forward Contract.
If your timing is flexible, you might prefer to use a Limit Order to set a target exchange rate. Once the target rate has been triggered, OFX will contact you to help you complete your transfer.
A Hassle-Free Way of Sending Money Overseas
Whether you need to make a single transfer or you’d prefer setting up headache-free, automatic recurring transfers, OFX lets you can transfer money 24/7. Your world moves fast. Choose a money transfer provider who can keep up.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited (trading as OFX) and its affiliated entities make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.