Topic Blog Published March 21st, 2024 Written By Ivan Blagoev Ivan is the Recommended Partner Manager for Crown Relocations Globally, based in London, UK. Ivan is an expert in commercial partnerships, he joined Crown in 2021 as part of the Growth Team to assist customers further when relocating internationally. Get in touch! Expats who are relocating or living away from home, need a reliable way of sending & receiving money, whether you decide to have an event abroad or purchase a new home, or even open a new business. Meeting financial needs involves choosing a money transfer service that offers a money transfer service in the country you are located in. At Crown Relocations, we have listened and understand that our customers will need a financial service company to solve their problem but might be confused about what money transfer service to use and how to select the right one for them. In this article we supply enough information for you to learn everything you need to know about using the right money transfer services as an expat. Understanding local tax laws on transferring money internationally When relocating to a new country, expats need to understand the local laws which might be very different from the laws of the country of origin. This means expats need to adapt, for this reason Crown Relocations has created Destination Guides for our customers. When transferring money internationally you will need to learn about what transaction must be declared. For example, in the Canada, transactions of CAD $10,000 and above must be documented with the Canadian Tax Authority, there are similar rules in the United States. Keeping in mind that some transactions will be taxed and other may not be dependent on the situation. To find out what taxes you must pay, to ensure your finances are in order, it will be helpful if you hire a local tax accountant that understands the relevant laws within the country. Or keep reading for an alternative solution. Why might you need to send money internationally? There are many reasons why an expat will want to send money internationally. It might be to buy real estate, pay for utilities, fund a wedding or send money back home to family members. There are also many reasons why, an expat should check against local taxation laws to avoid unwanted problems when transferring currency. The best money transfer companies will handle any money transfer types. As an example, If you have a business, then services like MoneyGram and WorldRemit will greatly help. They have helpful tools and features that are aimed at corporate customers. How to send money From speaking to our customer here at Crown Relocations, we know that you want to have more options when sending and receiving money. Here we will show a few very common transfer methods that our customers are expected to find: Bank Transfer: Sending money through a bank transfer, if you are an expat already, you might need to open a Bank account in the country they are currently residing in, this is because some banks require proof of residency. Most bank transfers have a fee of 2%-5%, and it takes around 2-7 working days for the transfer to complete. Using your Card: One of the fastest ways to send money is with your debit or credit card. However, the fee costs can be as high as 5% of the transaction amount. Cash Pickup: If the recipient does not have a bank account or access to a transfer provider, then cash pick up is a good option and our partners form WorldRemit can help with their send cash for pickup in an instant. Money can be picked up almost instantly from cash pickup locations. For this you will need the recipients’ details information in the form of Government Issued ID, such as a driving licence or Passport ID. How can you choose the best money transfer service? As a customer finding a reputable money transfer service can be a daunting process if you have never used it. Here Crown Relocations will share what you need to know about researching, finding, comparing, and the process of sourcing a good specialist transfer provider. Available at your location: Ideally, what you will be looking for is a service that will provide transfers to and from the country you are living in or plan to live in. To solve this problem, a worldwide network of ideally 190+ countries is desirable in a money transfer service since it will be competitive. An example will be services like Moneycorp and Currencies Direct who both have a global network for hundreds of countries and are the best choice. Fees for transfers: To save money on fees, find a transparent money transfer service that charges competitive fees. For instance, Wise clearly displays the fees and helps you compare the cheapest way of transferring money. Options for payments: Any transfer providers that include payment methods such as bank transfer, card, cask pick up, mobile app, etc… You may need these options as a back-up when making a money transfer. Currency Exchange: If relocating to a foreign country, you will need good FX rates to exchange your money into the local currency. Finding a financial service that deals with money transfers and does not profit from currency conversions will be very beneficial and can save you some money. An example is our recommended partner XE.com. They are a transfer provider that matches the market rates and offers 150+ countries in their global network to which you can transfer to, and on top of that has a 24/7 customer support. Reputation: Financial stability in a foreign country is important when you are an expat, which means a money transfer service that is reputable by other customers is important. You should look up the companies on their social media websites and TrustPilot to see other user reviews and information for the country you are in or plan to go to. Concerns when sending money internationally A common concern that you might come across with money transfer services is finding good currency exchange rates. When living abroad, currency exchange is usually required to get cash money locally, and everyone should be aware that with unfavourable rates, it can lead to a loss of money while transferring. A good money transfer company will try to match the mid-market transfer rate for currency conversions, which is what customers need. Fees are always a concern that not only expats share when transferring money, everyone is looking not to get charged for moving their funds. Avoiding high bank and credit card fees is possible if you take advantage of balance transfers. It will not necessarily do this for free for you, however the amounts charged are small and the service offers fast processing times. Find this article interesting? We have a host of other tips for those thinking about relocating internationally. You can check those out here!