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Transparency in numbers – money transfers

by 1st Contact | Oct 30, 2008
  • Unbeknown to most people, one of the most expensive ways of transferring money to international destinations is through banks, where many individuals are bearing the brunt of various additional costs.
  • Forex

     

    Forex experts and international financial services group 1st Contact has disclosed the following hard truths about traditional international money transfers and how these pitfalls can and should be overcome.

    There are two key elements to be aware of when sending money to international destinations:

    1. The truth about hidden exchange rates

      Most organisations (including banks) struggle to openly reveal which exchange rate will be received at the moment of transfer. Without this knowledge many unsuspecting individuals are unable to determine the actual cost of their transfer and therefore the amount of foreign exchange they should expect to receive in their destination account.

    2. Awareness of sending and receiving fees

      Another major cost which individuals incur when sending money home is the cost of both sending their money and then receiving funds in the destination country. While the cost of sending is often high, it is at least known at the time of transacting; however the cost of receiving is often not known until such time as the funds clear into the destination account, less of course the receiving fees.

    According to 1st Contact, individuals should not have to put up with excessive additional costs and misleading exchange rates when sending their hard earned cash back to their home countries. As such, 1st Contact have engineered a unique platform to ensure that the rate you see is the rate you get – no frills, no thrills, just the straightforward truth.

    When utilising the 1st Contact Forex infrastructure, individuals can use their debit cards online, thereby securing the exchange rate at the point of transfer, putting customers in full control of their financial affairs. The immediacy of the transaction is a solid guarantee of a fixed, upfront and transparent rate. This coupled with the fact that there is no commission charged by 1st Contact, low transfer fees with all transfers over £ 10 000 free of charge and no minimum transfer amounts required, makes this the most cost effective option in the UK.

    1st Contact advises individuals to consider the benefits of regular international money transfers and larger lump sum transfers.

    The table below details a brief example of the savings that can be expected when sending GBP from 1st Contact Forex in comparison to a bank.

      Country Amount Transfer fee Exchange rate Transfer amount Bank charges Saving
    Bank ZAR £1,000 25 16.30 R15,893 R300 -
    1st Contact ZAR £1,000 10 17.10 R16929 R0 R1,337
                   
    Bank AUD £1,000 25 2.47 $2,408 $15 -
    1st Contact AUD £1,000 7 2.51 $2,492 $0 $99
                   
    Bank NZD £1,000 25 2.47 $2,408 $15 -
    1st Contact NZD £1,000 7 2.79 $2,770 $0 $104

    *The above exchange rates were accurate on 27 October 2008
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