A successful overseas event requires careful planning. From destination weddings and plastic surgery to international business conferences, the fact is organising a big event abroad can be a logistical nightmare, not to mention expensive.
But by following the right strategy for planning your event, as well as paying for it, you can minimise a lot of stress. Services like FlashFX make it easy to submit payments internationally from your bank account. Your currency is converted quickly and securely and can be tracked at any time online. And by using FlashFX, you can save time and money, leaving more of your budget available for other important expenses.
You can transfer money internationally online, via the pone or in person. Be advised, however, that banks are amongst the worst offenders when it comes to charges for overseas payments. High transfer fees and poor exchange rates make using your bank one of the most expensive options.
These businesses operate exclusively online and specialise in foreign currency transfers. They generally require you to set up an account with them and then fund it with a bank transfer. Online money transfer companies offer better exchange rates, lower transfer fees and faster payment times than other providers.
The most well-known cash transfer companies are Western Union and MoneyGram. They are touted for supporting cash pick-up, a convenient option for many looking to send money overseas. However, high transfer fees and really bad exchange rates regularly apply.
Whilst handy in emergencies, using your Australian credit card to pay in foreign currency is not cost-effective. Currency conversion fees, poor exchange rates and high interest rates add up to big costs, meaning this form of payment should be an option of last resort.
Banks typically charge a 5.0% margin on the foreign exchange rate in addition to high transaction fees. Credit card companies are similar, but with the potential to incur even higher foreign transaction charges. For transfers of bigger amounts, say a couple thousand dollars, these margins really can really eat into your budget. For example, on a transfer of $25,000 you would be paying $1,250 in foreign exchange margins alone!
Online money transfer companies are typically your best option when you need to make international payments. They generally offer exchange rates that are much better than the banks and charge lower transfer fees, with some companies not charging any fees at all. These providers tend to provide more responsive customer service and offer speedier transfer times.
Using a specialist foreign currency provider like FlashFX to pay your vendors directly is the absolute best way to save on an overseas event. With competitive exchange rates and zero transaction fees FlashFX can help you save thousands of dollars on high-value transfers. Read more on why direct bank transfers are better here.
From booking airline tickets in advance to travelling in the off-season, there are plenty of other ways to cut costs when planning an event from a foreign country. Get creative with ways you can save on hotels, accommodation, vendors etc. Consider hiring someone on the ground to help you. Locals tend to be well-versed on the ins and outs of the area and can recommend more affordable vendors or venues.
Whether for a currency transfer service or for a vendor, make sure to take the time to compare your options. You’ll be able to ensure significant savings by putting in that little bit extra work.