Managing International Finances: Tips For Transferring Money Abroad

So, you’ve made the decision to pack up and leave your life in England for the stunning shores of New Zealand. Congratulations! Between organising shipping, looking at rentals and finding a job, you’ll already have a lot on your plate. But don’t make the mistake of leaving your finances to an afterthought. 

Managing your international finances can be particularly tricky when it comes to transferring money abroad. To ensure a smooth transition, here are some tips to keep in mind.

Research Currency Exchange Options

Before making any money transfer, take the time to research and compare your different currency exchange options. Banks often charge high fees and offer unfavourable exchange rates, which can eat into your hard-earned money. Instead, consider using specialised currency exchange providers, like Wise (formerly TransferWise) or Revolut, that offer competitive rates and lower fees. 

Understand Account Restrictions

While low-cost transfer services like Wise and Revolut offer convenience and savings, they do come with certain restrictions that could impact you. For example, Wise has transfer limits based on different currencies and may require additional documentation for larger transfers. Revolut also has limits on free transfers and charges nominal fees for certain transactions. Familiarise yourself with the terms and conditions of these services to avoid any unwanted surprises.

Understand Exchange Rates

Exchange rates can fluctuate daily, so it’s important to stay informed. Keep an eye on the currency markets and consider using online tools or mobile apps that provide real-time exchange rate information. Timing your transfers to take advantage of favourable rates can result in huge savings, particularly if you’re dealing with large amounts. 

Be Mindful of Transfer Fees

Transferring money internationally often incurs fees, so it’s important to be aware of these charges. Different providers have varying fee structures, so compare the fees alongside the exchange rates when choosing a service. Keep an eye out for hidden fees and ensure you understand the full cost of each transfer. It’s also worth considering batch transfers or consolidating smaller transfers into larger ones to minimise overall fees.

If In Doubt, Ask For Help

Navigating international finances can be complex, so if you’re struggling, don’t hesitate to seek professional advice. A financial advisor or international money transfer specialist can offer insight on the most cost-effective way to transfer money between countries, help you understand tax implications and even assist with setting up bank accounts.

By following these tips, you’ll be better equipped to manage your international finances and make the most of your money when transferring it from England to a new country is an adventure, and with careful financial planning, you can start your journey on the right foot. Best of luck with your move, and may your finances thrive in your new home!

Sarah Todhunter is a writer, mother-of-two and a dual citizen of New Zealand and the UK. As the sole proprietor of Fyxen Copywriters, she has navigated the ups and downs of moving a business and family across hemispheres, sharing the lessons she’s learned along the way. Find her on LinkedIn or anywhere good coffee is served.

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