Sending US Dollars International – What You Need To Know

Sending money across borders using an international money transfer, whether for business or personal reasons, can be easy but at the same time a risky affair. With technology improving daily, it is now cheaper, safer and easier to remit cash internationally. Before sending your hard-earned dollars, here are a few things to look out for before doing so.

Check all fees, transaction costs and tax options

Banks and other financial service providers are known to insert hidden charges. These charges add up, especially if you are a regular sender. All the transaction costs should be necessary and justified. Try a specialist money transfer service, as they often come in cheapest.

Find the cheapest exchange rates

That extra penny can mean a huge difference if you are sending a significant amount. Find a reputable information source from the internet and compare rates. The extra dollars saved could cover the fees and transfer costs.

Check the Tax Considerations

The gift tax is a huge consideration when transacting internationally. You would not want to get into the bad books of the IRS. Currently, any amount above $14,000 sent as a gift is subject to gift tax. This amount is cumulative over a year’s period. Money sent to a dependent child is however not subject to taxation.

The United States government continuously monitors large sum transactions to prevent fraud and money laundering. If you are sending large sums, you are better off being compliant to avoid inconveniences with the law.

Risks involved

You run the risk of fraud if you use untrustworthy credit unions, remittance services, and unverified mediums. Online transfers are very risky, as the security is not guaranteed. Beware of scammers; they are everywhere. Form con artists to posers, once the dollars leave the country, it is virtually impossible to pursue a refund.

Money Laundering and Fraud Laws

Regulations on money laundering laws apply to the financial institution being used to transfer funds. On the part of the customer, however, a proven money laundering transaction if convicted, carries a jail term of up to a yea, or a few thousand dollars in fines for misdemeanor cases. A federal money laundering case can carry fines in the region of $500,000 and jail term not exceeding five years. It is important to seek legal advice if you are not sure.

Reasons for sending money abroad

You could be paying school fees, sending money to a dependent or just for personal reasons. Other popular reasons for sending money include paying for mortgages, buying goods or services, you could also be topping up an overseas account, or just paying your bills. Whichever the case might be, always ensure you use a reputable bank or money transfer agent.

Methods of sending money abroad

The most popular methods include banks and genuine financial services. Other options include money remittance companies; examples are, Western Union, MoneyGram, Xpress Money, TransferWise and WorldRemit. It is always helpful to check out your options before going for either one of these, as transaction fees and other charges vary marginally. Another important factor to consider is the global availability of the money remittance service. Most banks will have their transfer service, having been networked with other worldwide banks. MoneyGram and Western Union are the companies with the widest geographical coverage.

from
http://www.changecurrency.org/international-money-transfers/sending-us-dollars-international-what-you-need-to-know/

Sending Euros Internationally – What You Should Know

If you have ever sent international money transfers, especially if you do so regularly, you are probably aware of the security concerns and precautions you need to take for a safe transfer. You are also aware that the paperwork is a nightmare. The worst setback is the hidden charges factor. You will be subjected to a list of transaction fees, taxes and a whole lot of other charges. Most currencies, particularly the Euro has with time wiped out the complicated process, and it is now easier to send money abroad. Here’s what you need to know for a swift money transfer.

Know the exchange rate

Finding the best exchange rate can give you value for your euros. Avoid banks if you can, you are better off transacting with a foreign exchange bureau or expert. Even an extra penny can make a huge difference, especially when transacting huge amounts of cash.
Be keen with transaction charges and fees

Banks and money transfer agents are known to hide fees that can add up to significant amounts. Do a quick background research and know the benefits you qualify for. Example, it is free to transfer money in the EU, thanks to Single Euro Payments Area (SEPA). Sending money to a non-European country will cost you an average £40, (48 Euros). The transfer fees will vary with banks, and finding the cheapest transfer agent can make a huge difference.

Market Timing

If the market on an upward trend, it would be best to wait a few more days, but if it is in a free fall, you would better hurry and send the cash as soon as possible. The 0.5 difference can translate to hundreds of euros in the end especially if you send cash regularly.

Take care of your money

Ensure the medium you are using is regulated to avoid fraud and theft. If you are sending a lot of cash, use a bank or a competent money transfer agency.

Methods you can use to send

Any bank, although not their primary business, has a money transfer service. If not, they outsource the service from money transfer companies. Reputable UK-based money remitter TorFX will not disappoint. You can send international money transfers anywhere, with zero commission. Western Union is known for its large network. You can send money to almost every country in the world, with cheap rates and safe transfers. Moneygram is popular for its convenience and cheap rates. It is also a safe and reputable company. US Forex (UFX) is awesome if you are sending money to the US, Canada or Australia.

Risks to watch out for

The risks are minimized if you use banks or money remittance companies. Online money transfer is the riskiest, with over 87% of money transfer fraud cases occurring online. Remember, transferring money in the currency of the receiving bank eliminates the risk of overdrafts in your account. Use a reputable bank or transfer agency to avoid the risk of fraud.

So, whether you are sending an international money transfer to a loved one, or sending school fees abroad, or paying for a mortgage in your home country, it is best to avoid low profile money transfer options. These small service companies promise faster and cheaper money transfer, but they can prove very expensive if your cash does not arrive.

from
http://www.changecurrency.org/international-money-transfers/sending-euros-internationally-what-you-should-know/

GBP to Euro Currency

For quite a long time, the Euro has become the significant currency across the world. By 2001, all of the key currencies were floated. Other currencies which aren’t listed here are deemed soft currencies. The very first quoted currency is called the base currency which is GBP, then Euro is the currency to be converted to.

The British Pound in the currency used in the United Kingdom. As a trader, the foreign currency exchange market is extremely volatile and it’s tough to forecast the movement of a currency pair if you aren’t acquainted with the fundamental things determining the worth of a currency such as GBP.

from
http://www.changecurrency.org/exchange-rates/euro/

Methods You Can Use For Sending Money Overseas

There are a lot of different reasons why people may need to send money overseas. Whether you’re studying abroad or you have family somewhere internationally, you’ll find that at some point financial matters are important. You’ll want to send money across international waters, and that can pose issues. There are several options that you’ll want to explore in this regards, including the following 3 major ways to send currency with ease. Regardless of the reasons, these are some of the most common solutions overall.

Sending Money With Specialists

These days most people use a specialist currency transfer service to send money overseas. It’s fast, secure and really cheap. Infact most services can offer to send money with no commission. They are able to do this because of a thing called spread. This is the difference between the market exchange rate and the actual rate the service quotes you for the transfer. It can be very small, but on a lot of transactions profit soon adds up for the company. Banks normally can’t offer you such a good rate as these services, because they are not specialized. For more information or to get a free quote from one, try our recommendation here.

Wire Transfer

The easiest and often most used option in some countries for international money transfers is the wire transfer. This is something that your bank can do for you, and usually charges a high fee for doing so. This can take up 24 to 48 hours to get to the receivers bank, but it involves communication between 2 banks. You’ll supply your account number and the account number of the bank you want to communicate with, and you’ll send currency fast. This is a digital element, that you don’t have to worry about.

Western Union and Others

Perhaps one of the most compelling of resources is the proverbial golden standard of transferring money to far off destinations. This option is similar to wire transfers, but it reaches a lot more than just banks. If your bank doesn’t offer a wire, then you can go to companies like Western Union and have money delivered to where it needs to go, with currency exchanges done for you. This costs a bit, but you won’t have to worry about conversion issues, or anything like that. Western Union can reach many international offices, and cash out individuals on the other side within 24 to 48 hours. This is a compelling resource, that has been established for quite some time, and delivers to even small communities in third world countries.

The Mail

This is something that is going to scare some, but you’d be surprised how many people send money through the mail. If you’re going to send money this way, you’re limited as to how much. People send checks, cash, and more through the United States Post Office and others. This can cost very little, but can take quite a bit of time. With the sole exception of next day air, and other options. While it may seem unsafe, you will find that you can protect this with insurance, and much more. There are tools you can use with the help of the postal service, so inquire with your local office if need be.

The above are just 4 ways that people send money to family, friends, and for payments across the world. These are not all of the options, but rather just a handful that are most common. Whether you need to send something as an emergency, or you’re buying something outright, this is going to help you out overall. When in doubt ask your bank for international options, and you’ll be able to communicate between banks with relative ease. If you don’t have that, then there are two other main options to consider, but be careful when doing this.

from
http://www.changecurrency.org/international-money-transfers/methods-you-can-use-for-sending-money-overseas/

Sending Money Overseas and How To Do It Safely

Sending money overseas is a great thing to do. Millions of people do this, and you may think about using such an electronic transfer for business or other reasons. If you’re going to go that route, you’ll need to consider a few things beforehand. Yes, there are many established ways to get this done, but overall you’ll need to be careful as to how you move forward. Whether you have to pay a bill or you want to help out a family member that is across the world, you’ll need to consider a few simple things.

Safety of The Sending Money Overseas

The major thing that you will need to consider is simple, safety. How safe is the option that you are going to choose? Seriously. Many people don’t think about this at first glance. You’re going to want to look at the reputation that the bank you’re using has, or if you’re going to go with another option, ensure that they are going to make sure that you get the right placement at the other end. Do not just trust any methodology, make sure that you invest some time into looking at how safe something is overall. It’s easy to get lost in the shuffle here, so take time to look at how you’re going to go forward with this.

Money Limits

There are some certain international limits. You can’t send six figures without scrutiny, for instance. You have to make sure that you figure out what the limits are for where you’re sending money, and through what means. You cannot just send a briefcase full of cash to someone, that’s going to bring up a lot of red flags. Consider the limits, and stick to several transfers if you need to do so, or simply go with less overall. Running into limits is no fun, so be careful.

Communication On The Other Side

The next thing that you will need to consider is whether or not you can communicate with individuals that you are sending money to. If you are going to in fact send money overseas, make sure that communication is not just one-sided. You have to call, perhaps use text messaging, or just about anything else to ensure that both sides are going to get through this process. It’s easy to get caught up in the red tape that can be tough to deal with in regards to currency exchanges and more.

Perhaps one last thing to consider, is exchange rates. Just because you send a great deal of money in your home currency to someone else, doesn’t mean that they will receive that amount in their native currency. That can make for some tricky math, so make sure that you take time to consider the rates and focus on getting the numbers right. If you’re converting to a lower currency, then you may be fine, but if there’s a rise, then you’ll need to send more to compensate for that, as well as the fees that may be involved with sending finances across international waters.

from
http://www.changecurrency.org/international-money-transfers/sending-money-overseas-and-how-to-do-it-safely/

Services For Sending Money Internationally Fast

There are a lot of different ways that you can approach the notion of sending international money transfers. Whether you’re buying something, support family members, or any reason you can think of, you’re going to need to consider a few things before you send it. There are some people that will attempt to send money in the mail, and while that is a viable option, it is not secure. Plus, in these modern times, there are faster methods to consider. If you’re looking at sending money anywhere, consider the following helpful options that will no doubt give you the best bet.

Online Transfer Options

First and foremost, let’s not forget the number one service for sending money with a low fee structure and its PayPal. This is a solution that you can send money, without worrying about conversion rates outright, and with minimums on large transactions. This can be a bit tough, but as far as sending money in an expedited manner, this is going to pay off greatly. There are several competitors to this option, but chances are you will find that this is safe, easy to use, and fast.

Foreign Exchange Brokers

You could contact a forex broker, and have them help you with sending money abroad. Brokers in this arena will charge a small fee, but the transfer will help with the exchange rate associated with financial manners. They are cheaper than many banks, and they lock rates so that you’re not dealing with fluctuations of any kind. This may take a bit of time, but it’s a fast way to send international money transfers between borders.

Bank Wire Transfers

Sending money across different areas can be done with bank wire transfers. You’ll have to pay for this in many instances, but there are many partnerships that are created across the world. If you find that you’re going to transfer money into a bank partnered with your own, the cost may be diminished, and you’ll see the transfer go through within 24 to 48 hours at most. In some instances, you’ll see the money transfer in the same day.

MoneyGram and Western Union

These are the two major companies that are working with transferring money overseas. You’ll find that when it comes to sending money and wire transfers across the world, these companies can help. This works great if the person you’re sending money to doesn’t have a bank account to collect their money. There’s hundreds of thousands of agents that you can get assistance from within the confines of these two companies, making it easy to transfer money across the world.

At the end of the day, you’re going to find that transferring money overseas, sending money to just about anyone, is easier than ever. It’s safe, convenient, and all you have to do is figure out what method is going to work best for you. If all else fails, you can use postal services, but again, it can take a great deal of time and could end up getting lost along the way.

from
http://www.changecurrency.org/international-money-transfers/services-for-sending-money-internationally-fast/

How To NOT Get Scammed Sending Money Oveseas

When you are sending an international money transfer to anyone overseas, you are going to need to be safe. You may have the illusion of safety, but there are a lot of issues at play. When considering this, you’ll want to take a few steps towards ensuring the money you send actually gets to the person you are sending it to. There’s a lot of issues that come into play with international financial elements, so consider a few simple ideas to help you get peace of mind.

Communicate With Others

First and foremost, discuss options with the person you’re going to be sending anything to. This means that they should look on their end for reputable resources, banks, and other options that are known for having good overall security. You don’t want to blindly wire anything to anyone, without being fully aware of the dangers that could come up as a result. You absolutely need to communicate with those that are on the other side of transfer, or they could end up seeing and receiving nothing at all.

Get Insurance

Perhaps the easiest way to move forward here is to make sure that you get insurance. Whether you go through an established means, or you send a package with currency in it, you’ll need to focus on insurance. Make sure that you disclose the amount you have in place, and pay the extra insurance element. It may be marginal, and it may not be needed after the fact, but it will give you peace of mind, and that’s worth every penny. You get this so that you don’t have to necessarily use it, but of course, if you do, at least you’ll get your money back and that’s important. The worst that can happen when sending money overseas is that it gets lost in transmission, or stolen.

Never Send Money To Someone You Don’t Know

It happens all the time, emails, letters, and more are given to individuals that wire transfer to someone far and away. Whether it’s to pick up lottery winnings, or it’s to help someone with medical bills, there’s a lot of scams going around. Don’t ever send anything to someone you know, or you just met. This is a safety precaution that is going to pay off dividends. Never send international money transfers to anyone you don’t intimately know, and don’t send it to areas that are not safe. Sending finances to places that do not have security measures can prove extremely dangerous.

At the end of the day, you can use common sense in most instances when it comes to transferring money overseas. If you’re not sure as to whether or not it’s safe, don’t do it. Make sure that you take time to invest in solutions that are secure, insured, and have a proven track record of getting to their destination. That way you’ll be able to ensure that you’re not going to lose money when trying to send it to a friend or loved one, it’s simple as that.

from
http://www.changecurrency.org/international-money-transfers/how-to-not-get-scammed-sending-money-oveseas/

The Reasons People Send Money Overseas

There’s a lot of different reasons why you would send money domestically. When you live across state lines, or in another city, and can’t get home, you can help family and friends through digital means. But what if you aren’t so close? What if you were out of the country? How would you go about helping your family back home? Or what if you needed to make a payment on something, and you’re not in town? There’s a lot of issues that can come up financially, and you may not know what to do next. Money matters are quite fascinating, especially when you look at the reason why people send money with an international money transfer.

Paying Bills While Abroad

Every now and again you may want to go on a vacation. What if you go to a far off destination? For instance, you go to Europe, and you have a great time. There’s one thing that you have to deal with while you’re there, and it’s your bills back home. If you’re out of the country, your bills don’t stop, and you may not be able to just mail a check. You may also not be able to just pay online. What do you do? That’s where sending an international money transfer can help, and many people do this. Whether it’s for medical issues, or it’s a car payment, there are bills that need to get paid, which is why many go this route.

Supporting Family Members

One of the common options that you are going to see when considering sending money overseas is that family can be outside of the country. Think of many immigrant stories. They leave their home country to go to the United States and other areas for many reasons. Often it’s because of work, or school, and while they are there, they will either send money back to their family for support, or they will ask for money as a student abroad. Whatever the case may be, supporting family is one of the main reasons why people make international money transfers. Transferring currency from one area to another is nothing new, and it’s something that keeps many immigrants supported throughout.

Buying Property, Antiques, and More

Right now there are a lot of auctions, estate sales, and different things going on abroad. You may be in the United States but want to purchase something that is in the UK, and they only accept the local currency. What will you do? Well, if you’re serious, you’ll want to send money through wire transfer, Western Union or other means. In the meantime, you’ll need to convert USD to the local currency so that you are in fact getting your merchandise fast. Whether you want to invest in something physical, or you just want to purchase property of other types, financial transfers are important overall.

At the end of the day, these are just 3 reasons why people continually send money overseas, regardless of where they are, and why they are in need of this process.

from
http://www.changecurrency.org/international-money-transfers/the-reasons-people-send-money-overseas/

5 Tips For Avoiding Currency Issues Abroad

There’s something grand that happens when you get to travel. You get to leave the comfort of home and see the world. Whether you are going on your first trip, or you have gone on many before, there are some common sense things that you should consider when traveling anywhere today. The biggest to consider is currency and money. Money matters a great deal, especially if you are going to travel internationally. To avoid too many headaches, consider the following notes in regards to your finances today.

Do Your Homework For Exchanges

You will no doubt want to change currency before you go. If you don’t, expect to pay a lot of fees for the privilege. Before you go, consider looking at currency specialists, you get a much better rate than a bank. Ask about the costs associated with this, and you’ll actually be surprised by the prices that you’ll be quoted. If you wait too long, and you end up going overseas to exchange things, there may be additional fees tagged to your dealings.

Traveler’s Checks Still Work

If you’re not sure about carrying paper money, you don’t have to. You can buy traveler’s checks and use them to make exchanges and much more. Of course, you may find it difficult to pay for things at a small business in another country, but you could visit a bank and make a quick exchange with minimal fees as a result.

Don’t Use Stronger Currency For Anything

This happens a great deal. You visit another country and you forget to trade all your cash. The vendor accepts your home currency! Great, right? Nope. They are going to outsmart you with the currency exchange rates, and by the time you figure it out, it’s going to be over. Do not deal with this, don’t use your home currency, always use the money of the place you’re in.

Tell Your Bank and Credit Card Company

Always make sure that you are in communication with your bank and credit card company before making international travel options. That will help you avoid costly fees, declines, and more. Furthermore, make absolutely sure you double check with them before you leave, or you may find yourself stuck in a foreign country, without recourse.

Send Money Abroad or Receive It

If you run into an issue while you’re away, and you need help, as a last resort you can use MoneyGram or Western Union to get funds wired to you without hassle. You can also send money abroad to family, friends, and relatives if you need to. They can also send you money as well. Either way, this can help out in a bind, especially if you’re caught up in the midst of travel.

One last thing to remember about all of this is simple, keep an emergency stash of currency in your luggage, just in case. Have both your home currency and coins, bills and more for the place you’re visiting. You never know what may go wrong, but at least you can have peace of mind when you return to your hotel room and your luggage has an emergency fund.

from
http://www.changecurrency.org/change-currency/5-tips-for-avoiding-currency-issues-abroad/

Avoiding Money Issues While Traveling Abroad From The United States

Millions of people will leave the United States in search for fun, adventure, and a break from the daily grind. If you and your family are looking to plan a vacation, no doubt you’re going to look at traveling abroad. There’s so many amazing destinations out there, that it’s hard to narrow things down to just one locale. If you are in fact going to go international, consider a few tips regarding changing currency that you will no doubt want to consider.

Protect Your Money

First and foremost, if you’re going to be visiting any area that has a lot of tourism, beware of pick-pockets. They can strike anywhere, and they look for common mistakes. For instance, keeping all your currency in your wallet is a mistake. Focus on carrying money in a few different areas, and don’t carry a lot of it. Also, don’t be flamboyant with jewelry at all, keep it hidden, and not on your person everywhere you go.

Exchange Before You Go

Don’t wait to get to a foreign country to exchange currency. Do this beforehand. You can do it through a currency specialist in your country, or you could find specific areas where you can exchange currencies. Shop around and see where you can get the best rate, just don’t wait until last minute. It’s easy to wait too long and end up having to pay more for the privilege. With that in mind, don’t pay for anything in U.S. Dollars, especially if you’re going to a location with a high ratio of exchange. Some countries that you may want to visit have a 12 or eve 1:100 ratios, which is going to cause a great deal of headaches overall.

Tell Your Credit Card Company You’re Traveling

There’s nothing quite like scanning your credit card only to get declined. This is a frustrating thing, and you may not be able to use the traditional means to call your bank or credit card company. To avoid this issue, make certain that you call your financial institutions ahead of time and tell them that you’re going to be traveling internationally. They’ll be able to help you understand fees, and answer any questions about going abroad, as well as lifting any blocks in case you use your card while you’re away.

Insurance Is Worthwhile

Here’s a little tip that you are going to want to pursue, and it’s the option to purchase insurance. Do not go anywhere without purchasing insurance for health, luggage, and your finances. By doing this, you are going to have peace of mind, for a very small fee. You may avoid having to spend a great deal as a result, which makes this is a great solution overall.

At the end of the day, it’s easy to make financial mistakes. Many people do so, but you don’t have to. You can make things a bit easier by simply following some common sense advice, as well as the tips mentioned above. It’s easy to get caught up in the excitement of travel, but there are real dangers lurking if you don’t plan ahead.

from
http://www.changecurrency.org/change-currency/avoiding-money-issues-while-traveling-abroad-from-the-united-states/

3 Tips To Avoid Getting Scammed For Money Exchange Abroad

One thing that many people forget to talk about when they are exploring holiday options is exchanging currency. At least not at first. Most people book their trip to the United States, or perhaps to South America or anywhere warm away from the UK and forget about the exchange rates. There are some common sense elements that you should consider moving forward with, especially if you’re going to end up in a abroad for any length of time. The following tips will help you get from the UK to your next destination without having to worry about the issues that many travelers have found themselves dealing with.

Exchange Your Currency At Home

There are several ways that you can pursue exchanging your money. If you’re using the Euro or British Pound, then you have a strong price to exchange with. This becomes a great thing if you’re going to Latin American countries where the ratio could be as favorable as 1:12 or even higher. That certainly is appealing. However, you could get scammed if you show up to another country and you have only Euros. Don’t let yourself fall into this issue, exchange all the paper and coins that you have while you’re at home. You can try an online currency specialist, or if you forget, don’t miss out the airport’s kiosks where you can exchange currency at the current rates.

Don’t Assume Your Credit Cards Will Work

People think that since we are living in a digital age, everyone accepts plastic. That’s not the case. This becomes especially true when you visit areas that are populated with street vendors. If you’re going to go off the beaten track, then you may not be able to use plastic at all. To offset that, make sure that you either buy some local currency using your credit card whilst at home, or don’t use them. In an emergency, have your plastic in case you do find spots that accept it. However, call your credit card company and let them know that you’re traveling abroad.

Don’t Pay With Euros or Pounds Anywhere

This happens a great deal. You land in a new country, and you forgot to exchange your currency. That’s ok, people speak English, and you can communicate well enough. You pay one merchant in Euros, and then people realize that aspect. When they do, all of a sudden you become a target. Tourists have been robbed, and have been swindled into paying more than they should because they are using the wrong currency, or don’t know the exchange rates and therefore get taken advantage of all the time. Don’t be a victim. Use the proper exchange rates in the airports as a last result, and go to a bank to get this done if you’re in a foreign country. Don’t pay with Euros, or carry too much foreign money with you. This could prove dangerous and you don’t want to have to deal with risks associated with this. Your safety matters, keep your wits and focus on financial matters before and during your holiday.

from
http://www.changecurrency.org/change-currency/3-tips-to-avoid-getting-scammed-for-money-exchange-abroad/

Tips To Change Currency Abroad If Traveling From Australia

Australians may find themselves looking to go on holiday from time to time, and when that time comes again, the issue of currency exchange will no doubt come into play. Not so much the booking, but rather the exchange rates and issues that can come up with paying for things when across the world. Whether you’re planning on a long stay, or just a quick trip to the United States or even Europe, there are several tips that you should consider when dealing with finances in today’s modern world.

Focus On Connected Bank ATM Machines

If you’re going to go the route of having a debit card with you, make sure that before you leave you look for banks that are in association with international banks. Your local bank in Australia may not have representation in other countries. However, there are some networks that are connected and will not charge you a large fee for pulling money out abroad. There is a profit to be made by banks if you make purchases outright with your card, so be careful where and when you decide to pay with this method.

Prepaid Cards (Debit/Credit)

Perhaps one option that you may want to continue is to preload currency cards that you can take with you abroad. These can be loaded with as much currency as you’d like, with the currency of the location you’ll travel to, or with your home currency which you can withdraw at a bank ATM or exchange services desk at the airport. Pre-booked options can come in a variety of options, but traditionally they do not have a high cost to use or load.

Cash Is King

Here’s the thing, despite the ease of use of prepaid and ATM debit cards in general, you’ll find that cash will always rule the world. If you’re going to visit far off destinations, then exchange your Australian currency at the airport, before you get to the new location you’re going to be at. You can also look around your city to figure out what exchange outlets there may be. Larger cities like Sydney, for example, will have low cost options for currency exchange, so a little digging can go a long way.

Use Small Notes

At the end of the day, exchanging currency is a good thing when traveling abroad from Australia. However, in regards to safety, make sure that you stick to smaller bills and notes for any country you’re visiting. If you’re going to the United States, make sure that you don’t carry too much with you, and stick to currency less no greater than $20. If you’re going to Europe, keep in mind that the Euro is used in a great deal of the countries, and coins are prevalent.

It’s easy to get lost in the issue of currency, but if you take a little time ahead of your journey, you’ll no doubt be able to venture forward with relative ease. Just remember to look into currency exchanges well ahead of the date of your trip.

from
http://www.changecurrency.org/change-currency/tips-to-change-currency-abroad-if-traveling-from-australia/

Dealing With Currency Exchange When Traveling To Europe

Whether you’re new to travel or you have traveled in the past there’s always a few caveats to going abroad. For those that are living in the United States (or any other country) and want to explore the greatness that comes with the many European nations, you’ll need to consider a few tips on money. Currency exchange is one of the main issues that travelers have to deal with, but it is not impossible task. It can get bad if you don’t adhere to a few common sense elements, but overall, it’s just a matter of pre-planning. With that in mind, consider a few tips for American travelers going abroad to Europe.

The Euro

First and foremost, you’ll need to know that the main currency for a great deal of countries in the European Union is the Euro. This is a strong currency that connects several nations together. If you are visiting 19 out of the entire European Union countries, then you will be able to use this coin and banknote. Currently, this is a strong option that could range in a ratio of 1:1 in most cases when transferring over your currency. This depends on where you get the currency exchange done, but chances are it will be relatively close.

When To Exchange

It’s best to exchange before you leave your home country. The best thing to do is to go through the airport for an international exchange location and start doing that before your flight. This will come with a few fees attached, but it will be worthwhile because you’ll land at your destination and you won’t have to deal with this. You will also not have to deal with trying to get around town without money. Whether you are going to get a shuttle, public transport, ore you’re going to get taxi, having the currency of the country you’re in is going to pay off.

Don’t Pay In Pounds If You Don’t Have To

One of the major tips that you will find when traveling to European countries is this one, the case for Euros over Pounds. The British pound is a strong currency, but you may have the option to use Euros. You’ll want to go with Euros as they will give you a slight edge in regards to your financial moves. Now this includes your use of credit or debit cards, as it will usually come with lower fees and easier exchange rates. Financial experts discuss this on a regular basis, but it can get tricky when you’re abroad. Consider the strength of the currency exchange and decide on the fly, avoiding paying in Pounds if possible.

Lastly, if you’re going to use any plastic in European nations, make sure that you contact your bank and tell them that you’re traveling abroad. The last thing you want to do is get to a location and be declined, and then have to try and call your bank, dealing with time zone issues, and much more. It’s just not a fun thing to deal with.

from
http://www.changecurrency.org/change-currency/dealing-with-currency-exchange-when-traveling-to-europe/

How Safe Are International Money Transfers?

When sending anything electronically there are “things” that can go wrong, like the email you send that never arrives. It’s a bit different with an international money transfer however, because most of the top firms are regulated, and have safeguards for such circumstances.

The best money transfer services are the “best” in the industry because of things such as security, reliability, customer service and regulation, in addition to having the best rates or zero commissions.

But having said that, there will be that 1 in a million chance when some money sent doesn’t arrive, or gets delayed and causes the customer a period of stress.

What Regulation Is There For International Money Transfer Services?

If something does happen to your money when you send it overseas, then these are some things you can do. You can’t use the same process as you would with a bank to retrieve the money.

In the UK all the top firms are regulated with FCA (Financial Conduct Authority). If you are not sure if the firm you’re using is regulated, you can call the Financial Conduct Authority’s consumer helpline on 0845 606 1234.

Are Money Transfers Safe?

Again, using a trusted and regulated service is about as safe as you’re going to get, but it’s normal to be hesitant. After all, you could be sending tens or hundreds of thousands for a property transaction.

For this reason many people opt to use their bank, and while people see this as safe, they are also going to be at the mercy of the notorious bank exchange rates.

Regulated services have to keep their client money in what are known as segregated accounts. This means the money you deposit is not available as “business” revenue, and is kept in sort of a holding account, only for the purpose of deposit, transfer and withdrawing by the customer.

This means that if the company goes unexpectedly bankrupt, the customer funds are separate.

The best international money transfer services will also use a secure connection for their customer portal, if they have one, it means that you login online and no data is public and is securely transferred to their servers. You can tell if this is the case when you login, the web address should begin with https instead of http. Often, in your web browser, you will see a green secure shield or lock icon appear to the left of the web address. This means their connection is secure.

from
http://www.changecurrency.org/international-money-transfers/how-safe-are-international-money-transfers/

Mistakes To Avoid When Sending International Money Transfers

Making an international money transfer is quick and easy to do online. But there are things that can make the process an expensive one, and after all, you want to save as much money as possible right?

As with anything in this world, mistakes can happen. Whether it’s a mistake of your own making or one by the company you’re dealing with, here’s a short list of things to try and avoid when making an international money transfer.

1. Have the correct bank details! You would be surprised how many people make this mistake and send money somewhere into cyberspace, and have no idea where it went. Make sure you have as many details about the receiving account as you possibly can.

Get the account name and address of the owner. Get the bank account number and sort code, or routing number. Get the banks BIC (or Swift) code. Get the IBAN number, this stands for international bank account number, and usually contains the actual bank account number as part of the code.

Having all these details before you begin will help avoid any mistakes.

2. Input the bank details carefully! Double check and triple check you’ve typed the bank codes correctly. One typo may be costly. Imagine sending money to a complete stranger and the headaches it will cause trying to get the transfer returned?

All this can be avoided by simply checking the codes properly after typing them in.

3. Make sure you select the correct currency for the end transaction! If you are sending an international money transfer to the United States, you need to send US Dollars. Conversely, you don’t want to send US Dollars to a bank in Australia.

Make yourself aware of the currency used in the country you are sending to. For instance, there are certain countries in Europe that do not use Euros. The United Kingdom and Switzerland are ones that come to mind.

4.Make sure you are happy with the exchange rate and the associated fees of the transaction. Check the real market exchange rate and make sure your bank or service is not ripping you off. They may also be a very high fee for sending the money overseas.

Whilst this may not be important for some transfers, if the money being sent is a substantial sum then you could be better served by a currency transfer service, that gives you a better rate.

from
http://www.changecurrency.org/international-money-transfers/mistakes-to-avoid-when-sending-international-money-transfers/

How Can I Make An International Money Transfer?

When you send money overseas it’s usually referred to as an international money transfer. In its basic form it’s an electronic transfer of funds between two organisations, maybe a bank, broker or another financial entity.

Whilst most people use their bank to send money overseas, it’s often the most expensive option. These days there are a huge selection of specialist currency services which will send your money, securely, with no commission. In addition, many can offer you a better exchange rate due to them being directly active in the foreign exchange market.

Starting With International Money Transfers

As an example maybe you need to send some money to Spain as part of a property deposit. Sending the money with your bank seems to be expensive, especially as the amount is over 20,000 euros.

You decide to try a specialist currency transfer service, because you’ve found one that offers zero commission to send anywhere around the world. Luckily these types of services will give you a completely free quote within minutes (they really want your business) and you find that not only do they not charge a fee, but they also beat your banks exchange rate!

Because these companies are not huge like your bank, you’re almost always going to get an excellent personal service. Often when you submit your quote online, a dealer, who actually makes the transaction in the currency market for you, calls to discuss the transfer.

If you’re sending money abroad regular they can advise you on the best times to transfer, so that you take advantage of the movements of currency markets. These services deal in the currency market every day, and know what they are talking about.

Getting set up is relatively easy. Once they have your details, an account is opened, you make a deposit. This money can then be sent to whichever destination you specify.

How Do They Give Me The Best Exchange Rate?

Currency services have direct access to the Forex interbank, which has huge liquidity. It’s widely said that the Foreign Exchange market is 10 times the size of the stock market, and trillions are transacted each day in hundreds of countries.

They can offer you a real time rate, and some services buy currency in bulk when rates are heavily in their favour.

So How Do They Make Money?

Because they do not charge a commission, you may wonder how they make money? After all, they are a business.

They add what is referred to as a “spread” to the rate they quote. As a quick example, let’s say the current interbank rate for GBPEUR is 1.245. They can simply add 0.05 to the quote, and they would make 100 on your transfer of 20,000.

Compare that with your bank, and you can bet it looks super cheap!

Are International Money Transfers Secure?

Yes, they are very secure. But you do need to check that the service you choose is regulated by the Financial Conduct Authority, or another registered Government body (if you are not based in the UK). For the most part, the big companies will be fully regulated, have good feedback with services such as TrustPilot.

You should check whether the service is a member of the Financial Services Compensation Scheme. If they are, you have some cover if something goes wrong.

from
http://www.changecurrency.org/international-money-transfers/how-can-i-make-an-international-money-transfer/