Whether you have emigrated to New Zealand, have relatives living overseas, have worked overseas or have an investment overseas, chances are that at some stage you will need to transfer money internationally.
Many people go straight to the bank, but we are finding our clients are saving money by going through foreign exchange provider XE.
According to the team at XE, there are a couple of considerations to take into account when it comes to converting currency and sending or receiving cross-border payments.
Are you really getting the best rate?
You trust your bank with your day-to-day banking needs so surely they must be the best option for your foreign currency and international payments needs? The reality is however, that for retail clients the daily buy/sell rates set by the banks often include a cost to transact plus additional sending and receiving fees.
By doing your research and venturing beyond the banking relationship to an alternative foreign exchange provider like XE, you’ll find that you will be able to take advantage of a much higher rate of exchange and no transfer fees – saving you thousands of dollars on your international money transfers.
Protect yourself from currency risk on high value transactions
When making high value transactions that occur over a longer period of time, you will want to mitigate currency risk by locking in a favourable rate of exchange.
Currency risk refers to the uncertainties faced by fluctuating exchange rates and can have a significant effect on the outcome you achieve when it comes to executing your currency conversion.
Contrary to what you may think, you are not restricted to simply accepting the spot rate you are given on the day. At XE, we provide a range of risk management transactions from Market Orders to Forward Exchange Contracts (FECs) and more complex structure options and our team will be able to advise you on the right strategy to ensure you are getting the best rate of exchange and are not left at the mercy of exchange rate movements.
For 25 years, XE has been the world’s trusted currency authority. Last year alone, XE was used by more than 300 million people to access information about currencies that matter to them and more than 350,000 people used XE Money Transfer to transfer money overseas.
XE powers their clients’ international lives with:
- Fee free money transfers at highly competitive rates
- 24/7 online account access – opening an account is free, easy and takes less than 5 mins
- No minimum or maximum transfer amounts
- A full suite of risk management options including market orders and forward exchange contracts
If you would like to find out more, please feel free to contact Marcus Phillips at XE at Marcus.email@example.com or call +64 27 250 9416 and mention you are an Apex Advice Client.