Are you considering relocating to a new country? Ocyan helps expats understand the currency exchange market and benefit from a trustworthy service to transfer your money. Let’s connect …
International moves can involve various monetary decisions ranging from investment in foreign property, to international money transfer and moving savings. Ocyan wants to secure its users to rely upon a secure and money- saving service. Ocyan partnered up with TorFX to get the best foreign exchange rate for expats.
If you’re planning to move abroad or are already living overseas as an expat, knowing the ins and outs of foreign exchange can save you both time and money when you need to move funds overseas.
What is Foreign Exchange?
Foreign exchange, or the trading of one currency for another takes place on the Forex Market, which is notorious for being one the most volatile financial market in the world.
This is largely in part due to the currency market being highly sensitive to economic sentiment and
data releases, as well as geopolitical events, which can make it extremely hard to accurately predict
what direction a currency is likely to move in.
How Currency Market Movements Can Impact Expats’ Tranfers?
As mentioned, the currency market is extremely volatile and the value of a currency pairing is in
constant flux. As such, you can usually expect a currency to move a cent or two higher or lower over a week. While a couple of cents here and there may not sound like much, this can have a profound impact on the value of a transfer, particularly those of higher value.
For instance, if you were planning to transfer £300,000 from the UK to purchase a property in Germany at the start of 2020, this would have been valued at around €351,000 at a GBP/EUR exchange rate of €1.17. However, the same transfer made just six months later would have only been worth €333,000, after the GBP/EUR exchange fell to €1.11
While the events of 2020 have made it a particularly volatile year for currency markets, daily shifts of 1-2% between a currency pairing are not uncommon.
What Currency Option Is the Best for Expats?
The two most popular methods for transferring money abroad is via your high street bank or with a
specialist currency provider.
Many people opt for what they think to be the most straightforward option of transferring their money through their bank. However, this route can be the least cost-effective due to the transfer fees which are often tacked on by banks. Using a specialist currency provider, on the other hand, will allow you to avoid such fees whilst also helping to secure a better exchange rate on your transfer.
What are the advantages for expats?
Currency specialists, like TorFX, also offer a range of additional services to help you maximise your returns from your international transfers.
- One of the most popular services is the forward contract which allows you to fix an exchange rate for up to two years. This is ideal if you are planning a future transfer, such as purchasing a property abroad, as it will protect you from any unfavourable shifts in the currency market, but could mean you would miss out if the exchange rate strengthens.
- Alternatively, if you have time to hold out for a better exchange rate you can set up a limit order. This allows you to set an exchange rate you want to achieve and the transfer happens automatically when the market reaches that level, saving you from having to watch the markets.
- A limit order can also be used in conjunction with a stop loss order, allowing you to set a floor for your transfer and protecting it from any sudden collapse in exchange rates. When using a bank to transfer your money you will generally only be able to trade at the current exchange rate for the day in question, narrowing your chances of getting the best possible deal for your situation.
Among others, remarkable advanteges are:
- Get a free quote
- Accessing the business online trading platform to view live rates
- Enter the personal online trading platform to view live rates
- Request a call back quote
All of this is possible by subscribing for free ot Ocyan and benefit from all the advantages that our trustworthy partner – TorFX, offers.
Things to look put when making a transfer
Before you make a transfer through a bank or currency specialist, there are a few things you should
check to ensure you are getting the best value for money.
Timing your transfer for when the exchange rate will be most favourable for you is probably the best
way of maximising your returns, so it’s well worth staying up-to-date with the latest currency news.
Also important is that you double check that your transfer does not include any hidden fees, as well as ensuring the exchange rate being offered is as competitive as possible. You may also want to consider how easy it is to move your money, for smaller transfers most currency specialists offer a 24/7 online service, allowing you to make instant transfers wherever and whenever.
And on top of that you will want to ensure that your chosen currency provider is reputable as your
security should always be paramount when moving money internationally.
Our recommended Currency Partner For Expats
We have partnered with the experts at TorFX to provide our customers with access to a leading currency specialist.
TorFX have been offering their customers great exchange rates, no transfer fees and personal account management since 2004. They’ve won the Moneyfacts Consumer International Money Transfer of the Year award five times between 2016 and 2020 and hold an ‘Excellent’ five-star rating on Trustpilot.
Creating an account can be done quickly by online or over the phone. The procedure is easy. Subscribe for free on Ocyan and access TorFX to get all the advantages that this money transfer service offers. Once you’ve created an account, you’ll be able to check live exchange rates 24/7 and make fast, hassle-free currency transfers and talk to their currency experts about how you can maximize the returns on your currency transfers.
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