Money transfer overseas is an essential part of your international move and/or business which if handled correctly can boost your bottom line or settling funds dramatically. Here's a few pointers to start with:
Check level of commission
Methods of Transfer available and any fees involved
Are the rates competitive
Is there a minimum transfer amount?
Are they responsive to your needs? - this is YOUR money you are trusting them with, do you trust them?
Are they considered experts in the business?
Do they operate between all the major currencies/are they internationally situated?
Possibly the most important piece of advice we were given when emigrating was that the high street banks were not the best people to entrust with your money transfer overseas. They charge commission, transfer fees and then to cap it all off they give a reduced exchange rate.
Anybody looking to move overseas will need to purchase the destination currency in order to complete any Property Acquisition ahead of your move or just simply transfer your existing assets over to your new country. In today's volatile currency markets, a small change in the currency rates, coupled with the high commission charged by most banks can make an enormous difference in the net currency amount received when converting your currency
. Depending on the size of transaction, this could make a tangible difference of several thousand dollars; money you may prefer to put towards starting your new life!
As we enter 2007 the canadian Dollar is finally showing signs of weakening against most major currencies. Quite where it is heading and how long it will stay there is difficult to predict but with a 0.30 per pound swing in favour of those moving from the UK if you are thinking of moving in the next few year then a forward purchase agreement could give exceptional assurance of a good rate. Contact HIFX for more details on this great service.
Naturally, securing the very best rate of exchange becomes all important. There are several money transfer overseas companies that offer an alternative to the banks - in fact "alternative" is too weak, they outclass the banks by a mile! When we first heard about the services on offer it really did seem to be too good to be true and we were very skeptical. We thoroughly researched the major high street banks in the UK and the rates they were offering (adding the fees and commissions!) and then compared to the service we were offered. Again, there had to be a catch.
The money transfer overseas company had no commissions, transfer fees and also gave a rate that was close to 3 cents to the pound better than the banks. All the funds would be transferred electronically to the bank account of our choice normally within 2 working days. We were even offered a choice of payment methods which included direct debits/debit cards/electronic wire transfers and the ability to "book" a rate in advance (up to 2 years!) for a small deposit and then pay the balance prior to the contracted transfer date. Better still, they operate in all the major currencies and are not limited to any particular country with offices around the world to provide the exceptional service.
We had to find out how these people could offer such a service so quite bluntly asked. The answer was very simple. This was a dedicated, specialist company that dealt on the Forex markets in large volumes - this meant that there would be a low profit margin on each individual deal but the overall volume made it worth while. Because they are a specialist company, they could pass on the savings to their customers and the use of modern, electronic transfers ensured the costs were low with no need to pass them on to us! A true Win-Win situation.
Private Money Transfer
We are pleased to work closely with international currency brokers HIFX Inc to make the all important foreign exchange aspect of your international move/business as simple and cost effective as possible when it comes to money transfer overseas.
Although it is impossible to predict currency movements with 100% accuracy, HIFX's views over recent years have consistently been seen by Reuters to be some of the most accurate in the world. Additionally, their analysts appear regularly on CNN, CNBC and Bloomberg business television and are featured in The Wall Street Journal and the Financial Times. Here's the testimonial from one new client:
"I made my first transaction with the competition and was disappointed with the level of service received. I followed your recommendation to use HIFX and was thoroughly impressed. We've made two more transactions of different sizes and are now looking into the regular payments options. It's great to see a company live up to its promises consistantly - vital when you are moving your life savings around the world!!"
Mr and Mrs Shipton - moved to the Calgary Area.
The Private Client Services Team at HIFX understands the immigration process and the complications people can experience. HIFX want you, the customer, to be fully informed and will allocate you a personal dealer who will discuss with you a sensible strategy to suit your specific circumstances. All HIFX clients receive daily or weekly exchange rate updates, which should enable you to make a well informed decision when the time comes to buy your currency for your
Money Transfer Overseas.
The exceptional service HIFX provides for money transfer overseas is cost free and carries no obligation to trade until you give your specific instruction over their recorded telephone lines.
The HIFX service includes:-
Free transfer of funds
Offices in the US, England, Australia and New Zealand
Commercial exchange rates
Regular Payments Abroad
Guaranteed forward prices (up to 2 years in advance)
With the transfer of your settling funds such a major part of your new life it is imperative that you choose the right service. Check the rates the banks offer, add up the charges and then compare the personal service, first rate information, advice and fantastic rates that HIFX offer.
There is more to overseas money transfer than a simple electronic transfer - speak to the experts and be sure you receive it all.