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July 6, 2015
One of the most cost-effective and time-saving ways of paying bills abroad or sending small amounts of money overseas regularly is a scheduled overseas payment plan. They are designed for people who frequently need to transfer three and four figure amounts internationally. Regular overseas payment plans are useful for:
A currency specialist can help you get the most competitive rates and plan ahead to lock in favorable rates if you expect a currency to drop in value. They can also help you find the cheapest options so you can save on transfer fees. Setting up scheduled recurring international payments helps ensure you don’t accidentally forget to make a payment on time and wind up with additional late fees. You might be surprised how much you can save over traditional bank fees using an international money transfer provider in just one year of regular payments.
Ashley lives and works in the U.S. but has a vacation home in Barcelona, Spain. She took out a mortgage in Euros to purchase the property and needs to pay the monthly installments in Euro. She set up a regular international payment plan to ensure she never misses a payment, plus it helped her save money over other money transfer options. Now, the money is automatically deducted from her bank account on the day of her choice and transferred directly to the mortgage holder in Euros. There are no monthly fees and she receives a better exchange rate than she used to get from her bank.
John lives in France, but his pension is paid into his U.S. bank account in USD. He needs to get his pension into his French bank account and transfer it into Euros. He used to go to the bank every month and arrange a transfer and grudgingly accept high transfer fees and poor exchange rates. He decided to consult with a money transfer firm like Xoom to set up a regular overseas money transfer. He now has an account set up that automatically deducts the money from his U.S. bank account, exchanges it into Euros, and deposits it into his French bank account free of charge. He no longer has to waste time handling the transaction himself every month and no longer worries about running out of money if he forgets to initiate the transfer. Check out Retiring Overseas? Transfer your Pension with an FX Firm to Save Money to learn more about international pension transfers.
Regular international payment plans help you save money and give you one less thing to worry about each month. It’s simple. You pay less, get more, and do nothing. A bank will often give the tourist rate on any small money transfers which is comparable to what you might receive at an airport money changer, plus they will charge anywhere from $25 to $50 for the transfer whether it is $200 or $2000. On the other hand, an international money transfer firm will offer a commercial exchange rate and won’t charge you any fees.