Top tips for transferring money for travel
Published Sat, Jun 25, 2011 Updated Tue, Feb 16, 2021
If you’re planning a trip overseas and are going to be abroad for a period of time such as being relocated abroad for work – you might be wise to open a bank account in your destination country. This means while you’re there you’ll be able to withdraw money whenever needed without worrying about withdrawal fees or exchange rates.
Transferring your money
Once you’ve opened an account in your chosen country, the next step will be to transfer a sum of money from your normal bank account. However, transferring money overseas is not always an easy undertaking. Unlike if you were sending funds to another bank in the same country, it’s not possible to do a simple money transfer. Instead, you’ll have to use a dedicated international money transfer service.
To do this, you’d be wise to spend some time really researching your options. Most high street banks do offer an international money transfer service – but they often aren’t the most attractive option. You’ll need to consider commission costs and fees as well as exchange rates. Often you’ll find that service providers will charge extra fees for next day arrival of funds. Leave yourself plenty of time to manage your money transfers, and you won’t need to pay extra for this.
Keep tabs on exchange rates
Exchange rates are a crucial consideration when you’re looking to make an international money transfer. Anything you wish to transfer will be subject to an exchange rate, and the more favourable the rate – the more of the value of your money you will retain. This can make an especially big difference when exchanging large sums of money, and it really is worth the time spent shopping around.
Some of the best deals for money transfers can be found online. Dedicated service providers are offering much better exchange rates along with lower commission fees, so it’s well worth checking them out. Of course, if you are going to use an online service make sure that you’re 100% confident in their authenticity before submitting funds to them. If you’re at all unsure, try searching the company name online to find reviews from previous customers.
The most important top tips to remember when you are looking to make an international money transfer are as follows;
Give yourself plenty of time: Money transfers will be likely to take longer than you think they will. Don’t get caught out by having to pay extra fees to speed up the process.
Don’t make your decision based on convenience: Remember that your existing bank probably will be the easiest option – but they won’t be the cheaper. You’ll have more money to spend once you reach your destination if you put in the legwork before you go.