Give Yourself a Pay Rise When Sending Money Back Home!

Photo taken from freedigitalphotos.net

Working on board a Superyacht and earning a salary in another currency can be very rewarding! When it comes to transferring your savings or salary back home, you should make sure your money is going as far as you do, since currency fluctuations can have a significant impact on the amount that ends up in your account.

Not only is it important to get a great deal on the initial exchange rate that you transfer your local currency at, but subsequent exchange rate changes often require management or hedging in order to minimize risks and maximize your savings.

The following sections cover some straightforward methods for managing your currency risk efficiently.

Shop around for the best exchange rate sending your money home

A key thing to remember when making the initial currency transfer is that you are generally not locked into using your local bank for foreign exchange transactions and forward exchange contracts.

This means that you can shop around among various banks for the best forex rate, which can often save you as much as 1-3% on your currency transfers. You can also use reputable currency transfer providers like OzForex, who work hard to make sure that all of your currency transfers will be both cost effective and straightforward to perform.

Furthermore, not only can you shop around for the best exchange rate on ‘one off’ transfers, but you can also get better exchange rates on your regular currency transfers, if you plan on repatriating parts of your salary over a long period of time.

Placing currency limit orders

Placing a limit order with your foreign exchange provider is another way to help you get the best exchange rate.

When you enter a limit order, you will need to specify an exchange rate level, a currency pair, an amount of one currency and whether you wish to buy or sell that amount at that level.

If the market exchange rate subsequently fluctuates to your specified level, then your foreign exchange provider will buy or sell the specified amount of currency for you automatically based on your instructions.

Limit orders are especially helpful because people cannot be watching the actively fluctuating foreign exchange market all of the time, and so they might miss out on a short lived exchange rate improvement. Although limit orders are often used when dealing through stock brokers, this useful ability is rarer among foreign exchange providers. Be sure to ask whether your currency transfer provider offers limit orders if you think you might wish to use them.

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This article is brought to you by OzForex Foreign Exchange Services. OzForex is one of the world’s leading foreign exchange companies, providing live exchange rates and focused on providing a smarter, online alternative to existing international money transfer services. Established in 1998 with the aim of giving individuals and corporate clients a better deal, OzForex has offices in Sydney, Toronto, London, Hong Kong, San Francisco and Auckland. 

The OzForex Group includes OzForex, UKForex, Canadian Forex, USForex, NZForex, Tranzfers and ClearFX.

Reproduction of this article is permitted with OzForex clearly credited as the source by including a backlink with anchor text that mentions OzForex, the article name or something that relates to the article’s content.

Are You Sick of Bad Exchange Rates?

Don't let the big banks take your hard earned cash any longer.  Open an OzForex account today and see how easy it is.  You'll wonder why you ever did it any other way!

We are more than happy to promote the site's latest sponsor because we have been utilizing the services of OzForex for years and have literally saved thousands of dollars in bank exchange commissions.

As yacht crew, we're often so busy that we miss the opportunity to exchange our money when the rate is the most favorable and even when we do catch it on that perfect day, the rate the bank gives us is never anywhere near as good as the official rate.  With OzForex, all those barriers vanish, and you have a lot of control over the exchange process as well as better exchange rates.

If your currency of interest is fluctuating and you don't want to miss out, you simply place a buy order.  For example, if you're following the Australian Dollar and don't like today's 0.94 exchange rate, you could place a buy order for $10,000 AUD at a more preferable rate of 90 cents.  If the exchange rate changes and it does hit 90 cents, your buy order will automatically be triggered, and OzForex will request that you transfer the appropriate amount of USD into one of their many worldwide accounts.  Your $10,000 AUD will then arrive in the account you designated in Australia. You can see from the list of countries at the bottom of this post that OzForex supports the majority of countries that crew are interested in.

You don't have to place a buy order - you can also get an on-the-spot quote either online or by phone.  Although the rates are always very competitive, you will find that the larger the sum you're transferring, the more competitive it gets.  We experimented with some other companies but were always disappointed with their exchange rates and came back to OzForex.


Highlights:

• Extremely competitive foreign exchange rates across 48 currencies.
• Online access 24/7.
• Access to a dedicated Dealer by phone 24-hours a day, 5 days a week.
• Complete exchange rate transparency.
• Risk management tools through Limit Orders and Forward Exchange Contracts.
• Exchange rate alerts via email.
• Access to their highly regarded daily and weekly “Market Commentary.”
• No receiving bank fees in most countries.

Special benefits for SOS members include:

• No transaction fees over $1,000 AUD.
• Competitive exchange rates.
• No account set-up or ongoing fees to open an OzForex transaction account.
• Experience the highest level of customer service  from qualified and expert foreign exchange dealers.
• Manage your risks with foreign exchange products such as forward contracts and limit orders, which are both easy to use and understand.

When you register quote “SOS” to receive these special benefits.

Registering is FREE and you can view live dealing rates immediately. Alternatively you can contact Jonathan Sermon directly on +61 2 8667 9106 or jonathansermon@ozforex.com.au.

Free phone numbers:

1300 300 424 in Australia

0845 686 1950 in the UK

1800 680 0750 in Canada

0800 161 868 in NZ

Currencies:

Standard

AED	United Arab Emirates Dirham	GBP	Pound Sterling	PLN	Polish Zloty
AUD	Australian Dollar	HKD	Hong Kong Dollar	SEK	Swedish Kroner
CAD	Canadian Dollar	JPY	Japanese Yen	SGD	Singapore Dollar
CHF	Swiss Franc	MXN	Mexican Peso	THB	Thailand Baht
DKK	Danish Kroner	NOK	Norwegian Kroner	USD	US Dollar
EUR	Euro	NZD	New Zealand Dollar	ZAR	South African Rand

Exotics

BND	Brunei Dollar	LKR	Sri Lankan Rupee	SBD	Solomon Island Dollar
CNY*	Chinese Yuan Renminbi	MAD	Moroccan Dirham	SCR	Seychelles Rupee
CZK	Czech Koruna	MGA	Malagasy Ariary	TOP	Tongan Pa anga
FJD	Fiji Dollar	MYR	Malaysian Ringgit	TRY	Turkish Lira
HUF	Hungarian Forint	OMR	Omani Rial	TWD	Taiwanese Dollar
IDR	Indonesian Rupiah	PEN	Peruvian Nuevo Sol	VND	Vietnamese Dong
ILS	Israeli Shekel	PGK	Papua New Guinea Kina	VUV	Vanuatu Vatu
INR	Indian Rupees	PHP	Philippine Peso	WST	Samoan Talar
KRW	South Korean Won	PKR	Pakistan Rupee	XOF	CFA Franc
KWD	Kuwaiti Dinar	SAR	Saudi Riyal	XPF	CFP Franc

Palm Products

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Dishwasher?  No problem..... REALLY.

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