Foreign exchange and money transfer will always exist because they will always be migrants in all countries and there will always be people who will send money home.
Currency fluctuation means there will always be room for people to either make more money or lose money either by trading or then just sending money home to your loved ones or family. Choosing the correct moment when it’s favourable to send money can benefit you and actually increase the money that you are sending to the other person.
The FX trading industry related to foreign exchange industry is actually bigger than the stock markets due to trading being available in these markets 24/7.
How to send money overseas or do foreign exchange transfer
1. Transfer money through bank – Now days most bank’s allow you to transfer money either to their overseas branch and also to other branches overseas. The banks usually charge a fee for doing this foreign exchange transaction, which could either be a percentage or a transfer fee. This process involves having to get special codes or transfer codes ( IBAN, NCC, sort code or BSB number) from the receiving country bank account and it can take a couple of days to process.
2. Transfer money through a private foreign exchange agency – They are many foreign exchange agencies ( Western union , Travelex, Local Exchange agencies ) that allow you to transfer money almost instantly nowadays to a person in another country. Transferring of money via a money transfer agency nowadays can be done instantly with the person on the other end receiving the money almost instantly if they possess the predetermined code the payer will give them to receive the money.
3. Telegraph Transfer – A Telegraphic Transfer is another method of transferring money overseas. This method is now fast becoming out-dated with newer and quicker methods becoming available.
Travellers cheques is another safe way of carrying money overseas or transferring money overseas and is often used by tourists when travelling. Transferring money via mobile and PayPal is another modern money phenomenon that’s taking over money exchange industry.
Many money transfer agencies have now started offering to transfer money online without your having to actually go to a foreign exchange or money transfer agency. The actual process of doing money exchange online can be quite simple, often just including a quick 3 step process
1. Select currency & amount
Confirm rate & add recipient
2. Pay money online
BPAY or electronic bank transfer
3. Track progress online, email / SMS
People transferring money overseas should always check the veracity of the transferring agency and if they meet the local registration and licensing requirement of the country from where you are sending the money.
It is also wise to check the exchange rates that your get for the currency you are exchanging to and transferring to, as sometimes different agencies offer different exchange rates and often you can get short-changed if the rate is not in your favour.
Foreignexchangedandenong is a foreign exchange and money exchange and transfer agency in Dandenong that provide you with these services.