How to travel with ease in foreign countries
While the Corona Virus is at the top of the list of travel challenges, currency and how to travel aboard is a long-term challenge. In today’s travel blog, we are going to discuss international currency. Read on to discover about money transfers abroad, calling home, and offshore investments.
All you need to know about cheap and secure international money transfers!
An international money transfer is something which most people will need to do at some point in their life. These bank transfers are not the same as your standard money transfer to someone living in the UK. The process will require more information. It is always a good idea to be aware of the procedure involved and your options before you have to go ahead and do your first foreign money transfer.
After all, there are several numbers of reasons why you may need to send money abroad. The following examples are just a handful of the reasons why you may be sending money to a family member that lives in another country. You may spend your time divided between several places and thus have a bank account in another country; you may have business dealings abroad, you may have purchased something from a foreign company, and much, much more. Therefore the sooner you become acquainted with how to do an international money transfer – the better.
In truth, international money transfers can be a confusing prospect for somebody who has never done one before. It isn’t very clear because there is a lot more information that is required. You will need items such as your IBAN or your Swift code. If you have never done a transfer like this before, then it is likely that you may not be aware of what those things are. But in most instances, all you need to do is call up your bank, and they will provide you with that information.
The downside to international bank transfers is that they tend to be rather expensive. First and foremost, you will incur the effects of the exchange rate. Moreover, your bank is likely to take charge of you at either end of the transaction. In essence, this means that they will charge you for sending it and the person for receiving it. Most banks give you the option of incurring all the charges yourself, which a lot of people may need to do so that their recipient gets the right amount of money. How much you pay depends on the bank that you have your account with, and where it is geographically.
It is an advisable option to consider doing your transfer via an international exchange company rather than through your bank. A lot of people may not even be aware of the fact that you can do this, but it is undoubtedly something worth contemplating. These companies usually offer much better exchange rates. Moreover, they try to make the process a lot quicker and easier. Both these qualities are highly desirable.
If you want to do your international money transfers through a global exchange company, then you should remember to pick the company with caution. Make sure to read reviews that previous customers have left to form an opinion as to whether the company in question seems like a good one or not. If a website has a testimonial page, then this is an excellent sign; it means the business is confident in its capabilities and that their feedback, on the whole, has been very positive. Thus they have no issue displaying it.
All in all, if you need to make an international bank transfer, then don’t let the complexity of it worry you. It is an excellent idea to do your money transfer through a global exchange company as they are likely to make the procedure easier and cheaper.
Using prepaid sims while traveling
When traveling for a business meeting, one of the most significant issues is the money you are going to give your employees for the trip. There are many options to choose from, but opting for a prepaid travel SIM is best. Read on to discover the benefits of going down this route.
With a prepaid travel SIM, the money will be on the card in advance, and then your employee can use the card to draw out cash or pay for items in the destination they are visiting. One of the great benefits associated with this is improved money management for your business. You can give each employee a set amount, and if they use this, they then need to use their own money. Setting a limit will help you to reduce costs and is more efficient than employees merely using their own money and then claiming what they have spent by handing in their receipts after the trip.
Not only this, but a prepaid travel SIM like SMARTY phone is a more secure method for carrying large sums of money. Plus, if the card is lost, you would only lose the money on it, as opposed to the extensive damage that could occur if you were to give out company credit cards. Prepaid travel SIMS are also cheaper to use than credit cards and debit cards, which tend to carry a high foreign transaction fee if you use them abroad. The same also applies if you wish to withdraw cash from a debit or credit card while in another country. With prepaid cards, you will either benefit from a small charge or no fee whatsoever.
As you can see, there are many benefits associated with choosing a prepaid travel SIM for all business trips and activities. Not only does this make it easier for you to control the amount of money spent, but also it is a safer and more secure way to carry cash too.
A guide to offshore investment
Offshore investment involves keeping funds in a jurisdiction that is not your country of residence. For example, if you live in the United Kingdom, yet save money in Switzerland – this represents an offshore investment. There are many different reasons why people choose to invest offshore, as there are lots of potential benefits are to be gained. Thus, keep on reading to find out more…
What are the benefits of offshore investment?
• Tax benefits – First and foremost, one of the main reasons why people choose to invest offshore is to reduce the amount of personal tax they pay. Many countries are known as ‘tax havens.’ A tax haven offers tax incentives to foreign investors, i.e., they may have favorable tax rates. Why do such countries provide lower tax rates? It is quite simple. For some countries, attracting investors can dramatically increase economic activity, especially if they have a small population and very few resources.
• Confidentiality – In addition to reaping potential tax benefits, another reason why people choose to invest offshore is because of increased privacy. Many jurisdictions have strict secrecy legislation in place about banking and corporate confidentiality. Secrecy is crucial for a lot of high-profile investors who don’t want the public to know what stock they are investing in financially.
• Diversification – There is no denying the fact that the key to a winning investment portfolio is diversification. If you are in a country with restrictions regarding international investment opportunities, you may feel your investment portfolio is being hindered. However, if you open an offshore account, you will benefit from a higher degree of flexibility, as you will have access to international markets.
• Asset protection – Last but not least, the final benefit you should consider concerning offshore investment is asset protection. International locations have become popular with restructuring the ownership of assets. A lot of individuals transfer their wealth ownership to an entity that is outside their jurisdiction when they are concerned about outstanding debts, lenders foreclosing, or lawsuits.
What types of offshore investments are available?
• Cash investments – First and foremost, let’s begin with the most common type of offshore investment – a cash investment. In most instances, a cash investment does not present many risks. A cash investment involves depositing money in a foreign bank account.
• Property – More and more investors are turning to this solution as an excellent overseas investment opportunity. There is incredible potential for growth and value increase when going down this route. Of course, location is pivotal when investing in property.
• Equities – Equities include the likes of stocks, securities, and shares, in a company. Alternatively, you may invest in an equity fund.
• Bonds – Last but not least, another common type of offshore investment is a bond. Bonds are often referred to as fixed-interest security, as they have at a fixed interest rate for a fixed term. The three main types of bonds are corporate bonds, gilts, and treasury bonds. Variety is a good option for those seeking a regular income.