Moving Money Abroad

Going to live abroad means it is likely you will need to move at least some money there, or transfer larger amounts like savings or payment for property.

Whatever your circumstances, all banking and money transfer services involve a charge. It is wise to shop around before you make your financial arrangements. (An exception may be payment for products which are themselves international, like flights, hotels, and tourism services, one example being car rental, where the provider or agency which takes the money takes some risk too, or employs another firm to do this).

In business, you need too take care handling your international finances. Munich-based Wirecard AG is one provider of risk management and international payment services, supporting "over 10,000 companies worldwide". But any company like this - as is evidenced by recent debacles - cannot have what it says about its own services taken at face value. All card payment and international money payment services for business need to be looked into carefully with a watertight clause in your agreement to ensure reliable, speedy transfer of funds.

These 'moving money abroad' services for business may have risk attached (like the company EClear which allegedly acted too slowly in payments to the travel company Globespan and against whom an administration order has now been made by the UK High Court, in January 2010.

Closer to home are the money-by-wire services for the everyday user MoneyGram and Western Union [registered trade marks], not cheap, especially for smaller amounts of cash, but quick, convenient and almost instantaneous, allowing of course for the different time zones involved. These of course are large international companies but in this international somewhat grey area legally it is as well for the buyer to beware, especially when transferring a larger amount of money.

Western Union English Customer Service: 1-800-325-6000
The US Moneygram telephone number is: 1-888-988-9824

A charge of five to ten percent is typical on cash transfers of a smaller amount, of say £100 / 100 euros / $100.

For enquiries or to find out how you might become an agent you can contact the above numbers too.

There are literally hundreds of thousands of centres for these international cash transfer services around the world, but more so on Europe and the Americas than some other destinations such as east Asia. Your local outlet would have details of where these are, and is the place to go.

Buying foreign currency

This may be before you go or after you get there; at bureaux de change, exchange booths or travel agencies or banks. Worldwide chains for travel agencies and money exchange include American Express, also online at:

www.americanexpress.com

Offshore and international banking

These are savings and current accounts held in a 'tax haven' aimed primarily at minimising (or on occasions avoiding) tax.

Offshore banking services or internet banking services are offered by all the high street banks in the UK (and their equivalents around the world):

UK Contacts:

www.abbeyinternational.com
www.bankofscotland-international.com
www.barclay.com/banking
www.britanniainternational.com
www.offshore.hsbc.com
www.lloydstsb-offshore.com
www.northernrock-guernsey.co.gg

For more information about offshore bank accounts and banking services see [link to other article]. There is no such thing as secrecy here - as governments take a closer interest in their tax revenues - or a confidential or permanently 'tax-free' offshore account. Your government's tax authorities may well ask you to declare it, wherever the account is set up and held.

Summary

International money transfer is a huge asset to anyone with global connections, as most international travellers and residents are. It is quick, convenient and reliable. But good financial planning starts at home, with your own financial circumstances and needs. Think carefully of what these are and how best to meet them. A direct bank transfer from your own high street bank is then likely to be a usual way forward.

You should not take unnecessary risk, and avoid unnecessary charges.

The common sense way is to begin at home and look at the options provided by your local bank, or reputable (quick and convenient, but not necessarily cheap) money transfer service.

The common sense way is to begin at home and look at the options provided by your local bank, or reputable (quick and convenient, but not necessarily cheap) money transfer service.

How To also has a wide range of books as well as online information about areas like buying foreign currency, money transfer, opening a bank account, and services intended for international residents or those intending to move abroad.

Jonathan Packer

Jonathan Packer is the author and editor of books about living and working in many countries, like Live and Work in Russia and Eastern Europe and A Straightforward Guide to Living and Working Abroad. He has contributed articles about travel, work and education to publications such as The Times, Independent, Guardian, and many newspapers and magazines around the world.