International money transfers
At some point in every expat’s journey comes the issue of funding and the inevitable question – how exactly do I make an international money transfer? If you’re going through this process, you’re not alone – most expats need to transfer money regularly to and from their home country, to cover expenses at home, to fund their new lifestyle by covering accommodation costs, to cover business expenses and to support family members with financial gifts.
The good news is there are lots of way to make international money transfers and loads of companies competing for your business – the bad news is there are lots of ways to make international money transfers… and loads of companies competing for your business; which means you must make choices based on circumstance, cost and convenience. The top drivers for making this important decision are exchange rates, fees and security risks.
There are three main options – Banks or Building Societies, foreign exchange brokers and high street transfer firms. As a rule, Banks are a safe and convenient way to make regular payments and some, like HSBC, are revising their processes to make it easier and faster than ever before, providing their customers with a wealth of information to facilitate informed choices. Last year, HSBC help their customers to make more than 1.3 million payments to over 150 countries, there are no payment fees if you transfer to another HSBC account, their exchange rate is updated by the second during market hours to give complete transparency and their safe, secure service is available 24/7.
The attached infographic shows the extent of HSBC’s market research and provides a reassuring backdrop for your decision making.
Sponsored article from HSBC