• Jodi Church

Reduce your foreign exchange fees

If you travel a lot, work remotely and are paid in a foreign currency, or if you are a #globalcitizen then you may face a couple of things.

* Purchasing foreign items or paying for foreign services on an Amex or similar, where you may be charged 3% on purchases.

* Transferring money from your local bank account to other country bank account fees on both sides

I found Transferwise! One, it gives me the proposed conversion and fees honoured for a window of time, plus the best rate against other banks and PayPal etc.

Then I set up both a personal Transferwise account and a business account! This means my overseas expenses can still be direct debited, and they issued me a debit card to use in any currency connected to it.

As an example, we may be paid in AUD but have an GBP purchase such as insurance.

We transfer from our AUD local bank account to our Transferwise bank account the amount of GBP that is needed. We instantly see what the fee will be included in the transfer and within seconds it arrives via PayID.

Then in Transferwise bank account (either by the app or by email) we are notified that the money is there, we will then either pay for the purchase via direct debit agreement if one is set up or transfer to the GBP local bank account if necessary and usually 60p to do so.

It truly has saved by now, thousands personally and as a business.

Check it out here


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