USD versus EUR and Wire versus Cash

   Recently a huge turmoil has been in progress as most of you noticed on the foreign exchange markets, stock markets and in global economical view. So for the others that do not know the exact reason of that money-chaos situation, it is the US Dollar and US economy that changed and slowed the world financial growth. The thing is that for an year or so, USD is constantly falling in almost every FX pair (USD/EUR, USD/JPY, USD/AUD, etc) and that is for sure not normaly but is kind of aftermath of the bloodbaths America used to make around the world and the position of the Oil with respect to the U.S positions overseas. Anyway most of you could say, OK, the dollar is going down but it won't wound me because I am trading in EUR and I am in Europe, so me and my finances will remain untouched and unharmed. Well, almost true - in any case whatever financial moves you make with money overseas, the smartest thing to do is to use EUR or at least JPY because of their stable position right now and even in a long-term prediction forecast. But, there is almost no chance for your finances to remain unharmed in a long-term view because of the 100% sure opinion of economical experts that this USD crisis will surely slow the global growth and in any case "the party is over". But, again, please use EUR, GBP, JPY or whatever you like and do not get involved in deals which USD is a main currency.

   Another thing that cannot be easily noticed if you are not dealing with corporate finance or large money operations overseas is the change of some money transfer companies' Terms and Conditions because of never seen before amount of Fraud worldwide. And this information by the way was not public, as I happened to reach it through several head central subagent executives dealing with opening new branches of Western Union. According to them, as internal reports show, the amount of fraudalent money transfers to the Eastern Europe, Asia and Africa exceeds the percentage of legal ones. That is the reason for Money transfer companies to tighten up the requirements and rules for international money transfers to insure that illegal money-laundering activities are not being done via their services, and of course for the security of legal money transactions overseas. A new tracking system is know to be developed in order for the money sender and/or receiver to be able to track the money from their source to their destination. There are of course other new things around the money transactions but we will all get informed as soon as they will make them public.

Work or Study overseas money transfer explanation

     We have always popularized the different specific services for both private or corporate money transactions we offer in Transfermate, but we have never explained in details what are they all about and in which cases you should use a particular specific service among our 7: for the private customers - Work/Study overseas, Propery overseas, Regular transfers, Salary/Pension transfer; and for the corporate clients - General payments, Flexi transfer contracts and Forward flexi contracts.
     Speaking about a specific service we should start with the Work and Study overseas money transfer opition you can use. Here's the thing, many people, or in other words many of you plan to emigrate and move to another country with the intention to work for a higher salary and get more money for the job you've been doing in your home country. First, since there is no way for you to travel with more than e.g EUR2000/USD3000 - EUR3000/USD4000, you need a way to get your initial kick-off money abroad for your easy start in the foreign land. Now here's the choice for you! First you surely will need a bank account in the country you are going to not only for transferring funds but for getting your salary in it, paying your health and social insurance and other taxes. So the thing you can do is to open a bank account for example by using the services of Traveltowork - offshore bank accounts. Now, let's say you've already did that job and you want to get your money into the bank account abroad. Then comes the specific service offered by Transfermate called Work/Study overseas which you can use sending your money to the offshore account in advance, so that you won't have problems in your start there. The services is prepared especially for emigrants with preferential rates and price when going international. Of course, once you already have a job anywhere in the world and want to send money home, the same service is the most appropriate for this need. So that is an example of working abroad and transferring money with a particular private money transfer provided by TM.
     Now, other example of the use of Work/Study overseas money transfer could be if you are a prospective student looking forward to get your education abroad no matter if it would be in an University, College, High-school or whatever education institution you choose, and you need to get money from your home land potentially from your parents to support you financially during your study period. That is why you will need a service to receive money overseas from your ancestors in order to live abroad, especially if you do not have the time or chance to work along with the lectures. In that case, and because of those needs we created the Work/Study overseas money transactions, and again like in the case above you just have to click and fill in the application in order to get your money from the parents bank account to the student one. Again, you can use the offshore banking services of Traveltowork to get your bank accounts set up.
    We hove we were helpful with this post for people working or studying or looking forward to do that abroad.

Transferring your money to a secure bank account

   Many people have different sources of money earnings and different types of expenses, but in any case all of us need to pay taxes in order to avoid problems with the IRS, and tax declarations may cause you headache sometimes. That is why, along with the long-term saving plans, people like to store their money in secure bank accounts internationally. A preferable location for this purpose is Switzerland, due to the country polices which do not allow any institutions to have access to the banks customers info, balances and details. So many of our clients issued questions regarding the process of wire transfer to Switzerland.
   The thing is that there is nothing different in this case, just like you make any other standard international money transfer through Transfermate. You wire transfer the money to a 3rd party TM bank account given to you in the beginning of your process (upon registration), and Transfermate takes care to load your overseas bank account with the money you want to transact, no matter if the bank is Swiss, US, UK, or whatever it may be.

3 tips for international wire transfers

   See, when it comes to making a wire transfer many people make the same mistakes again and again, and I am not talking about misspelling the receivers bank account information, but for expenses you can avoid, and time you can save, if you know how.

   1. If you have to make regular payments overseas, for example corporate money transfers from one firm's bank account to another abroad, you surely have to do the following things. If you have a bank account in currency other than the one used in the receiver's account, and yours is in a bank other than receivers' please I beg you make a bank account in the local branch of the receivers' one in the same currency. That way you first will avoid taxes paid for bank2bank transactions and you will save time by not having to wait the delay usually persisting when money are being transferred between two institutions.

   2. Use online banking for money transactions. Nowadays almost all banks have the service online banking and deliver to you the chance to make banking operations directly from your computer connected to the Internet. When you make a wire money transfer over online banking you avoid the service of employees of your bank and time is saved by you not having to go to any office, to wait on a line, to fill in paper applications or so on. For online money transaction to occur you can use the TAN/PIN codes provided from the bank to you with your internet banking.

   3. Use all the fields in the money-send application in the offline/internet banking. That way you will surely use the IBAN and Swift systems considered to be the fastest fund transaction systems in the world as well as having the highest possible security on Earth in terms of wire transfers.


FYI you can open Offshore bank accounts here.