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We at MSCB asked our good friends at WorldFirst, a leading provider of international payments services, who we have dealt with for many years, to write a guide to making international transfers. Whether it’s to send money home, pay bills or pay a mortgage, this guide aims to give you some sound advice to take into consideration before going straight to the bank.
One of the most common mistakes expats may make is using their bank to send money abroad. While it seems like the obvious thing to do, you may be able to save time and money by considering the alternatives to using your bank for international transfers.
So here’s a quick and easy guide to making your international transfers:
The main things to consider when making international transfers are:
- Can you send money to the country you want?
- Are there any fees or hidden charges you may have to pay?
- How fast can your money be transferred?
- What’s the exchange rate and how much will you get for my money?
- How easy will it be to transfer?
The key is choosing the right service provider to move your money.
So who do you choose to make international transfers?
Most people turn to their bank. However, while banks have a great range of financial services – international transfers are generally not their speciality. Expats could see both higher fees and less preferential exchange rates when using their bank, as many banks reserve their best service offerings for their larger corporate clients.
Another way to move your money abroad is with a currency exchange specialist. With currency specialists, you should get the things that are considered to be most important: speedy transfers, good exchange rates and an easy to use service.
What are the benefits you can expect?
By taking smaller margins, a currency specialist like WorldFirst can often offer you competitive exchange rates so you get more for your money. Fees can be very competitive and transparent – with most transfers having none. Plus, you can benefit from a wide range of products. For example, forward contracts can help to protect you against fluctuating exchange rates by fixing the exchange rate up to three years in advance, so you know exactly what you’ll pay when the transaction goes through.
Service is also important; for example, WorldFirst will provide your own dedicated dealer who will talk you through your options. Alternatively, if you prefer to transact online, you can use their 24/7 online trading platform to make payments when it suits you. Transfers are generally quick – with payments into sterling, US dollars or euros usually occurring as a same-day payment. Otherwise, most transfers occur between one and four days.
MSCB hopes you have found this brief guide to currency transfers useful. You can find other articles from MSCB on www.mscb.im covering a range of insurances and what you need to know to make sure you have the right cover.
MSCB is 100% dedicated to signposting financial advice, travel insurance, banking and insurance options specifically designed for the unique lifestyle of superyacht crew. Check regularly for other great guides which put you guys centre stage
MSCB has been awarded the Best Superyacht Crew Insurance 2019, by International business publication World Commerce Review. Insurance is brokered through Moore Stephens Brokers Limited, registered with the Isle of Man Financial Services Authority as a General Insurance Business Intermediary.