Transferring a Large Cash Sum? Don’t Forget the Exchange Rates!

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Euro-948006_1920Getting the very best exchange rate might not be top priority when you are exchanging your vacation money for the local currency, but if the value of the transfer is substantial, a poor rate can mean losing literally thousands of dollars.

One of the main reasons for making large personal transactions is to buy property abroad, and whether you are paying in installments for an off-plan property or need to transfer the total amount, the sums of money can often be considerable. While some people feel safer with simply making the transfer directly from their regular bank account in their home country and risking the exchange rate on the day, others prefer to use a specialist foreign exchange service.

A couple of the benefits of foreign exchange services are that they typically allow you to fix good rates of exchange in advance of the transaction being made and they give you the option to specify the rate that you want (obviously this has to be a realistic one) and wait in the hope that it will be achieved within the timespan that you have available.

The charges made by foreign exchange services obviously vary, so it is always worthwhile to shop around. If you are considering using such a service, also make sure that you do your homework thoroughly to ensure that the organization is one that is both reputable and financially secure.