International money transfers made easy
Moving to a different country, although exciting, is a whirlwind of different decisions and considerations. From deciding what to bring, what flight to take, how many bags to pack, where you’re going to stay, and getting all the documentation in order, your proverbial plate is rather full.
But one decision that should not be underestimated, nor left to the last minute is how you’re going to get your money over to your new country.
Transferring your money over is tough. Most of us aren’t financial wizards, and all too often end up going into the bank and getting them to transfer the money simply because we’re too busy getting everything else sorted to figure it out.
Here’s a guide that outlines many of the considerations for making an international money transfer. It explains the different methods of getting your money to where you’re going and the costs and timing of each. It can help you make the decisions to transfer your money as efficiently as possible. So if you don’t have time to fully immerse yourself in the ins and outs of foreign exchange, it will be a handy resource.
Different institutions, different exchange rates
Taking a little bit of time to explore some different options is well worth the amount of your hard-earned money you’ll be saving. Every situation is different though, so you need to consider different methods and pick the one that will best suit you. One of the most fundamental considerations is that different institutions will provide you with different exchange rates.
Researching this ahead of time can make a substantial difference if you are going to transfer a large sum of money, which, if you’re becoming an expat, is quite likely.
Ask about fees beforehand
A big aspect that is often forgotten about (until it’s too late) is the fee that will be charged for the transfer. If you’re making one single transfer it may not be a big deal, but if you’re planning on bringing your money over gradually, in multiple transactions, then you need to look at the fees you’ll be paying each time.
Beware of delays
Having your money where you need it when you need it will be one of the most important aspects of your move, so you need to give proper consideration to how quickly you’re going to need your money. If you’re on a short time-frame then paying extra to get your money across quickly might be the best option. If, however, you can plan far enough in advance you can save money by choosing a cheaper method. It’s important to talk to the purveyor of your money transfer to get a full understanding of how long it will take and don’t assume it will be instant.
Now that you know what to look out for you can rest assured that you’ll be able to make your transfer as painlessly as possible. That means you can stop stressing about getting your money abroad and start trying to remember where you put your passport.
