Why do expats need international money transfers?
Expat money transfers are necessary for people who have relocated from their country of origin to another country. They are a way for expatriates to send money home to their loved ones and help them with their living expenses.
How much does it cost to send funds back home?
The costs of international transfers vary from one bank to another. In this article, you will learn about the different types of international transfers and the costs associated with them.
The cost for an international transfer varies depending on two factors - the type of transfer and the type of currency.
International transfers can be done in two ways - via a SWIFT or SEPA transfer. The former is more expensive than the latter, but it is also faster and more reliable. SEPA transactions take up to five days while SWIFT transactions take up to three days at most.
Using your Bank to make international wire transfers can be very expensive – often 5% to 6% worse than using a foreign exchange specialist to send money back home or pay an invoice in a different currency.
Why comparing exchange rates is important for Expats?
International money transfers are important for Expats as they often live in a different country and often earn money in a different currency to that of their mortgage, debts and dependent family members.
You can add to the list international investors and frequent travellers who also often need to move money between countries & currencies and the conventional bank systems for doing this are often slow, cumbersome and expensive.
A host of services has sprung up to cater to the needs of internationally mobile capital outside the conventional banking system, which has been slow to respond to the needs of modern investors and traders.
You can normally save 4% to 5% when you use a foreign transfer specialist rather than your bank.
It's important to compare the exchange rates being offered by our BER foreign transfer specialists to those of your bank and calculate how much you can save.
You can also use our Best Exchange Rates Multi-Vendor Quotes service to request our FX specialist partners to send you Quotes for your Expat foreign transfer.
More Expat FX guides1
The Singapore dollar has reached its highest level in over a decade, boosting outbound travel and curbing inflation, but also putting pressure on exporters and local businesses. While sectors like logistics and finance benefit, retail, hospitality, and exports face challenges from the strong currency. Foreign transfers to buy overseas property are typically for large amounts, so it's important to be aware that any currency movements of just a few percent can have a large cost to you when you come to settle. Further reading on Expat - Guides, Reviews & News from our research team.
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Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.