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International wire transfer form template 2009

So you need to transfer some money abroad and think the best and quickestway to do that is online. Fair enough, you're probably right. Now, you may wantto use an online money transfer specialist, someone like OFX orTransferWise. But that might not necessarily be the best option for you.Let me highlight four key factors to consider when transferring money abroad.Number one: safety. Now the most important part of any overseas payment is thesecurity of your funds. Luckily, Australia is one of the mosthighly regulated countries in the world. However, it doesn't mean that we arecompletely scam free. But what it does mean is that we have the opportunity todo some digging into any company that we want to enlist for help. Which brings usto our next point. What are our options? When it comes to transferring fundsabroad we essentially have two choices, to go through a bank or to go through aspecialist company. In terms of a specialist company you're looking at thelikes of PayPal, TransferWise, OFX, Western Union, TorFX, HiFX, WorldFirstas well as a plethora of other small businesses too. Keep in mind each of thesecompanies will charge a different fee and have different exchange ratesdepending on what currency you need and how much money you need to transfer. Icannot stress this enough: it is absolutely crucial to compare all theexchange rates and fees of all the options available to you in order foryou to work out the total cost of your transfer. This is the exact moment wheredoing your homework will result in you saving money. Now you might think all ofthis is a bit of a headache or just too much of a chore and it may urge you justto go to your local bank because it's easy. Point number three: should I avoid banks?In short the answer is: absolutely. Banks typically charge between eighteen dollarsdollars and thirty two dollars for an international money transfer.Additionally the exchange rates they offer are nowhere near the interbankrates you will see on Google or XE.com. Most specialist alternatives will offerexchange rates and a flat of between zero and ten dollars. But let me leverwith you here for a moment. Realistically, if you're transferring less than onethousand dollars overseas you may want to use a bank. It might not be thecheapest option for you but it may very well be the quickest, easiest and mostefficient one. However, if you're dealing with sums greater than one thousanddollars avoiding a bank is well worth the effort. Which brings us to our fourthand final point: how to use a specialist company. Now, the standard set up is asfollows: First you set up your account. Thankfully,you only have to do this once. You just register your details and provideidentification. Next you make your transfer. You will need to provide thebank account details of the person you are transferring the money to. This isalso the point where you lock in the exchange rate. Finally you will have topay for your transfer. Here's the catch before you can transfer your moneyoverseas, you will first need to pay for it. All companies provide their bankaccount details for a direct bank transfer. Some companies even offer BPayor allow you to pay using a debit or credit card. So, the final verdict. Wellwe've established that there are safe and cheaper alternatives to transferringmoney abroad than using a bank. The fees are lower but more importantly theexchange rates are dramatically better. Using a specialist like OFX or TransferWisedoes take a little bit extra time and effort but it is well worth itespecially if you're transferring over $1,000. Just be sure to compare your options.