FX rates are down?
- Posted by Blair Pedersen on February 18, 2019 in Global Economies Global Money Transfer
Foreign exchange rates, like all cyclical things in life go up and down
As a general rule, a currency’s valuation generally trends in line with the fortunes of the respective country but there are many other influences, the health of the global financial markets, the monetary policies of foreign central banks, natural disasters and so on. Due to these many factors country’s economic cycle cannot be predicted with absolute certainty and consequently trading currencies is a very difficult thing to do. Nobody has control over the direction of a currency, but everybody has control over their personal finances and so it is incumbent upon everybody remitting money overseas to ensure they are getting the most out of their money transfers.
The foreign exchange market in 2018, a forecast for 2019 and a message from the CEO
- Posted by Blair Pedersen on December 20, 2018 in Global Economies Global Money Transfer
In 2018, the Australian dollar has seemed to find some stability in October with it stabilising around 0.705 and then clawing its way back up since then to its current level at 0.72. The ‘aussie’ has been whacked by an appreciating US dollar, a Chinese economic slowdown and economic worries that there’s a bubble in the real estate market – a weighty concern expressed by the RBA
Against exotic currencies such as the Indian rupee, the Australian dollar has oscillated around the current level as it has done since 2016. Of note is the recent significant drop in the last few days due to foreign fund flows and a risk-off atmosphere. It remains to be seen if this is a sustained drop and a sign of things to come. It’s the same situation with Filipino peso and the Australian currency really hasn’t seen much movement against currencies like it. Though it has settled at its current level of around after falling about 2.5% over the first half of the year.
Ignorance is not bliss when it comes to remittance costs
- Posted by Joe Campbell on December 7, 2018 in Global Money Transfer
All money transfers are processed for a fee – whether they are hidden or not. To be clear, the remittance costs have certainly dropped considerably since fintech companies such as OrbitRemit appeared on the scene
However, they have not yet managed to discover a way to facilitate remittance payments for free. Banks charge about 5% – 10% in transfer and FX costs and independent remittance companies usually perform them for about 1% of the total transfer value. Remittance costs have come down but now fees are often charged to the customer in non-apparent ways. Although it is not important to understand how your transfer is processed, it is important to understand the actual ‘conversion rate’ which is the amount received divided by the amount sent and its comparison to the interbank rate.
Commonly Used Money Transfer Terms
- Posted by Joe Campbell on December 2, 2018 in Banking Global Money Transfer
International money transfer, the process of transferring money overseas – has a language of its own. This article will help you decode the financial garble in order to make your global remittance easier
There are plenty of things to think about if you’re transferring money overseas. The most useful thing you can do is become familiar with the jargon you’re likely to hear, so here are the key international money transfer phrases and acronyms, decoded.
The Best Time to Send Money Overseas
- Posted by Joe Campbell on November 20, 2018 in Global Money Transfer
When I was 19 and I was thinking about selling some shares to travel overseas, I called my father’s stockbroker and asked him, ‘So when’s the best time to sell my shares?’ He simply said: ‘When you need the money.’
I sold the shares and almost immediately afterwards the stock price almost doubled in price. I still regard this conversation to be some of the best personal financial advice I ever received. In 2000, the Dot.com bubble burst and those shares went to zero as the company went bust.
Australia Set to Launch New Payments Platform (NPP)
- Posted by Sean on October 20, 2017 in Banking Global Money Transfer Technology
You might not have heard of Australia’s New Payments Platform (NPP), but it has been a big deal on our end. We’re going to take you through this new technology – and show you how it benefits you.
European Transfer Time – The Buyer’s Guide
- Posted by Laurie I on August 9, 2016 in Banking Global Money Transfer
If you’ve ever transferred money to, from or within Europe, you’ve probably noticed that the money doesn’t go through right away. This is pretty normal and happens with almost every transaction (with the exception of internal bank transfers). We’re going to take you through our ultimate guide to help you minimize the length of this bank transfer downtime. That way, your cross-border transactions will be as quick and easy as possible. Plus, this will help you plan big payments, to make sure they get to their destination on time.
Getting the best deal when transferring money to India
- Posted by Sean on December 3, 2015 in Global Money Transfer
Diwali may be over, but there’s no reason why you shouldn’t send a little money home to help with the post holiday blues. When you’re transferring money to India, do you go through a bank, or an external provider? If you’re concerned about costs, speed and security, your choice makes a huge difference. We’re going to take you through the things you need to look for to get the most bang for your buck when you transfer money to India from Australia.
Sending Money to India – Exchange Rate Tips and Tricks
- Posted by Sean on July 24, 2015 in Global Money Transfer
Remitting money back to India can be expensive. However, it doesn’t necessarily have to be that way. With simple tricks and tips, you can make sure that you get the most bang for your buck. Things such as knowing the jargon, using the most cost effective service, and timing your money transfer can make your money go a lot further. Keep reading for a simple explanation of why money transferred to India is subject to fluctuating exchange rates. Then be sure to read our list of easy tricks and tips that help maximise your money by taking advantage of India’s often-fluctuating exchange rate.
Top 10 India Budget Travel Tips
- Posted by Paul on June 4, 2015 in Global Money Transfer Travel
India is renowned as one of the world’s best places to travel to. The culture, people, and history all combine to provide something unique to travellers. Fortunately, you don’t need vast sums of money to experience India and all that is has to offer. Travel to India is relatively inexpensive compared to many destinations, but read below for ten India budget travel tips to make your money go even further.