At FlashFX, we want to make it easy and affordable for expats in Australia to manage their finances across borders. Whether you are thinking about relocating Down Under or have been living here for years, it's important to be aware of the complications of dealing in multiple currencies.
Fluctuations in exchange rates can make a big difference to your income as an expat, particularly when there are large sums involved. Fortunately, FlashFX helps you save when transferring money between countries by offering zero transfer fees and better exchange rates.
Mistakes to Avoid When Transferring Money Overseas
As an expat, getting your money sorted will be one of the biggest issues you will face when moving to a new country. From transferring your savings to Australia to making regular payments back home the last thing you want to do is overpay on exchange rates and fees. Here are some common mistakes to avoid when it comes to exchanging between currencies.
Using Your Bank
Banks make big bucks off of foreign currency transfers. From high fees to large currency exchange margins (worse FX rates), banks are amongst the least economical way to transfer money to/from Australia. The exchange rates banks charge can be as much as 5.0% worse than the mid-market exchange rate, and that doesn't count the fees the levy on top of everything else.
Accepting the First Deal
Shopping around and comparing different foreign currency providers is one way of ensuring that you are getting the best exchange rate and paying the lowest fees.
Not Checking the Market Exchange Rate Prior to Transfer
Before you can start comparing currency services you need to check the market exchange rate. Simply, the market exchange rate is where the big banks buy and sell currency from one another. It is the purest form of the real exchange rate. Knowing the market exchange rate will give you a benchmark to compare companies, so you know when someone is offering a "good" or "bad" rate. Be wary of businesses who will not explicitly tell you the foreign exchange rates they charge.
Make the Most of Your Money When Living Abroad
There are many reasons why people choose to move overseas. You might be relocating with work or want a change of scenery. Others may be moving temporarily for study or are retiring abroad. Whatever the reason, you can use FlashFX to transfer money quickly and securely from your old account to your new one at a great exchange rate. Check out some other hot tips for newbie expats:
1. Open a local bank account
Don't ignore this important step! To simplify your expat life, you need a place where you can easily access your money – making deposits and withdrawals when you need to, without the cost of unwanted ATM fees
2. Do not use your foreign debit or credit card
Using a foreign credit card at a local ATM in Australia will cost you. You'll get charged by both the local bank where you are withdrawing the money and the bank you have your card with in your home country
3. Choose an international money transfer company to send money to/from your home country
Dedicated currency transfer services generally offer lower fees and better exchange rates than the banks. For high-value transfers, these companies can save you a serious amount of money.
4. Understand your tax obligations
Consider hiring a tax professional who can help ensure you take advantage of all double-taxation treaties.
Why Expats Should Use FlashFX When Transferring Money Internationally
At FlashFX we pride ourselves on our customer service. We understand that a worthy business is built on referrals, which is why we ensure that we offer outstanding and responsive customer service to all of our existing and potential customers. Just check out what our clients think here (link).
Better Exchange Rates
FlashFX consistently offers better exchange rates than the banks. Just check out our free currency calculator to see how we compare.
No Hidden Costs
At FlashFX what you see is what you get. We are completely transparent about our exchange rates and fees (zero!), helping you better manage your finances. No hidden fees mean no unwanted surprises, ever.
Fast, Secure Payment
Payment at FlashFX is always swift and secure. Just like your bank, we are licensed and regulated by ASIC and AUSTRAC. But instead of waiting days for your money to arrive, FlashFX delivers funds as quickly as 1 business day. Plus, we let you track the status of your payment every step of the way.