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.

 

Best Balance Transfer Credit Cards May Save Your Life

Having a credit card can give you a false sense of security. Somehow you find yourself being lured to make purchase after purchase by that little piece of plastic between your fingertips. It?s a very common scenario. And if you are a part of the working class, it?s not likely that you will be able to afford to pay your balance in full. So you find yourself paying the minimum amount due printed on your statement every month, only to find out months later that you?re not that far from where you?ve started.

The reason for this is high interest rates compounded on top of your outstanding balance. Some credit card companies charge interest of up to 18%. And if you are only paying minimum, or slightly above minimum, you just can?t win. Its time to think of an alternative and that is finding the best balance transfer credit cards.

What Is a Credit Card Balance Transfer?
Simply put, a balance transfer means moving your debt from one credit card to another. This is a very good way of saving money. If you have more than one credit card, you can even consolidate your debts by transferring all your outstanding balances to just one card. Many credit card companies offer an interest-free period, making them the best balance transfer credit cards. There are also some offering considerably lower interest rates than what you are putting up with.

How Does It Work?
A credit card balance transfer is pretty straightforward. All you need to do is apply for a new credit card. Once approved, you can give the details of your old credit card to the new issuer and they can transfer the balance for you. If your new credit card has an online banking feature, you can even do the transfer yourself. Of course, you have to do your research and find the best balance transfer credit cards that fit your needs.

How Can I Find the Best Balance Transfer Credit Cards?
Research might be painstaking but it can help you find the best balance transfer credit cards. Find a credit card that would let you transfer your outstanding balance from your old card with a 12-month 0% annual percentage rate, or APR. Also make sure that the new credit card offers low interest rates after the period is over.

Read the Fine Print.
If you plan to make purchases with your new credit card, be very careful. Even if they have a balance transfer rate of 0%, most credit cards still offer the standard, and sometimes even higher, interest rates for purchases. Any payments made goes towards your balance transfer. As a result, interest is compounded each month until your balance transfer is paid in full. The best balance transfer credit cards offer 0% or low interest rates for both the balance transfer and purchases. Also be aware that some credit card companies will charge a transfer fee for every balance transfer.

Protect Yourself.
Once you have chosen the best balance transfer credit cards for your needs, don?t be too cocky to take further precautions. Where money is concerned, there are a hundred and one ways for things to go wrong.

? Do the balance transfer as quickly as possible. Most credit card companies have a limited period for you to take advantage of any promotions.

? If the approved credit limit is not high enough for your outstanding balance, just move what you can. Most people make the mistake of not using the new credit card because the credit limit is not high enough.

? Even with an interest of 0%, it is still debt. Always pay at least the minimum amount required to avoid penalties, or worse, losing the deal offered by the best balance transfer credit cards that you chose.

Manage your credit cards responsibly, or else you just might create more debt without a way of paying for it.

Interested in best balance transfer credit cards? Visit CreditCardMonitor.org today and find easy to get credit cards, particularly zero interest credit cards

How To Compare Balance Transfer Credit Card

Balance transfer credit cards are cards that allow users to consolidate their credit card debt. These cards work by allowing the cardholder to transfer the outstanding balance on all their cards to one single credit card. This results in lower payments and best of all, one interest charge instead of two or more depending on the number of cards you have.

When comparing balance transfer credit cards, be sure to carefully read the fine prints. Failure to do so can result in higher monthly fees as well as a higher interest rate (APR) than you expected.

The first item to compare on balance transfer credit cards is the APR. Some offer extremely low introductory APR but once the introductory period has expired their rates may end up being higher than a card that starts out with a higher APR. Most importantly, ensure that the introductory rate refers to the transfers as well as current balances.

Next check out how long the introductory APR you are offered will last. If you can pay off your balance during the length of the introductory period, a 0 or low APR is great even if the interest rate after the introductory period is high.

Are there balance transfer fees? This is an important question that needs to be asked as failure to do so may require that you come up with even more money. A balance transfer fee of anywhere between three and four percent (3%-4%) is possible. If you transfer a balance of six thousand dollars and pay a transfer fee of three percent (3%) you will need to come up with an additionally one hundred and eighty dollars ($180). At four percent (4%) on the same amount you will need to pay two hundred and forty dollars ($240).

Compare the penalties for late payment. A late payment can send a low APR card?s interest rate way up, sometimes the rate can double or triple because of one late payment.

To compare balance transfer credit cards, Eric Wasselman recommends Find Credit Cards. Please see http://www.findcreditcards.org/type/balance-transfer.php for more information.

Are We Seeing The Demise Of The Balance Transfer Credit Card?

A few years back, credit card companies realized that they reached nearly every potential new customer. In order to keep increasing their market shares and their profits, they were going to have to entice people who already had credit cards to jump ship from their old companies and apply for a new credit card with them. Thus was born the concept of the balance transfer credit card. Balance transfer cards offer consumers the chance to reduce their monthly payments and total repayment amount on their current account balances by giving them a lower rate of interest - often 0% interest - on any balance transferred from another credit card.

These cards proved to be far more popular than the card issuers expected. Consumers figured out fairly quickly that they could shift balances from one card to the next, moving on to another 0% transfer card when the low interest rate on their last balance transfer card expired. Rate tarts, the term coined for people who moved their balances to avoid paying interest on their carried over balances, shook the credit card companies and encouraged them to start placing some restrictions on their offers.

Originally, the companies thought that people would transfer their balances to a new card, and use that credit card in preference to others. Under that scheme, the card companies would lose out on the interest on the transferred balance, but would make up for it in interest rates and merchant fees on new purchases. Unfortunately for the companies, today's consumer has the benefit of the internet with comparison sites to help them work their way through the complexities of credit card finances and loans. Many consumers transferred their balances to a new card, but didn't use the card to make new purchases.

In response to that, the credit card companies began placing limits and restrictions on their balance transfer offers. This has let a lot of people to believe that we are seeing the demise of the balance transfer credit card. In reality, the concept of offering lower interest for moving your carried account balance hasn't died - it's simply undergoing a metamorphosis to make it more friendly to the credit card companies.

That means, of course, that it's less friendly to consumers, who now have to shop a bit harder to get a good balance transfer deal. Those deals can still save you a lot of money, though, so it's important to keep your eye out for them. You'll also need to watch out for some of the tricks and traps that credit card companies are building into their offers now to discourage rate tarts. Before you apply for a balance transfer credit card, look closely at the member agreement so that you know:

- What is the APR for transferred balances?

- What is the balance transfer fee for the transaction?

- How long will the new APR apply to my balance transfer?

- What is the APR for new purchases made to the card?

- Do I have to whack a certain amount or number of new purchases on my card to keep the low APR on my balance transfer?

- Is the balance transfer fee more than the amount of interest that I'd pay on the transferred balance over the same amount of time?

- What will invalidate my balance transfer offer?

If you're looking for a way to lower your monthly payments, or cut down the total repayment on your credit card bills, a balance transfer card could be the answer that you need. Check out new balance transfer offers at comparison sites on a regular basis so that you'll never have to pay more interest on your accounts than you should.

Jon Francis has been involved in various areas with the world of finance and has a keen eye for a bargin! He has an in-depth knowledge of the credit card UK market and now helps others get the best from a credit card

Finding the Best Balance Transfer Credit Card Offers

They're an alluring proposition. Like the mythic sirens luring sailors to the rocks, credit card companies offer nonstop mailings to perspective customers, trying to get them to transfer credit card balances. The credit card sirens offer all sorts of lures, such as low introductory rates, rewards programs, even zero percent interest--yet beware! The rocks of bad credit can be deadly to a happy financial life. So to protect yourself, be sure to follow these steps to knowing which credit card balance transfer options are the best, and which are actually traps in disguise.

The first thing you should do when considering balance transferring is to read the fine print of any offer. Therein lies the true intent of the credit card companies--whether they're offering fair ways to better manage your debt, or if they're trying to get you into a situation where they can make the maximum profit off of your misfortune.

Not to paint all credit card companies in bad light, because they are some that are honest and worth a look. To tell these good companies from the bad, look for the following in the fine print of an agreement. Check to see how long the intro rate will last. Is it just for four months before it jumps up to a high variable rate, or will you get 18 months at that low, fixed rate?

Then logically, you'll want to check what the rate jumps to after the introductory period is over? Will it be only a leap of a few percentage points? Or will you be in the 20+ realm of interest rates? The difference could mean hundreds, if not thousands, of dollars to you in payments.

Next, check what all the terms of the new card will be. Will there be an annual fee, and if so, how high will it be? What are the late fees for the card, and the penalty for overcharging your balance? And what happens if you do one of these infractions? Will you automatically and instantly lose your low introductory annual percentage rate?

And the million-dollar question is: What are the balance transfer fees? This is where a shady credit card company could make a killing off of your balance transfer. Some credit card companies, for instance, could charge as high as 4 to 5 percent for a balance transfer. Depending on how much you're transferring, that can really add up to a huge lump sum that is added to your balance. That leaves you to ask yourself--am I paying more for the transfer than I'm saving?

Joshua Shapiro recommends Find Credit Cards to find balance transfer credit card offers.