Save Money with Free International Forex Wire TransfersOct 12 • Categorized as Offshore Banking
by Ian Cragg, TorFX
If you live outside of the U.S and have made a forex wire transfer, you’ll no doubt have wondered at the end of it when you check your bank statement why you have been charged $50 simply to send your money from Europe back to the U.S, or why the amount you intended to receive was $50 short of what you were told you would be getting.
Losing money on a single wire transfer is bad enough, but many of you are no doubt in a position where you wire money on a regular basis, perhaps monthly. This could mean you are getting stung $50 each month just in transfer fees, so over a year, $500 plus of your hard-earned cash has gone straight to your bank!
Business importing and exporting can end up making multiple transfers in a single week, resulting in thousands of dollars in fees and charges!
Wiring money back to the States or to another country can seem daunting, but there are a number of secure and more efficient options out there. About 75% of people use the traditional high street banks when making international wire transfers, but using a specialist currency company could save time and money.
One currency exchange specialist who offers better rates of exchange than the banks and also waives any wire fees or charges is TorFX. TorFX is based in the UK, and they service the requirements of over 50,000 individuals and businesses. If you transfer your funds to one of their 45 multi-currency accounts by 2pm UK time that day, they can guarantee a turnaround and deposit the funds in the recipient’s account within 24 hours – at no cost!
Currency specialists can offer improved exchange rates against the banks that tend to offer a wider spread on rates to cover their profits and daily market volatility, because they only change their rates once or twice a day. A forex company accesses the live wholesale market which changes every second of every day and is therefore able to ensure you obtain the best deal at any given time. TorFX changes its rates every few seconds ensuring you the best deal.
Get your money to its overseas destination within 24 hours!
Banks can take up to 7 working days to get your transfer from A to B. Using a wire transfer specialist can ensure that your money gets to where you want it within 24 hours.
So when it comes to making your next wire transfer overseas, and you want a better exchange rate than your bank is providing and peace of mind knowing exactly when your money is going to arrive at its destination, look at the alternatives to the traditional banking method with a forex currency specialist.
We were supplied this information by leading forex wire transfer specialist, TorFX, which transacted over USD $1B in client funds around the world last year.
Editors Note: For additional information on this and similar topics, please see www.premieroffshore.com
When an International Payment is handled by a correspondent bank before it reaches the beneficiary bank, that bank or the beneficiary bank may deduct a charge before sending the money to the beneficiary. TorFX has no control over the amount these banks may charge.
Due to US Regulations, transfers out of the US can only be sent to a beneficiary account in the same name as the sending client.