When I was enjoying Sunday dinner today, I happened to over hear a conversation about transferring from and to Spain and other countries. The gent was complaining about the cost of foreign currency transfers using his Spanish bank and Paypal. Well, unless you have a very special arrangement with your bank, you are likely to receive poor deals on exchange rates and costs. Paypal is also not really a viable option as it is expensive and the exchange rates are frankly lousy. If you want to transfer money without hassle, and without occurring access charges plus suffer poor deals on exchange rates, you are better of using a company specialising in foreign currency transfers. But, what are the basics of making the most out of foreign currency transfers.
Get Ready to Transfer
Most foreign currency exchange companies work by assessing your personal circumstances. In other words, you need to let them know why you are transferring money. Are you planning a property purchase, payment of an unexpected bill or topping up the funds in your local bank.
You also need to consider if you are going to be transferring funds as a regular activity. It could be that you are going to be living abroad and need to transfer income from a pension or investments on a more frequent basis. This will affect the cost and foreign currency exchange rates.
Are you going to need the funds right away? If you need the money quickly, you will need to have all of the details ready so the transfer can be set up quickly.
The Best Deal
Getting the best deal is important, and you can only get that by doing a little bit of research. Contact your bank and find out what deal they can get for you. Remember to get everything in writing with the banks stamp. Unfortunately banks are not always very good at sticking to their promised deals.
On line services can be great but less reliable. If you choose to go down this route, make sure that you have a contact telephone number and a name of a person. Also, make sure that the company is legal. Companies like Paypal are not really set up to deal with personal on a regular basis, or one off large transfers.
What Should You Do to Make the Most Out of Foreign Currency Transfers?
The best thing that you can do is to talk to a local foreign currency transfer company. Get a few references from other people and make sure that the company is okay. If they have a local office and you can actually speak to an expert, it is probably the best choice for you. Many foreign currency transfer companies have local offices, and the good ones have websites that you help you to set up the transfer. Once you have completed the first transfer, you may even be able to download an App to assist you with further transfers foreign currency transfers.