Transfer Money Overseas The Smart Way

Whether you are new to transferring money overseas or you are seasoned expat transferring money between bank accounts, it pays to transfer the smart way. Just as you might find when using any financial service, there are some sure fire ways to get ripped off and some sure fire ways to maximize the value of your transfers.

The first thing you need to know about money transfers is that there is no such thing as a free lunch. You will need to pay for your transfer in some way – after all, banks and money transfer companies need to turn a profit in order to keep their services going. It’s the way that these profits are made that counts and with a little inside knowledge you can be sure you are not handing over too much of your cash in charges.

Don’t Be Fooled By 0% Offers Or Free Transfer Deals

There are many money transfer companies offering 0% transfer deals and these are best avoided if you can help it. These companies will factor in a poor exchange rate and it could cost you dearly. Treat these signs as marketing gimmicks. It’s the classic bait and switch.

Instead, shop around for a good non-bank money transfer specialist who can give you an exchange rate that is as close to the interbank rate as possible. This is the rate that fluctuates every day on the currency markets, and should be viewed as the ‘real’ rate of exchange.

An FCA authorized money transfer specialist will give you the best rates, professional guidance and transparent charges. They will also be able to give you access to currency contracts such as forward contracts that save you even more money over time.

Opt For A Forward Contract And Lock In Your Exchange Rate

Did you know that you can lock in your exchange rate for a fixed period of up to 12 months in advance? This gives you total peace of mind that your regular payments and other money transfers will always stay in budget. That’s great if you are using a currency that fluctuates wildly each week. You can usually set your exchange rate for up to 12 months, requiring only a 10% deposit


Save Money On Your Next Overseas Money Transfer

Saving money is important when you make any financial transaction and sadly currency transfers are one of the hardest hit transactions when it comes to opaque charges. Foreign exchange is commonly known as one of the last areas of financial services where the customer doesn’t know what it’s costing their bottom line. Exchange rates are inherently designed to confuse.

The good news is that trading with an FCA authorized money transfer specialist can help you to save hundreds and often thousands on your money transfer deal. In fact, you could save up to 5% on each transactions versus the high street bank. In real money terms, that’s savings of up to £5,000 if you were to transfer £100,000. Banks set their exchange rates only once or twice per day whereas currency brokers call into the live markets, accessing wholesale exchange rates.

source:  everythingfinanceblog.com

PayPal keen on collaboration for cash-free future

SAN FRANCISCO - Online financial transactions titan PayPal says it is keen to collaborate with others as it strives for a cash-free future.

"We are all about working with developers to let them take advantage of the heavy lifting we've done when it comes to moving money around the world," Hill Ferguson, the company's vice president of global product, told AFP.

PayPal -- founded 15 years ago with a vision of becoming a global currency -- has also been working with stores in the United States and abroad to let people pay for almost anything with Internet-Age digital wallets.

The trend is proliferating around the globe, according to Ferguson.

"People use their identities to represent themselves when they want to buy something, and merchants get easier ways to know who their customers are and focus on the personalized experiences," he said.

"We really see the future of money as being completely digital -- bringing the experience to the front and the payment to the background," he added. "Right now, it is just the opposite."

Ferguson spoke on the sidelines of San Francisco's Outside Lands Music and Arts Festival, where PayPal had quite a setup to tune people into the prospect of going cash-free.

For one, a mock police force patrolled for "visible wallet bulge" as the crowd jammed to the Red Hot Chili Peppers and other acts in Golden Gate Park.

"A music festival is a place where you shouldn't have to carry cash and worry about your wallet," Ferguson said.

"That is the future of commerce, and we want to show that and share that with the rest of the world."

The popularity of PayPal and rival Square, brainchild of Twitter co-founder Jack Dorsey, suggest people are growing increasingly comfortable with the idea of smartphones and tablets being a new way transact business.

source: www.abs-cbnnews.com

Western Union recognizes top 10 outstanding maritime students for 2011

MANILA, Philippines — The top 10 outstanding maritime students for 2011 were identified in a nationwide search by Western Union, a global leader in money transfers, in support of upholding the Philippines as one of the largest contributors of seafarers globally.

Western Union concluded a nationwide search for the best graduating maritime students in the Philippines last September 22, 2011. The top 10 students identified were presented to Vice President Jejomar Binay on National Seafarers’ Day, September 23, 2011, in recognition of their achievements as model citizens of the seafaring population.

The nationwide pool of nominees includes undergraduates recognized by their respective schools for being academically excellent, highly competent in practice, in good moral standing and active in their respective communities. The finalists also mirror Western Union’s important corporate values – integrity, passion, assertiveness, dependability and camaraderie.

“Congratulations to the 10 outstanding students who have exhibited great passion and dedication in honing their seafaring skills to become part of our country’s growing force of global heroes,” said Patricia Riingen, senior vice president, Pacific & Indochina, Western Union.

“Congratulations also to their teachers and mentors who have greatly contributed to the advancement of the Philippine maritime industry.

“Western Union has always understood that our business doesn’t just make the world go round, it starts things for people. It helps with the day to day and the long term, converting opportunities into reality for consumers and businesses alike.

“Through recognizing the accomplishments of the maritime student community, we hope to instil a lifelong love for learning for the next generation of seafarers as they begin their journey to make a difference to their loved ones, and to make a difference to the world.”

Each of the top 10 students has a special story of their own, but all share the dream to succeed. “I wanted to have a chance to uplift my family from poverty so I grabbed the opportunity to become a Marine Engineer. Although it hurts to know that I’ll be away from them for a long time, I accepted it,” says Luis Nico Enciso, a student of the Mariners’ Polytechnic Colleges Foundation in Camarines Sur.

Some students aspire to give back to their community through knowledge exchange. “One day, I want to be able to send my older siblings to school, become a Chief Engineer, take my master’s degree and earn a doctorate in education to be able to teach and, perhaps, even become a school dean,” says Allyson Agustin from the Technological Institute of the Philippines in Manila.

Source: mb.com.ph