For the big plans in Life, we’ll often have to find out how to save on foreign payments. Here are a few tips for the savvy, modern woman, for every important occasion or milestone in life.
#1: For Your Destination Wedding
If you’re engaged, you may already be planning a destination wedding at an exotic getaway that doubles as a honeymoon spot after?
Couples can easily spend around $20,000 – and often a lot more! – on a destination wedding, so the first rule is to plan ahead. Sounds basic right? But preparation is key and it’s worth familiarizing yourself with local rules and regulations. Research on- and off-peak seasons, so as to score a better deal with hotels and make sure you don’t book a beach wedding during the monsoon season!
Add together the travel, hotel and venue costs and your bill will quickly add up. What’s more, many couples choose to pay for immediate family members’ and the bridal party’s travel, and many consider it customary to pay for guest accommodation as well. If that’s the case, you’ll want to get the best deals where you can – including when making your payments. Engaging an international payments specialist can help you avoid both the hefty transfer fees and poor exchange rates people typically experience with their banks.
#2: For Your Child’s Education Abroad
A common Mother’s dilemma; should you send your children abroad for higher education?
First, take location into account. In the US, studying in a private institution can easily cost over USD40,000 per year, though it is worth remembering that some universities offer free tuition to international students. Do your research.
Also think about duration too. For example, undergraduate courses in the UK typically last three years, instead of the usual four. You’ll also need to factor accommodation and living expenses into your decision too.
What is clear is that if you send a child abroad to study, you’ll also be sending lots of money overseas to support them too. You could save money by getting your currency exchange right. Fix a rate in advance – this is known as a forward contract – so you’ll always know what you’ll pay, even if the exchange rate goes against you.
#3: For Your Overseas Properties
A discerning investor like you might be looking for passive income. Don’t miss the opportunity to invest in overseas properties. Right now, you can save substantially when you buy a second home in other parts of the world. For example, with the pound at its lowest in decades, you can snatch up that charming little house in UK, for hundreds of thousands of dollars less than before the British Referendum.
The average UK home price was around USD 297,250 just before Brexit. Now, with the historically low pound, average UK home prices are down to USD 266,500 – meaning you’d pay a whopping USD 30,750 less for a typical UK home than if you had bought one before Brexit*.
Engage with a currency broker to lock in your exchange rate, so you can ensure you take advantage of the favorable exchange rate vs the pound. That way you’ll know in advance exactly how much you need to pay upon completion, and manage the risk from adverse currency fluctuations.
Currency markets can move fast and can be volatile, especially around big events like elections. To help navigate your way through, it’s worth enlisting the help of a currency expert to help you take control of your finances and make the best decisions on your international purchases and transfers.
To find out more, visit https://www.worldfirst.com/
[ This article was contributed by Rebecca Snape, Head of Dealing Singapore, World First ]
World First provides a fast, secure and customer-friendly online international payments platform to private individuals and small and medium sized enterprises around the world. Experts in global currency markets and with a truly customer-focused approach, World First helps clients make international payments quickly, efficiently and safely, helping them to take control of their international payments.