Wednesday, October 26, 2011

5 Things You Should Know when Transferring Money Overseas

We all know that money makes the world go round, but what happens when you want to make your money go round the world? Typically it travels with high fees, poor exchange rates and a strong headwind. However, with these five tips you can avoid all of the expenses and delays which are normally associated with transferring money overseas.

1 – Use a Broker

Most of us can use our common sense and knowledge to figure out new tasks for ourselves, and this is how we learn. However, when it comes to dealing with money, this is not the time for trial and error, especially where international transfers – language barriers, time zones and delays – are concerned.

Therefore, if you are transferring money overseas using a currency broker can make the experience easier and more profitable. When you use a currency broker it is important to know that you can benefit from:

* A saving of between 0.5% and 4% on your transfers.
* Fast international payments, same day transfers in most cases.
* No commissions.
* No bank receiving charges.
* Personal service and your own dedicated broker.
* Access to products and services not offered by the banks.

2 – Types of Transfers

When you are transferring money overseas you should also know about the different types of transfers available through a broker:

* Spot contracts. If you have access to the funds in your account you can organise for a spot transaction which simply exchanges one currency for another at the current market price. The settlement typically happens in two working days and a broker can secure you the best rate.
* Forward contracts. Allows you to fix an exchange rate now, for a transfer date in the future. You can choose a date up to two years in advance and even if the exchange rate changes, you can make your transfer at the fixed rate you’ve already chosen.
* Currency options. Similar to a forward contract, you will be exchanging one currency for another at a date in the future, however with a currency option you can still take advantage of rate moves in your favour. Where a forward contract protects you if the rate moves against you, you are also stuck with your fixed rate if the current rate moves in your favour. Therefore, with a currency option you’re still protected from negative movements, but can also take advantage of positive moves.
* Regular payments. If you are going to be transferring a set amount of funds overseas on a regular basis – if you are paying a mortgage on an international property for example – then you can set up an automatic transfer for the exchange to be made on a set day or date.

3 – Give Yourself Time

Transferring money overseas isn’t like transferring it between accounts at home. There can be unexpected changes and delays in your transfer, so make sure you give yourself enough time to make the transfer effectively. For example, if you have left your transfer to the last minute and need to make the exchange quickly, you are at the mercy of exchange rates, and you may find you don’t have the amount you need to transfer because of the current rate. However, if you’ve got a period of time before the transfer needs to be made, you can wait out any negative exchange rate fluctuations.

4 – Fees and Charges To Be Aware Of

If you are transferring money overseas via a bank, you will usually have to have an account with that bank first before they will complete the transfer. A large portion of bank profits come from the fees and charges paid by their customers and international transfers are some of the most high fee transactions offered.

If you are travelling or moving overseas and want to transfer funds to an account in your destination country you may be tempted to try and avoid the fees of making an overseas transfer through your bank, by visiting a branch of your bank when you arrive. However, even though the branch of your bank operates in another country, it is separate from your bank at home, and this can not only incur the same fees for you, but you have to make sure you are completing the transaction correctly when dealing with an unfamiliar bank, in an unfamiliar country, probably in an unfamiliar language.

For overseas money transfers most banks will charge a minimum fee, as well as a commission on the transfer, on top of the standard currency rates.

5 – Methods of Transfer

Banks and brokers are not the only ways you can transfer money overseas, and these are some of the other main methods you should know about:

* Cheque. A cheque is slightly less expensive than transferring the money in a wire transfer through your bank, but it also slower and less secure.
* Western Union. Western Union can be found in just about every county around the world and offer a fast and reliable overseas money transfer service. The costs will differ depending on where you are sending the money, but the transfers through Western Union are typically good value. However, there can be high fees involved in the transaction, which you need to weigh against security and ease of use. You should also know that Western Union have loosened their security requirements to make transfers easier on the receiving end. The recipient no longer needs to show any ID, they simply need the 10 digit Money Transfer Control Number.
* PayPal. PayPal will take a percentage of each overseas transaction you make so the more you’re sending the more you will pay. PayPal are also a very secure way to transfer money overseas as you are keeping your own bank account separate.
* Xoom. Xoom deposits the funds directly into the recipient’s bank account if you are transferring to the US, and gives you a more professional appearance because you don’t have to ask the recipient to go into a branch like they do with a Western Union transfer. While you aren’t told what the fees will be until they appear on your bank statement, Xoom is very reasonably priced but they do use your bank’s exchange rate.
* MoneyBookers. MoneyBookers is a London based company with a similar system to PayPal, but with more affordable fees. They also cap their fees when sending money, and charge a set fee to receive money.

Alban has been writing about personal finance for the last 3 years. Although he specialises in online savings account comparison, Alban also writes about various personal finance topics.

Monday, October 24, 2011

Tips in Avoiding Being Scammed in Rentals

The current economic crisis has created a new more ravenous breed of nefarious individuals aiming to rip off innocent individuals of their hard earned money. One of the more rampant schemes nowadays is a rental scheme that prey upon individuals in need of a roof over their heads. Not only do they lose their rental deposit, many individuals are duped into moving into homes after trusting individuals who did not have the right to rent out the property.

The following are tried and tested tips in avoiding being scammed in rental schemes:

Verify. When finding real estate renting leads, it would be best to verify the listing with the actual property. Many scammers use online services such as or message boards and newspaper advertisements to advertise alleged rentals. Many put much fluff into the ads to entice unwitting renters together with a disposable number. It would be best to visit the property and ask around before handing over your money to an individual you first met on renting a property.

Stories. Many scammers often have heart wrenching back stories to speed up the process of renting. It may be a claim of overseas missionary work or a break up to win the trust of the possible renter. Some would even quote bible verses to fully convince you of the need to fulfill the transaction at the soonest possible time. Checking out their stories as well as taking your time before undertaking the responsibility is key to avoid being scammed in a rental property.

Search. Do a cursory search of the individual as well as the property to be rented. Ask questions regarding the property and the renter’s contract. When the responses are vague or evasive, then this must put you on guard as to the true individual with the power to rent out the property. Many scammers would even rent out the property for a short period and then show the property to prospective renters. After duping them of their money, these short term renters suddenly fly the coop and leave the renter with the property without any right despite payment.

Reputation. Get possible rental leads from a reputed Realtor or agency. These may only be the legal entities with authority to represent the owner of the property. If they claim to be one, verify the name and see their reputation. As for possible renters, do a background check on these people to see their reputation. When these possible renters pay using another person’s check or in amounts different from what has been agreed upon in the contract, then this should put you on guard of a possible scam in the offing.

As can be seen, scams abound in the property market, not only in sales and purchases but even in renting or letting the property. One can avoid being scammed in rental properties by verifying the transaction, checking on the stories, doing a due diligence search and reviewing the background and reputations of the party entering the agreement. Once these are done, the rental can become real and financially rewarding in the long run.

For a more comprehensive discussion on overseas property investments, do visit us at Property Prices in Cities Increase Faster Research Shows. please visit  the author’s site The Property Community.

Saturday, October 22, 2011

Some people in these times are trying to make an income online from home

In the recent times, many people all over the world are  earning lots of income just by working from the confines of their homes. This is mainly because of the advancement in the internet technology. Today, there are lots of online jobs which can be done from home. There are lots of resources that can help you learn several jobs which you can do from home.

Many people are now working from home because of the several benefits that comes from such ventures. You work as your own boss without having to account to anybody. You also work at your leisure.  The most important aspect of it all is that you can even make enough cash working from home more that what you would have made from working in companies out there.  You also enjoy the liberty of changing your job at will.  The money you make from home also goes straight into your bank account. You simply walk to the bank to pick the cash at will.

The author of this article is not only interested  on “how to make money online” but also on saving when buying online with coupons ,for example with Discount Tire coupons or Nivea coupons.