While you’re hopefully having the time of your life living overseas in Asia, it doesn’t mean you have to cut off all ties with your old life. Indeed for many there are responsibilities they still need to manage back home, including financial commitments.
Some of these commitments can include supporting family members living back home, paying a mortgage on a property you have there and even repatriating funds from your overseas job. All of these require you to transfer money overseas, a process made costly by high-street banks with low rates and bad exchange rates. Fortunately, as foreign exchange specialists, moneycorp are able to assist with your international payment needs and help you save time and money when you send money back home. Here are just a few ways they can do this.
Transfer money between your bank accounts
Making cross-border payments typically incurs transfer fees, regardless of whether you do this with a bank or foreign exchange provider. However, some high-street banks can charge up to £40 per transfer to process an international payment.
With moneycorp, you can enjoy low fees on all transfers, while any payments made online are entirely fee-free. Paired with a competitive exchange rate, this helps your money go further when you send money home from Asia. So, whether you want to repatriate a bit of your salary every month, or send money to family members every now and again, you won’t have to break the bank to do it.
Set up regular payments and relax
If you’re having to pay for a mortgage back home, or make any regular payments to your domestic bank account, you might find it easier to set up a Regular Payment Plan. This can be done over the phone via one of our expert dealers. This way you can set up a recipient, select an amount and choose the regularity of your payment. We’ll then send the money automatically on the date of your choosing.
Ideal if you need to make weekly or monthly transfers, regular international payments with moneycorp take the hassle out of foreign exchange, leaving you to get on with living your expat life and not have to worry about making payment deadlines.
Lock in a prevailing exchange rate with a forward contract
The foreign exchange market can be unpredictable and difficult to navigate, with political and economic changes able to create volatility for a currency and cause an exchange rate to move suddenly. As a result, this can affect the value of the payment you need to make, and have a more significant effect if you need to make regular payments over time.
That’s why we allow you to secure a forward contract and lock in a prevailing exchange rate for up to two years of payments. This may require a deposit and guarantees that you receive the same rate, regardless of upturns or downturns in the market, however ensures you won’t have to worry about the rate moving and costing you more on any payment you make in the next two years.
With a team of currency specialists and range of foreign exchange tools at your disposal, you can get the most out of your money when you transfer funds home from Asia with moneycorp. Open an account today for competitive rates, 24/7 online access and expert guidance for your foreign exchange.
moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.?