Savvy financiers have been sending money abroad for years. Thanks to our global economy, our money can be safely housed in more lucrative bank accounts overseas. Of course, there are legal methods of doing this, and illegal methods. In today’s case, we’re looking at the ways that fall within the law. We recently spoke to a variety of investors and business owners about their overseas credit situation. We discovered that becoming cheaper and more effective to send money abroad. Some were sending money to their children studying overseas. Others were making business transactions, and many were investing in property.
Each of these activities requires careful planning, and sensible money movements. As you’re aware, currency values fluctuate around the world at any given time. That makes transferring money a tricky business. By simply sending money abroad at the wrong time, you could lose serious value. If you’ve recently travelled abroad, you’ll understand the process. So, how exactly are these financiers getting a better deal? Keep reading, and you can learn some easy ways to help your money go further too.
The first thing we learnt changed the way we thought about currency conversion. Typically, you’d visit your local bank or exchange centre to switch your money. However, the top financiers have found a better way. In fact, it’s much more cost-effective to use an exchange agency. We spoke to one such company, Baydonhill FX. Because they transfer large amounts of money daily, they get the best deals. They transfer money at the right time, and in the right places. It’s the best way to conduct business transactions or send regular money abroad.
Secondly, savvy financiers are incredibly intelligent about when they transfer money. As we mentioned before, exchanging at the right time is crucial. Let’s look at the past month, for example. In Europe, the Greeks suffered a devastating economic crash as they were unable to repay their loans. As a result, the EU nations have provided a second bail-out package. Naturally, this has weakened the Euro significantly. Transferring Dollars to Euros right now would be a lucrative move. The best financiers know when the exchange rates are in their favour.
We’re also witnessing a big trend towards buying property abroad. The property market is entirely separate from stock market forces and exchange rate mechanisms. With that in mind, it’s a safe place to spread your wealth. Of course, the housing market peaks and dives like any other. So, to avoid the dips in the domestic market, financiers look to profitable housing markets abroad. For example, the housing market in the UK is just starting to pick up after a long period of decline. It makes it a great time to buy, so foreign investors are quick to jump on this wave.
Most importantly of all, financiers and investors have an intelligent strategy for sending money abroad. Whether it’s through property or exchange rates, there’s big money in foreign investments. Take advantage of the ebb and flow of global markets and look further afield.