If you have recurring overseas transfers to make, consider automating them to simplifying your personal administration and save time in the process. Whether that be for paying an overseas mortgage, receiving a foreign pension, or paying for overseas tuition fees for your children, whatever the cause may be, this can be done with ease through using a specialist foreign exchange service provider like World First or OFX.
By setting up an automated regular overseas payment, you don't have to remember to make the transaction each month. To really optimise on your foreign currency transfers each month, it is prudent to have a strategy. With a specialist FX service provider, you will have somebody to help you to ascertain which foreign transfer solution will best suit your circumstances. To follow are some options to consider.
Fixed Regular Payments
Also known as forward contracts. This enables you to fix the exchange rate that you receive for a certain period. The maximum period you can fix it for can vary, for example World First will fix the exchange rate for up to 2 years so if you do see a favourable exchange rate and want to make your budgeting predictable and risk free from a volatile currency market, this is a good option to consider. Example: You are working overseas and need to pay off your mortgage back home each month. The amount you have to pay to your mortgage provider is fixed and you would also like to fix the amount that you pay each month in local currency. Fixing the payment provides certainty on what you will be paying each month for the house.
Non-Fixed Payments
If you have a fixed amount to send overseas each month, you can benefit from a non-fixed payments where the exchange rate is not locked in upfront. Instead, the rate will be based on the live exchange rate on the day. If you're ready to transact and keen to get it done this could be the best option for you. The specialist fx providers will often also provide you with a best rate guarantee. World First currently offer this. Example: You are temporarily living in the USA and want to send USD2,000 of savings back home every month.
Firm Orders
Setting the parameters of your regular money transfer is also possible with World First. A good situation where you would use this is if you know the rate you want or know the rate you definitely don't want. World First will only take action and book the exchange for you within the parameters so no need for you to keep tabs on what's going on. This gives you the added protect from the markets if it moves against you but you don't have to put in the time.
Best Exchange RatesBER compares exchange rates from banks and FX specialists.
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Further reading on Foreign transfers - Guides, Reviews & News from our research team.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.