By getting the best exchange rate abroad, you can save a great deal of money. I’m not talking about exchanging $20 in the airport for a snack en route.  I’m talking about major moves and travel, buying a home overseas, making regular payments on your mortgage or other bills at home while you’re traveling. When planning for a RTW trip, or for a major move overseas, we scramble to find paths or ideas to help our financial needs. Asking a family member to be in control of your checkbook and pay your mortgage, depending on a neighbor or rental company to manage your home rental while you’re away, or calling your bank from overseas to work on financing for an overseas property purchase can be time consuming and unreliable.

How can you get the best exchange rate abroad? Well, you won’t be surprised by the answer. Do your research. Make a list of the services you need. Compare companies. See what services they offer. Talk to them, and see if you feel comfortable entrusting your financial affairs to them. Check their social media presence, and see who they are interacting with, and who leaves comments on their blog, site, g+, facebook, and twitter accounts. Do they have a newsletter? Are they established? Do they post reviews? This social proof goes a long way toward validating a business – and how they do business.

For instance, www.torfx.com has a program for regular overseas payments. It’s cost effective (free!) if you regularly transfer between £500 and £10,000 per month over a minimum period of 6 months. This is perfect for paying your mortgage or other large bills while you’re overseas. And, you’ll save a bundle on commissions and transfer fees.

They also do not charge commission on currency exchanges – and helps you get the best international currency exchange rates available. If you’re purchasing a house abroad, you could potentially save thousands – enough to furnish said house (or buy a boat, if it’s lakeside). Their fast, free international money transfers are definitely an asset if you’re conducting business overseas. TorFX also deal directly with currency markets, and offers highly competitive exchange rates (often beating the bank rate by 5% or more).

Customer reviews also play a part in entrusting your money to someone:

“Efficient, reliable and excellent value - the banks could learn a lot!”

“Can't think of anything that would improve your system and I would like to thank Hannah Wilson for the help and explanation she gave me on how to open the account and manage the transaction”.

“I am completely satisfied in all aspects of my dealings with TorFX and would recommend them to any one requiring a swift, efficient and cost free service”.

Currency exchange can be complicated, especially when you’re far away from your bank. An established company such as the one mentioned can facilitate the process, and get you the best rates.

Read other posts by Ed Forteau