06 July 2008

International Money Payments- Personal Transfers

Businesses have often taken advantage of working closely with foreign exchange specialists when dealing with foreign exchange risk and managing their international business payments.
This approach of obtaining advise from a foreign exchange consultants and utilising their services for money transfers is well recommended for individuals as well particularly if they need to to effect larger or regular transfers.

With the number of ever increasing individuals owning an overseas property and this number predicted to increase. Individuals who are exposed to currency risk need to obtain advise from a foreign exchange payment specialist otherwise the individuals will face many hidden costs in their international dealings. In most cases using a specialist can bring in some significant savings in transferring payments as well as reduction of currency risk.

It has been predicted that over 1 million people have plans to buy overseas properties or businesses in the next few years, the the hidden costs of owning a foreign home can be significant if not managed effectively. To avoid the extra costs, many Foreign Exchange Consultancies are advising overseas buyers to consider fixing their exchange rates for up to two-years via a forward contracts. A fluctuating exchange rates would directly alter the price of a property before completion and increases the risk of purchasers spending more than they initially intended.
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