Don’t Make This Big Mistake When Moving Overseas

The cost of living overseas can be an overwhelming factor to think about, even with the low cost of living in Central American locations like Belize or Nicaragua, and the inexpensive European country of Bulgaria.

After you finally make it abroad, or even before you get there, you will more than likely have to move money overseas, whether it’s for an investment, buying a home, or supporting your cost of living.

One thing you have to think about when moving money overseas is the exchange rate, the currency of your home country compared to that of the new country, which can be a burden that many people see as necessary. What many don’t know is that it doesn’t have to be as much of a hassle if you go about it the right way.

Most people who need to move money from one country to another simply wire funds from their home bank to a foreign bank account, but there is a solution that can save you tens of thousands of dollars.

Foreign exchange specialists, also known as currency specialists, can offer better exchange rates on transfers than banks. Though the difference is only a few cents, over time that small amount of money adds up.

To put it in perspective, let’s take a look at a real life scenario. Imagine you find yourself in the beautiful country of Spain and you decide to stay long-term, you’ll obviously need to purchase a home. To buy your dream home in your dream country, you need to move €200,000 from the U.S. If you choose to send the funds directly from your bank in the States, it’s going to cost you $242,000 USD due to the exchange (€1 = $1.21 USD), plus a $40 transfer fee.

By taking an alternative route, you can save a lot of money. With the aid of a currency specialist, the same transaction could cost you only $232,000 USD. That’s a $10,000 difference!

This is possible because currency specialists use a more accurate, and more attractive, exchange rate for the euro. In this example, €1 amounts to $1.16 USD. The difference is only 5 cents per dollar, but like I said earlier, those 5 pennies can really add up!

Moneycorp

Moneycorp is your best option for currency specialists, offering the best benefits. Not only will Moneycorp provide you with excellent exchange rates, they will also help you manage your funds and allow you to lock in currency rates. They can even make sure your bills all over the world get paid on time!

Even small transfers will be treated with the same amazing service, whether you need to pay your mortgage or just an electricity bill.

If you would like to open an account with Moneycorp, or would like more information, please contact Brian Bernal using the form below:

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Why should you choose Moneycorp? How about these reasons:

  • Superior exchange rates:  Different exchange rates are available every day. Moneycorp offers the best, which can save you thousands of dollars.
  • No hidden fees:  Moneycorp does not charge a fee each time you transfer money overseas. With a bank, you’ll get charged $30 to $70 USD per transaction, not to mention an extra fee for simply receiving the money.
  • Get the help you need:  A currency specialist will always be available to assist you with one-off transfers or regular bill payments every step of the way.
  • 24/7 service:  Moneycorp offers online help 24/7, allowing you to transfer money anytime, anywhere.

Moneycorp prides itself on staying ahead of the currency markets in order to save time and money.

If you need a specific rate or deal, or just want to make sure you are saving as much as you can, Moneycorp can set up a Rate Watch that can lock in transactions almost immediately once it comes around. Most banks won’t offer this kind of service and, even if they do, it’s slow or is attached to an added fee.

Not only will Moneycorp save you thousands of dollars, you can also take advantage of other provided services:

Spot Currency Contracts

Buy currency whenever you want, quickly and painlessly.

  • Pay bills overseas
  • Transfer money across your accounts
  • Transfer pension/retirement funds to another country
  • Send money to a family member or friend

Forward Currency Contracts

If you are having trouble getting liquid funds, Moneycorp lets you buy now and pay later with a small deposit required, in order to:

  • Buy or sell property overseas
  • Make large international investment purchases
  • Move your life savings abroad

Secure Limit Orders

This is a helpful tool to get the best rate or to ensure that you don’t lose out when currencies collapse. Moneycorp clients use this to secure a desirable exchange rate with an automated currency purchase or get out of old positions when currencies move out of your favor.

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If you would like to open an account with Moneycorp, or would like more information, please contact Brian Bernal using the form below:

  • This field is for validation purposes and should be left unchanged.

 

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