International Money Transfer

International Money transfer is an essential part of your international move and/or business, which, if handled correctly can boost your bottom line or settling funds dramatically. Anybody looking to move overseas, send money to family or conduct business with an overseas company will need to purchase or transact in the destination currency. In order to complete any property acquisition ahead of your move or just simply transfer your existing assets over to your new country, the method you choose will make a big difference.

In today's volatile currency markets, a small change in the currency rates, coupled with the high commission charged by most banks can make an enormous difference in the net currency amount received when converting your currency, you are placing what is possibly your life savings into someone else?s hands. Depending on the size of transaction, this could make a tangible difference of several thousand dollars; money you may prefer to put towards starting your new life! This can leave you exposed to the market fluctuations and could give you a handsome boost to your funds or put a big hole in your budget.

To start with you have several choices how you move your money:

1. Use your normal Bank and accept the charges and the fact that you may not be talking to an expert when you discuss the transfer.

2. Use a specialist international currency transfer company

3. Use a normal money transfer agent (again accept the charges)

4. Buy a huge amount of traveler?s cheques or take cash (not recommended)!!!

Lets discuss each one with a bit more detail:

Possibly the most important piece of advice I was given when emigrating was that the high street banks were not the best people to entrust with your money transfer overseas. How do you know that the bank teller has any idea what you are talking about (not being belittling but it probably isn?t an everyday service)? They charge commissions, transfer fees and then to cap it all off they give a reduced exchange rate.

Essentially, the high street money transfer agencies are similar to the banks. They may know more about the transactions but will hit you with commissions, charges and not the best rates.

Travellers cheques and cash speak for themselves ? don?t do it! They are easily lost/stolen, some countries only allow a limited amount of cash to be carried into the country and in the case of travelers cheques, you may have to pay to buy them and then to cash them in. Just plain don?t do it!!!!

Last, but not least, it?s the international currency transfer companies. I had no idea that international currency transfer specialists even existed, never mind the exceptional services on offer.

Naturally, securing the very best rate of exchange becomes all important. There are several money transfer companies that offer an alternative to the banks ? in fact ?alternative? is too weak, they outclass the banks by a mile! When we first heard about the services on offer it really did seem to be too good to be true and we were very skeptical. We thoroughly researched the major high street banks in the UK and the rates they were offering (adding the fees and commissions!) and then compared to the service we were offered. Again, there had to be a catch.

The transfer company had no commissions, transfer fees and also gave a rate that was close to 3 cents to the pound better than the banks. All the funds would be transferred electronically to the bank account of our choice normally within 2 working days. We were even offered a choice of payment methods which included direct debits/debit cards/electronic wire transfers and the ability to ?book? a rate in advance for a small deposit and then pay the balance prior to the contracted transfer date.

We had to find out how these people could offer such a service so quite bluntly asked. The answer was very simple. This was a dedicated, specialist company that dealt on the Forex markets in large volumes ? this meant that there would be a low profit margin on each individual deal but the overall volume made it worth while. Because they are a specialist company, they could pass on the savings to their customers and the use of modern, electronic transfers ensured the costs were low with no need to pass them on to us! A true Win-Win situation.

The other added bonus is that these people are dedicated foreign exchange experts who research the markets and accurately forecast the trends and can advise action accordingly. If it makes sense to ?book? a rate for settlement up to 2 years ahead then that will be recommended ? you pay a deposit and commit to the deal and then they buy the currency at the agreed rate of the day. They hold the currency on your behalf and then at the agreed date you pay the balance and the money is transferred. This protects you against fluctuations and allows you to budget accurately.

About The Author Dave Lympany immigrated to Canada in 2003 and has constructed a free information website http://www.onestopimmigration-canada.com about Canadian Immigration and life in Canada based on his family?s experiences.

 

Understanding 'Balance Transfer'

Balance transfer is shifting of the loan amount from one financier to another. You can do balance transfer to save money in paying interest as many balance transfer credit card companies offer loan for the first six or 12 months without any interest or fees. But if you are planning balance transfer, you should understand some fundamentals of the business. The annual percentage rates or APRs and the fees charged for such transactions matter most to your debt.

APR is the rate of interest you will pay to the lender for the balance transfer and for the amount you will owe him/her. APR is also charged to the user of the credit card for purchases and cash advance. You should understand the APRs if you are applying for a card or a loan. Most balance transfer card offer 0% APRs for 6 to 12 months with no transfer fees. After the introductory period, the card companies will charge the normal rate of interest on the debt amount. So it is advisable to transfer the debt to another loan or a new card that will help you save the interest money you pay to the loan. At the same time, you should know the APRs on purchases and the cash advance. If the card companies charging more for purchases and cash advance than what is prevailing at the market, you should not consider taking that card.

If you are applying for a credit card for balance transfer, you have to check the fees and other benefits the card companies provide to the users. Most card companies charge no annual fee for the credit card. But they will charge you if you are late in paying the amount you owe for purchases or cash advance. Besides, the card companies offer various benefits like cash back and discount in purchases made with card. So even if you are applying for a credit card for balance transfer, you should know what the benefits and incentives being offered with the card. There are insurance covers in each credit card. Some credit card companies offer travel benefits like concession in air ticket, rebates in hotels, restaurants, etc. So check and understand what they are before applying for the balance transfer credit cards.

The methods of calculating your balance also matter most in your debt and financial transactions. Even if the card is for balance transfer, check the card company?s method of calculating the balance. They use various methods to calculate the outstanding balance. The method can make a big difference in the debt you will pay back to the financier. Also get a card that will be accepted everywhere. Some credit cards have tie-ups with other companies and they facilitate purchases and cash advance anywhere in the country. Besides balance transfer, there will be a variety of use you can make with a credit card. So choose a card best suited to your needs along with the balance transfer.

There are hundreds of credit card companies providing balance transfer card. Some top companies are American Express, HSBC, Chase Bank, Discover Financial Services and Citibank of America. Card companies also offer standard credit cards, student credit cards, business credit cards, gas cards, airlines mile card, entertainment cards, store cards. Decide for what purpose you want to have a credit card and then apply as per the need. Bust almost all the credit cards have balance transfer facility but they charge different rate of interest so understand how they charge for balance transfer go for the one which will serve your purpose.

Before applying for the balance transfer credit card do some research in the website. Understand the terms and conditions of the cards. There are also finance magazines and newspapers where you can get the information on the balance transfer credit cards. The Federal Reserve System also provides information on the credit cards for balance transfer.

CreditMe.com is a free online credit cards review and application website. We offer credit cards selection from visa, master cards, discover, American express and many others. We have quite some categories and hundreds of credit cards selection to fit your need. Apply for a balance transfer credit card at CreditMe.com.

Facts about 0% Balance Transfer Credit Cards

A 0% Balance Transfer Credit Card usually refers to a credit card that offers a new user or new cardholder a 0% interest rate for the first six to twelve months after first using the card. Usually, the 0% interest rate is a "teaser" rate that is used to persuade people to use or avail a certain credit card. This comes after a credit card holder transfers balances from one or more unpaid credit cards to the current card. Then the creditor has to pay for those debts using the new card.

Issuers like banks, generally charge balance transfer fees to reimburse the costs they incurred in handling the transfer of the unpaid debt to the current credit card account.

To take advantage of the 0% interest rate that this type of credit card offers, a cardholder must try to transfer debt balances to his current card, then paying for them as quickly as possible. Issuers of this type of card typically offer 0% interest rates on periodical payments for up to twelve months after first using this credit card.

Things to Take Note Of:

Applicants for balance transfer cards should take note of the following facts regarding this type of credit card:

1. Some card issuers disallow the transfer of debt balances from high interest accounts to this type of card during the introductory 0% interest rate offer period.

2. A handful of issuers of this card charge high balance transfer fees that cost as much as $50.

3. If you incur a late payment for even a single payment period, several issuers automatically charge cardholders with very high penalties. What's worse, they could immediately revoke the 0% interest rate privilege and change your card to a variable annual percentage rate (APR) card just for one late payment.

4. Issuers may charge the credit card holder very high interest rates right after the introductory offer period expires.

How to be a Responsible Balance Transfer Card Holder

If you want to take advantage of the short-term introductory benefits of a 0% interest balance transfer credit card, take note these simple tips:

1. Do not apply for this card if you are going to transfer small amounts or a zero balance debt for a previous account.

2. Make sure you choose a credit limit that suits your needs and at the same time complements your current financial status. The issuer conducts credit investigations to determine your ability to pay and the credit limit that you can handle.

3. Understand the long-term details of credit. Make sure that you can handle the interest rate and rigidity of the payment scheme after the introductory 0% interest rate period.

4. Quickly pay for the balances during the introductory 0% interest period. If you are going to take advantage of the 0% interest rate, make sure that you can pay for the balances during the introductory period. This is especially needed whenever a credit card holder transfers a balance from a previously high interest card.

5. Do not transfer large balances to your 0% credit card if you cannot pay for them before the end of introductory period. Failure to pay for the balance would result in the cardholder having a much larger amount to pay for compared to the original balance he wanted to eliminate.

Make sure you understand the costs you will have to incur and deal with using your new 0% balance transfer credit card. Read the fine print in the card's credit terms to make sure you will not get into financial trouble.

Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards. Get the information you are seeking now by visiting Low APR Credit Cards