Festive decorations are creeping into the shops, Mariah Carey is filling the soundwaves with Christmas tunes - the holidays are coming.
These aren’t the only changes, however, that happen at this time of year. The amount of people sending gifts or money to other side of the world also increases. And with more demand comes more risk of being ripped off.
Here are some tips to making your overseas money transfers arrive safely and at a great rate:
1. Bin your bank…
…and use a currency specialist instead.
When you reach a point where you need to transfer funds overseas, you may choose to do so with your bank because you have an existing relationship with them – and because it’s a service they provide.
So you may wonder why you’d bother going elsewhere.
Thankfully with advancements in technology, there is no longer a need to use traditional banks for sending money overseas. International money transfer companies, such as WorldFirst, offer exchange rates up to 3 times cheaper than local and international banks and can manage transfers of over SGD$2000.
2. Do your research on currency transfer providers
Now you know better than to use your bank for currency transfers, it’s time to find a specialist provider who will give you the biggest bang for your buck.
Qualities you should look out for include:
– A provider who can offer better exchange rates than the banks
– A dedicated relationship manager to facilitate your currency transfers
– Fast and secure transfers
– Award-winning customer service
– Ability to make a currency transfer online 24/7
– Global presence across multiple major cities
3. Send a larger amount once, rather than smaller amounts multiple times.
Generally speaking, the more money you send in one go, the better exchange rate you may be able to achieve. Sending funds overseas once, also eliminates you getting hit with unnecessary fees again and again.
If you have the capacity to do so, purchase your overseas inventory in bulk when the exchange rates are favourable.
4. Keep an eye on exchange rates
Speaking of exchange rates, stay up-to-date with currency markets in the weeks leading up to Christmas. This will be on the news each day, or you can subscribe to rate alerts (which WorldFirst offer).
If the markets are looking volatile, you might want to make your exchange or transfer early, or lock a rate in today.
5. Speak to a real person
Choose a provider who you’ll be able to chat through your options. There are numerous choices when it comes to foreign exchange, so being able to personally discuss your situation first will put your mind at ease and give you the chance to negotiate exchange rates.
WorldFirst are specialists in sending money overseas, which means they can give you better exchange rates than the banks, plus you’ll be assigned a dedicated relationship manager for each transaction, so you’ll never be left in the dark.
For more information on how to save on your overseas transfers, get in touch with a WorldFirst currency specialist today on +65 6805 4370 or at [email protected]
Disclaimer: These comments are the views and opinions of the author and should not be construed as advice. You should act using your own information and judgement. Whilst information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. Please consider FX derivatives are high risk, provide volatile returns and do not guarantee profits. We have no commercial affiliation with any organisation or commercial interest regarding the venues mentioned in this article. The information is only provided as gathered and should be verified before, using your own judgement.
About the author: Charlotte is WorldFirst’s Marketing and Communications Specialist for Singapore and Australia, bringing more than 4 years’ experience across Europe, Australia and Asia to the team. In 2013, Charlotte transitioned to financial services after a two year stint in media, and began her career in Marketing and Communications for a multinational insurance company, in the City of London. Since returning to Australia, Charlotte has traded the world of insurance for foreign exchange and now manages the content, PR, social media and internal communications for two of WorldFirst’s six global offices.
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