Welcome to British Expats Abroad
  • Moneycorp - Commercial foreign exchange since 1979
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    1. #1
      OzForex

      Transferring funds abroad?

      Getting the best deal on your foreign exchange transfer is simple and can mean you are thousands of dollars better off when you transfer funds around the world.

      Security of funds – if you are using a non bank provider, do they hold an Australian (or other relevant) Financial Services License?
      What margin are they charging you? Very often, providers will not disclose what margin they are taking from you. In order to calculate the margin yourself, compare the rate you have been offered with the interbank rate (i.e. the wholesale rate). Make sure that they will stick to this margin if you choose to trade right there and then. Often margins are quoted tightly and then not available upon trading.
      What other fees are they charging you? Again, additional fees are not always revealed unless you ask the question. Make sure you ask about transfer fees, commissions as well as receiving and intermediary bank fees. These can all add up and make what first seemed like a competitive rate not very competitive at all.
      What advice and hedging tools are they offering you? Having access to hedging tools such as limit orders and forward exchange contracts can make a huge difference to your bottom line - particularly in a highly volatile market like the one we are currently experiencing.


      I hope the above helps you

      Regards


      Jon Sermon
      Alliance Manager
      Last edited by purple; 29-07-2010 at 12:36 PM. Reason: Some detail removed - The forum threads are not a venue for free company advertisements or contact details.

    2. Moneycorp - Commercial foreign exchange since 1979
    3. #2

      Title
      Aldo is a Dil
      Join Date
      Jun 2008
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      thearmchairdetective is on a distinguished road
      That's a good incentive Jon

    4. #3
      OzForex
      Thanks Tony.