In this blog post, we are going to provide you with some key pieces of advice when it comes to dealing with international currencies at your business. Business is increasingly being conducted on a global scale today, and so this is something a lot of companies need to concern themselves with. Below, we will provide you with advice on making international payments, as well as one step you can take to ensure you don’t miss out when travelling and using a different currency.
Tips on making an international money transfer
Are you planning on making an international money transfer? Irrespective of where you are sending the money to, or for what purpose, you need to make sure you transfer your cash in the safest and most effective manner. There are many different ways to transfer money overseas, which can be a little bit confusing for someone who does not make international money transfers on a regular basis. Keeping that in mind, read on for some top tips for transferring money overseas.
• Find the best exchange rates – You should shop around for the best exchange rates. A lot of people turn to their banks when they want to make a transfer overseas; however, you are unlikely to benefit from the best value if you do this. If you do not need to make the transfer immediately, it may be worth setting up a notification so that you receive an email whenever the exchange rate hits a certain level that you are happy with. You also need to do this if you are looking for a loan for business activities and expansion overseas. If you’re worried you won’t be accepted, read this article on can you get a guarantor loan with bad credit? You should always make sure you get the loan in the right currency for you.
• Don’t lose out on transfer fees – You don’t only need to consider the exchange rate, but you must also look at the rate that is being charged by the company in question. Banks can typically charge you anywhere from £20 to £40, however, online money transfer services tend to be a lot cheaper.
• Make sure the site is secure – Safety should also be a key concern. You will want to make sure the site you use is secure so that the money you are going to transfer is safe. Not only should you look for regulation and accreditation details, but why not read reviews that have been left by previous customers to see if they have been happy with the service they received?
If you use these three tips when making an international money transfer you are assured to benefit from a secure, convenient and effective service that saves you some money in the process. All you need to do is find a good online money transfer company.
Make buying foreign currency a lot easier for your business with an original buyback rate
There are lots of businesses in the UK that are expanding on a global basis and therefore require frequent travel so that their company can truly progress. This evidently means that a lot of travelling abroad is needed. However, one issue a lot of businesses face when planning their trips abroad is with regards to finance. People worry about how much GBP to exchange and thus how much currency to take with them. It is vital to get this right. After all, if you were to come back to England with a significant amount of euros then you would have to go through the whole exchange process again. Thus, you would miss out on a proportion of your money as you are hit with fees and the exchange rate yet again.
Nevertheless, there is a solution that is the answer to the prayers of a lot of businesses, and this is the original rate buyback scheme. What does this entail? Well essentially, some of the best foreign exchange companies offer this service. It operates via the business in question being able to switch their money back to GBP whilst not being stung by the recent exchange rates or any other hidden fees. This can give companies peace of mind because they know that they can draw out as much money as they want whilst away. This is because they are safe in the knowledge that they will experience the exact same deal once they get back.
There are not many companies who offered this fantastic service in the past. Nevertheless, a lot of exchange businesses now have a large area dedicated to buying foreign currency back again at essentially a fixed rate. The great thing is that they also have options for their customers when it comes to considering how the buyback rate is actually going to work. For example, the first option could state that the business can expect up to 15% of their original purchase back within 15 days of purchasing. If this option doesn’t float your boat then you will always be able to retrieve up to 30% 30 days after your purchase for £3. Or, you can again reap 30% yet you have 45 days to do so and this will cost you £5. This is just an example, of course, the terms and amounts will differ from business to business.
So there you have it; an innovative and effective way of covering your business’s finances whilst travelling abroad on a frequent basis.