Using a bank to transfer your savings between your overseas and domestic accounts can be costly. Because you are both the receiver and the sender, you can be hit with both outgoing fees and incoming fees.

International fees are typically higher than domestic transfer fees, and fees can differ based upon how you initiate your transfers (online, by phone, or at a local branch).

On top of fees, banks will also charge a margin on the exchange rate of about 5%, and you may even be charged a conversion fee, further adding to the costs of your transfers. Making timely moves and limiting your risks will be crucial when managing your savings from abroad. The following tips can help ensure you will make the right decisions for your financial security and stability.

1. Check currency rates
You can use OFX’s currency converter to check the value of your currency versus the foreign currency in your overseas bank account. This converter will give you the most recent Market Rate (also known as the Interbank Rate), which is the rate that banks use when they trade currencies with one another.

You can use OFX’s currency converter to check the value of your currency versus the foreign currency in your overseas bank account. This converter will give you the most recent Market Rate (also known as the Interbank Rate), which is the rate that banks use when they trade currencies with one another.

2. Open an account with OFX
Transferring money with a bank may be your most expensive option. Fees and charges will quickly add up if you are regularly making deposits and withdrawals. On the other hand, with OFX, you get a competitive exchange rate, and we charge no fees on transfers over $10,000. Our 24/7 customer support lets you transfer your money on your schedule, and our local banking network processing means your money often moves faster.

3. Set your target exchange rate with a Limit Order
By using an online transfer service like OFX, you can move your money whenever you want to. A Limit Order lets you set your target exchange rate, so you can capitalize on a profitable market movement even while you’re out playing golf.

4. Lock in an exchange rate with a Forward Contract
With OFX’s Forward Contract, you can lock in your preferred exchange rate and then transfer your money anywhere from two days to 12 months later. Protect yourself against exchange rate fluctuations, so you can keep more control over your money.

5. Set up recurring payments
Whether you need to make recurring transfers to pay thinks like your mortgage, or you want to send money abroad to boost your savings, you can use OFX to set up automatic transfers on a schedule that works for you.

To open a bank account abroad, you will need to provide the new bank with your personal information, along with copies of identification documents, some of which may need to be notarized or certified depending on the kind of account you want to open. You will usually need to verify where you live, so you will need a proof of address.

If you’re relocating to a developing nation, be sure you choose a reputable bank. To be certain that you are dealing with a safe and secure bank, make sure that it has what is known as tier 1 capital, or a minimum of 10% core capital ratio. Put simply, the higher a bank’s capital standing, the more secure your savings will be, regardless of where in the world that bank is located.

In an effort to discourage illegal activities like tax fraud and money laundering, you may be asked to provide financial reference documents from the bank that you are currently using. These documents might include a few months’ worth of bank statements.

Once your new bank account is up and running, you can use OFX to transfer your savings abroad to your new account swiftly, securely, and affordably.

Opening and managing an overseas bank account could provide you with a host of benefits, even if you only invest a small amount of money when you first get started. Whether you work abroad, own international real estate, or plan on moving to another country, having multiple bank accounts available could give you more control over your money no matter where you go.