Overseas Salary Payments — Bonus and International Wages Transfer
Overseas Salary Payments
Related to Foreign Exchange
The following are extremely typical questions have been asked by thousands of our customers who are working overseas and need to make regular international money transfers. Often, your foreign exchange requirements fall into these two common scenarios:
- Q. I have been sent overseas by my UK/USA/CAN/NZ/AUS based company to work for 2 years. My employer will be paying my salary into my home country bank account. How can I then transfer my money earned to the country I am living at the best possible exchange rate?
- Q. I am currently working overseas. I am paid into my overseas bank account in the host country that I am living. How can I transfer these funds regularly back into my UK bank account without incurring the hefty fees and charges normally associated with an international money transfer?
Foreign Currency Transfers - Overseas Salary and Wage Conversion Payments.
Living and working overseas can present a complex array of problems and costs when attempting to transfer money overseas. Do you need to convert your USD, AUD, RMB, GBP, INR, NZD salary into another currency? International bank transfer fees can be expensive and mount up when making regular overseas payments for the purposes of salary conversion. For example, at £10-£30 per transaction these bank fees and associated charges can prove to erode the value of your international money transfers. Quite simply, doing 10 transfers over the course of a year at £20 per transfer can amount to £200 in fees - let alone the money a bank will make on their uncompetitive exchange rates. When converting a salary to GBP (for example) you will normally obtain a far better-than-bank exchange rate on your international money transfers by using a foreign currency specialist. In addition, you will not incur the hefty fees that are associated with transferring money overseas through a high street bank.
PLEASE NOTE: In addition to foreign currency transfers, you should also heed advice on your specific tax liabilities when earning money in a host country.
