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How to make expat money transfers cheaper and more efficient

There are many ways to transfer money between countries – how do you choose? For Alicia, after trying several services, the answer was clear.

How to make expat money transfers cheaper and more efficient
Stock photo: Pixabay

Alicia Torrecilla Cortes like to call herself a “native expat”.

“I’m originally from Andalucia and moved back here after studying in the US,” she explains. “I work in Gibraltar, and live in Spain with my English expat boyfriend, and we have lots of friends in the expat community. I have an expat lifestyle.”

Working in Gibraltar – a British Overseas Territory – Alicia receives her salary in pounds.

“But all my expenses are in Euros. So I use CurrencyFair every month to transfer the majority of my salary.”

Alicia used to shop around, trying banks and other services to transfer her salary, but she says she felt she was wasting time and money on bad exchange rates.

“A colleague recommended CurrencyFair to me, and I haven’t looked back since then,” she says.

“I originally tried it because of a €30 referral gift that I received, but since using it have found it much cheaper than the bank and much more efficient than other companies that I have used in the past.”

Now when she transfers her salary each month, she knows she’s getting the best deal.

“It’s easy to use, efficient, and extremely competitively priced,” Alicia explains. “But best of all, CurrencyFair listens to their clients, and rewards our opinions and loyalty, too!”

CurrencyFair – founded by expats- lets individuals sell currency in exchange for buying another currency from someone else. Think of it as peer-to-peer transfers. It allows people to either exchange immediately using the best rate currently available, or offer your funds at a rate of your choosing and wait for another customer to match you.

And by cutting out a middleman such as a bank, customers can save up to 90 percent.

Want to give it a go? Find out more about CurrencyFair here

This article was produced by The Local and sponsored by CurrencyFair.

 

FINANCE

Swiss mining firm faces multi-billion-dollar debt

Swiss mining giant Glencore, hit by a collapse in commodities prices, announced on Monday a series of extraordinary measures to eliminate roughly a third of its $30 billion dollar (27 billion euros) net debt.

Swiss mining firm faces multi-billion-dollar debt
Photo: Fabrice Coffrini/AFP

Glencore said it planned to raise up to $2.5 billion in a shares sale and suspended dividend payments until further notice in an attempt to cut its debt by $10.2 billion by the end of next year.
   
Production has also been suspended at mines in Zambia and the Democratic Republic of Congo, Glencore also said, as the company reels from what it has previously described as the worst commodities market since the financial crash of 2008-2009.
   
A slowdown in China, the world's top commodities consumer, has reverberated around the globe, with major producers, including Brazil and Canada, falling into recession.
   
Concerns over prolonged stalled growth in China have slashed iron ore prices by roughly a half, as coal, copper and other commodities have fallen by 20-40 percent.
   
Glencore last week saw its largest decline on the London stock exchange since it went public in 2011, and the company has lost more than half of its market value this year.
   
In a joint statement, Glencore's CEO Ivan Glasenberg and Steven Kalmin sought to underscore the company's “strong liquidity” and other solid indicators, insisting they “remain very positive on the long-term outlook” of the business.
   
But, they said, the need to stabilise the company's balance sheet became necessary amid concern from stakeholders “around the sustainability of our leverage.”
   
The company last month reported a $676 million dollar first half loss, compared with the same period in 2014, as well as an impairment to its recently acquired oil operation in Chad.
   
Glencore shares were up 7.59 percent at 132.50 pence in mid-morning trading in London.

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