Setting up regular international payments is easy and can save you time and money
If you make recurring international money transfers, automating them can simplify your finances, save time, and reduce stress. Whether you’re paying an overseas mortgage, receiving a foreign pension, or covering tuition fees abroad, setting up automated payments with a trusted foreign exchange service provider — like OFX — ensures your transactions run smoothly and cost-effectively.
By automating your regular overseas payments, you avoid the hassle of remembering to make each transfer manually. To get the best value, it’s wise to develop a foreign exchange strategy tailored to your needs. Specialist providers like OFX offer personalized support to help you choose the best money transfer solution.
Below are key options to consider:
⸻
Also known as forward contracts, this option lets you lock in an exchange rate for a set period—helping you budget with confidence and avoid currency fluctuations. Providers like OFX allow you to fix rates for up to 24 months, making it a strong choice if you want stability in your international payments.
Example:
You work overseas and need to pay your home mortgage monthly. By locking in the exchange rate, you ensure that your payment remains the same each month—shielding you from unpredictable currency swings.
✅ Best for:
• Overseas mortgage payments
• Long-term tuition fees
• Pension or retirement transfers
⸻
With non-fixed payments, the exchange rate is not pre-set. Instead, each payment uses the live exchange rate on the day of transfer. This option suits you if you’re willing to accept some variability and want to capitalize on favorable market movements.
Many specialist providers also offer rate guarantees to ensure you get competitive pricing at the time of transfer.
Example:
You live temporarily in the USA and send USD 2,000 monthly back home. Each transfer is processed at the best available rate on the day of payment.
• Regular savings transfers
• Flexible payment schedules
• Those comfortable with rate changes
⸻
With a firm order, you set specific exchange rate targets—either a desired rate to trigger a transfer or a minimum acceptable rate to protect against unfavorable movements. Your provider (e.g., WorldFirst) will only complete the transfer if your parameters are met, allowing you to stay protected without constant monitoring.
Example:
You want to transfer funds only if the exchange rate hits 1.10 but avoid sending if it drops below 1.05. Firm orders ensure your money is transferred only when market conditions meet your set goals.
✅ Best for:
• Active traders or savers
• Hedging against currency risks
• Those who want rate protection with flexibility
⸻
• Save time: No need to log in and initiate payments manually each month.
• Reduce risk: Lock in rates to protect against market volatility.
• Improve budgeting: Fixed rates = predictable payments.
• Expert support: Work with dedicated currency specialists to optimize your strategy.
⸻
Check out OFX or explore other trusted foreign exchange providers to set up your automated payment plan today.
Page Last Updated: 2025-01-11