Get more out of your overseas salary

Sponsored If you're working overseas, you could be losing thousands out of your hard earned pay by not getting the best exchange rates when you transfer it home.

Get more out of your overseas salary

Wed, Jun 18, 2014, 16:29

Irish professionals are in a good position to get work overseas. Our workforce is considered highly employable in the international job market. Last year the Canadian minister of employment even visited to entice Irish workers to Canada and increased the work visa quota available for RoI citizens.

This employability is in part because the workforce is well-educated: taken from the latest OECD report on education, Ireland is the 10th best qualified country in the world with 37% of the population boasting at least a bachelor’s degree. Also, it's useful that our workforce is comprised of English speakers, the international language of business.

Of note it is the boardroom that is calling, with Irish managers and senior personnel finding themselves in demand overseas. The salaries with these senior positions can be generous, often well above the hundred-thousand dollar/sterling mark.

Though, whilst lucrative, this does leave a problem; how to get currency earned abroad home. Being paid in foreign currency all too often means facing unfavourable exchange rates from most high street banks for international money transfers that can cause thousands to evaporate from salaries. This is without mentioning the bank fees for overseas money transfers, which can typically cost as much as €40 each time. This can add up to as much as €480 a year if paid on a monthly basis.

However, there is a way to make sure that more of hard earned currency makes it back home when exchanged into euros: the Irish Times International Money Transfer Service.

If you transfer your money home with the Irish Times International Money Transfer Service, provided by exchange experts Moneycorp, you will usually receive better exchange rates than from your bank.

Typically, the savings will be around 2% better when compared against a bank. The transfer fees can be substantially lower, as little as €5, meaning that anyone making regular transfers, such as salary payments, could stand to save hundreds a year on fees alone.

Considering that the current favourite destinations for Irish workers overseas are Canada, the US, Australia and the UK, the ever shifting exchange rates can eat up earnings. Over the past year there have been significant fluctuations in exchange rates for each of these countries' currencies. Crucially, this means what might have seemed like a great pay package to begin with could quickly diminish with exchange rate shifts. See below for the lows and highs you could have have faced if transferring salary back to euros.  

Currency

market high

(past 12 months)

10k currency transfer home

market low

(past 12 months)

10k currency transfer home

Difference

GBP

€1 = £0.81

£1 = €1.23

(May 2014)

£10,000

=

€12,300

€1 = £0.88

£1 = €1.14

(Aug 2013)

£10,000

=

€11,400

 

€1100

USD

€1 = $1.28

$1=€0.78

(Jul 2013)

$10,000

=

€7800

€1 =$1.39

$1 = €0.72

(May 2014)

$10,000

=

€7200

 

€600

AUD

€1 = AU$1.34

AU$1 = €0.74

 (Jun 2013)

AU$10,000

=

€7400

€1 = AU$1.58

AU$1 = €0.63

(Jan 2014)

AU$10,000

=

€6300

 

€1100

CAD

€1 = C$1.35

C$1 = € 0.75

(Jun 2013)

C$10,000

=

€7500

€1 = C$1.55

C$1 = €0.64

 (Mar 2014)

C$10,000

=

€6400

 

€1100

 

To help with these fluctuations, Moneycorp provides all customers with free guidance on the foreign exchange market from professional currency dealers. On opening an account you will be assigned your own dedicated expert account manager to help you time your transfers to maximise the value of your money. 

If the market rate is volatile they can help you target a better rate, or if the rate is good and you're worried about it slipping, they can lock it for you for a transfer you wish to make in the future. You can even set up a Regular Payment Plan to automatically transfer your sterling at a schedule that fits your needs.

With Moneycorp you can enjoy online access to manage your money transfers, watch live exchange rates and receive notifications when the rate reaches a specified level, 24 hours a day, 7 days a week. If you want expert help during business hours, the Irish Moneycorp office and your dedicated dealer is only a phone call away.   

To see how much you can save open a free account today. There is no obligation to send any money and Moneycorp's helpful customer service team will be able to answer any further questions you might have.

To find out more, email theirishtimes@moneycorp.com or call +353 1 644 7950.

TTT Moneycorp Ltd, trading as Moneycorp, is authorised by the Financial Conduct Authority (FCA) and in the UK and is regulated by the Central Bank of Ireland for conduct of business rules.