Best Way to Exchange Money Abroad Ideas Provided by Live Work Abroad

(EMAILWIRE.COM, May 04, 2012 ) Maryport, UK -- People who are living and working abroad for longer than a few weeks will probably need to get regular access to their cash. When expats are living in a different country to the one in which they are earning, they may find that it brings with it a few challenges when it comes to accessing their funds. Luckily, it is easy enough to arrange.

When looking for the best way to exchange money and transfer funds abroad, here are some of the most common methods.

Debit & Credit Cards

The quickest and most convenient way to get access to cash from another country is to use an ATM. Expats should take a few debit and credit cards with them (in case they lose their main one), and they should be able to withdraw money from their UK bank account wherever they need to.

The problem with withdrawing cash abroad is that most cards add a fee each time cash is withdrawn, which can be quite high, especially with some credit cards. People are often restricted in the amount they can withdraw in one go, meaning they may have to make a number of trips to the ATM.

Expats may want to try out a special fee-saving card where they can transfer money from their bank account to their card which does not charge them fees for withdrawing money.

One thing they should remember is that if they are accessing online banking from abroad, they should be careful because some banks now require them to have a security device to access their accounts. Lose this and they lose access to their online banking!

Western Union

Services such as Western Union and MoneyGram can be useful for people to get their hands on some cash quickly.

If expats have any contacts back home then they can arrange for them to send them the money which they can then pick up from any WU branch.

The fees are typically higher than using an ATM, but it may be more convenient for larger amounts of money. This could also be a good option for those who don’t have access to any funds themselves and want someone back home to help them out, perhaps in an emergency.

Another advantage is that the money can sometimes be withdrawn in dollars rather than the local currency, although this may differ depending on the location.

Bank Transfer

Transferring money from a home bank account to a foreign bank account generally comes with a few difficulties.

It can be quite expensive, with fees sometimes charged by both the sending and receiving banks, and there may be a number of restrictions imposed by the foreign bank account depending upon where the expat is living.

The country in which they are living may also have lots of restrictions, and expats may find themselves having to travel to an office and sign lots of forms to get access to their own money, which can delay the whole process.

For this reason it may be better for expats to only consider this option for larger transfers such as if they are buying a property abroad.

Currency Broker

An alternative to a bank transfer when getting access to larger amounts is to use the services of a specialist currency broker. These often provide better exchange rates than banks, and their fees may also be more reasonable.

Expats will have to research various brokers to find the best deal on the day, and remember to compare them by their exchange rates at the same time because these constantly change.

One option they may want to consider if they are from the UK is the Post Office. This claims to provide free money transfers from a UK bank account to a foreign account, and even pays the fee if the expat’s bank charges them for the transaction.

Find the Best Way to Access Money Abroad

Getting access to funds abroad is always going to be more complicated than when someone is living in the same country as they are earning. However, there are a range of options to choose from, so it is a good idea for expats to look into the above possibilities before leaving home so that they are aware of their options when living and working abroad.

About liveworkabroad.com:

Live Work Abroad is a website dedicated to helping anyone with an ambition to move abroad to work. It includes tips, advice, news and information on all aspects of moving and living overseas. It also provides practical tips on working overseas such as making sure expats can always find an internet connection abroad.

For more information on all aspects of living abroad, visit http://www.liveworkabroad.com/category/live-abroad.

Live Work Abroad
Phil Byrne
1138150575
info@liveworkabroad.com