Fees on Currency Transfer?

expat network

Fees on Currency Transfer?

I transfer money from the UK to Thailand so I had a look at your transfer service. The rate looks good but I am not sure what it means by ‘zero to low fees’.

Could you let me know what fees apply or if the rate on the calculator is exactly what ends up in my Thai bank?

This question was answered by Edward Hardy, industry manager at World First, who supply Expat Network’s foreign exchange service.

“In answer to your query, World First charge zero fees for private transfers, if you are sending funds for a personal reason you will be charged no fees for that transaction.

“If you use our currency calculator here, it will show you the interbank rate (the rate that banks buy and sell currency to each other) and on the right your rate is shown in green text. If you book the transaction immediately the amounts you are shown will be exactly what is sent to your account.”

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.