Send more money to your loved ones around the world

Sponsored If you want to send money to family and friends overseas, or you're working overseas and sending money home, you should make sure that more of your hard-earned cash reaches your loved ones

Send more money to your loved ones around the world

Mon, Mar 10, 2014, 17:29

Money can't buy love, but there are times it can help those you love, especially if you can't be there yourself.

According to the Central Statistics Office, over 89,000 people left Ireland in 2013 for foreign shores, many to seek work, some to retire and others to join family. But, sadly, many will have left family behind and, with them, the support networks that can prove vital if anything goes wrong.

Most emigrants have a positive experience, but some, especially young people far from home need a bit of help from time to time. Not just for life's unexpected financial problems, but often for setting themselves up in a flat or buying a home. Or maybe even just a bit of money to send with birthday wishes and Christmas cheer.

On the other side of the fence there are the emigrants earning solid salaries and sending money back home. Of the 89,000 who left, 80,000 were of prime working age seeking employment abroad and many would have the intention of sending money home to help support their families.

These are just the figures for last year. If we take the Embassy of Ireland's estimate of 3 million citizens living abroad in total, then it's fair to assume that personal overseas transfers between friends and family will represent an impressive amount of money.

Traditionally, sending your loved ones money would involve making an international money transfer with a bank. However, there are other options.

By opening an account with The Irish Times International Money Transfer Service, provided by exchange experts Moneycorp, your transfers could benefit from more competitive rates than those offered by a bank. Typically, the savings against the bank on a transfer of €10,000 into sterling can be around €300. Not only this, but the fees are substantially lower too, as little as €5, meaning that you can get more of your money to your family, for less.

If they need the money in a hurry, and you have a Moneycorp account, you can send it much faster than a typical international bank transfer - an express transfer with Moneycorp will deliver within 0-2 days, which can be very useful to send money to relatives in emergencies.

If it is an emergency you might not have the luxury of making the most of market rate fluctuations, but if you have time, your family could really benefit by targeting the best rates on the market.

The foreign exchange market can make a difference to the value of the money you send; the trick is understanding the best time to exchange. For example, at the end of March 2013 the euro bought AU$1.22, but by February 2014 this had risen to AU$1.53. So, if you were transferring a sum of €10,000 to Australian dollars you will now be receiving AU$15,300, instead of AU$12,200 - a difference of AU$3100.

With Moneycorp you can enjoy free expert guidance on the foreign exchange market from your very own dedicated account manager before you make a transfer. Their expertise should be able to guide you on the best time to make a transfer. If you fully discuss your needs and timeframe with them, they will help you maximise the value of your money.

So, open an account today to make it easier to send money to your family, whether you're overseas and sending money home or helping out a loved one across the seas. It's free to open an account and there's no obligation to send any money. 

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