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For the internationally-minded out there, the world is a limitless source of opportunity. Traditional obstacles such as country borders, oceans, and language are no match for today’s crop of worldwide entrepreneurs and digital nomads. In this age of globalized business, the transfer of money across states, countries, and continents has never been more prevalent. While this has opened unimaginable doors for business and personal financial growth, it has also put a focus on how money is being dealt between different currencies.
Without careful consideration, you could be leaving tens of thousands of dollars on the ocean floor, simply by choosing the wrong method of transferring money internationally – whether it be receiving foreign income, paying foreign employees, or purchasing overseas real estate.
Instead of using traditional banks to wire money and convert currency, consider an International Money Transfer Service. These services will allow you to tailor your needs in order to achieve the best possible conversion rates and make business dealings in multiple currencies as cost-efficient as possible. One of the most trusted such services, Moneycorp, has been focusing on the business of international exchange for over 35 years.
Based out of the UK, with offices in Florida, Spain, Ireland, and France, Moneycorp is one of the industry leaders when it comes to non-bank exchange services. The company is split into three main division, each with a specific targeted focus:
(1) Bureau de Change: Currency exchange branches with over 30 locations within the UK and abroad.
(2) Commercial Foreign Exchange (CFX): Service providing foreign exchange to businesses and individuals. This includes forward currency delivery and priority global payments.
(3) Wholesale Banknotes: Clients include banks, exchange offices, government organizations, financial retailers, money transfer businesses, and corporations.
Moneycorp vs. Traditional Banks
Moneycorp uses its targeted knowledge and expertise to create individual solutions to maximize value on your overseas transfers, get you the most competitive rates of exchange, and tailor a plan based on your exact overseas needs and requirements.
Moneycorp focuses on getting you the most competitive exchange rates possible. According to the company, rates average 4% better than at traditional banks, and with vastly cheaper fees (banks will charge up to $70 USD for every transaction, a price that can add up significantly over time). Everyone who signs up for a Moneycorp account, regardless of whether they actually use the service to make a transfer, will receive a personal currency specialist to help strategize a plan to get you the most cost-effective transfers possible. Online help is available 24/7 to assist you in money exchange at any hour of the day.
Unique Features of Using Moneycorp
Perhaps the most singularly beneficial aspect of using Moneycorp for your overseas transfers is their ability to monitor the market to make sure you’re never on the losing end of fluctuating exchange rates. This Rate Watch is what really separates Moneycorp from traditional banks. There are a few ways they accomplish this goal for their clients:
- Forward Contracts: This service allows you to actually lock in a beneficial exchange rate for future transfers. If you find the market to be in a satisfactory place for your transfer, you can claim that specific exchange rate for all transfers up to a year in the future.
- Limit Orders: This feature allows you to set a specific ideal exchange rate alert. As soon as the market reaches that rate, your transfer will automatically be processed at that price.
- Stop Loss: The stop loss service lets you set a minimum exchange rate that is acceptable for you transfer. This allows you to make a transfer as soon as possible, once the market climbs into a threshold you’re satisfied with.
- Spot Contract: A spot contract is useful when there is an expected drop coming in the market. With this feature, you can make sure that all your transfers process immediately at the current rate before fluctuation.
An Expat’s Best Friend
Living, working, or investing across borders can be one of the most liberating things a person can do. By looking globally, there is no limit on opportunity. While doing business internationally can bring great success, you need a transfer service that works with you hand-in-hand to maximize the value of your hard work.
Whether you are purchasing property in an overseas country, opening a business abroad, paying employees across multiple currencies, or receiving foreign income, Moneycorp is the best way to save you thousands of dollars annually in your transactions. The setup is quick, the process is seamless, there are no hidden fees, and you will always have access to professional guidance and the best exchange rates in the world.
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