Best Way to Transfer Money Abroad

John has accumulated some savings in the past few years, and like many other Britons, he decides to invest in property abroad. It will enable him to diversify his investment profile, generate some passive income, and even have a holiday home for his vacations. In addition to that, the low interest rates will enable him to fund his mortgage almost completely via rent.

The only obstacle standing between John and fulfillment of his dream investment, is transferring money overseas, without paying thousands in fees in the process.

Banks – Are They The Best Way To Move Funds Abroad?

He can’t get a straight answer on the markups he is expected to pay, especially when “market is fluctuating”. He get no guidance or support on the subject, besides being told to re-approach for a quote when the money to be moved.

There are no specific guidelines or tips which is based on John’s individual needs. For the bank, it doesn’t matter whether John needs to move money in Europe to his sister in France, buy an asset in Australia, or move his pension back from Ireland to a bank account Singapore. It’s a “one-fits-all” service by a non-trader banker.

Commercial Money Transfers Abroad

Photo from Currencies Direct office in London

Commercial money transfer firms: When approaching one of the our top-choice companies like Currencies Direct, World First, or Moneycorp  with the intent of sending money abroad in the future, John will be offered with Forward Contracts: a way to secure the current  exchange rate for a period of up to 24 months from the day of the contract.

That means, if John has set aside an amount of  exactly 105,000 Pounds and signed such a contract with either of the companies, he can focus on finding an asset within a clear budget (in Euros), without spending anything that wasn’t intended for this cause. Not only the quote will be remarkably cheaper, it will also prevent the sorrow of currency fluctuations.

Some companies, like Currency Solutions or Global Reach Partners, will allow John to make the currency exchange and transfer on an immediate basis, and save the money exchanged in the companies’ Euro account, until it has an address (for any period of time).

Not Only Money Moving….

John will be in contact with a dedicated dealer who has helped hundreds or thousands of clients invest, or move, abroad. Another set of eyes will never hurt. The dedicated dealer can give guidance on all aspects relating to the transaction, and put John in touch with solicitors, real estate agents and tax consultants (only the very best).

Expanding internationally: Whether john would to use these services in the future, he can always call his dealer and make an international payment to almost anywhere in the world. World First supports 150 currencies! John can move his rent money from France to his bank account in South Africa, to pay for a mortgage and invest in another property in New Zealand without ever going to the bank. Sarah can send money to her sister in Ireland, every 2 week, using the regular transfers mechanism.