When we think of international payments, it’s common to associate the service with merely “doing business”. But its usage extends beyond the professional – and makes its way into aspects of our personal lives. At times, we’ll need to send or receive international money transfers from or into our Caxton account. The benefits of international payments include excellent exchange rates and no hidden transaction fees – which rival the uncompetitive offerings of traditional high-street banks. With that said, let’s take a look at some of the reasons why and how our customers send and receive money with us. <br> <br>
Invest in an overseas property or holiday home
<br> Many of us will recall tried and tested, go-to family holiday destinations – that we tend to visit year in, year out. Or you may have your eye on the next sun-soaked tourist hotspot. Whether you’re a first-time buyer out to purchase your long-awaited holiday or retirement home, or a seasoned property investor set to expand your overseas real estate portfolio, the (slow but sure) return of international travel works in your favour. <br> <br> And with any property purchase, you’ll face logistical challenges alongside various expenditure. From local estate agent and solicitors’ fees to property insurance and maintenance costs, you’ll find that you need to authorise substantial money transfers on a regular basis. This is where international payments step in. And with the guidance of an account manager, you can proceed with confidence. How? Take advantage of a rate alert service (to gain live market updates), and set up a limit order that lets you benefit from timely trades on a favourable target exchange rate. In turn, Caxton customers save a small fortune.
Make overseas mortgage repayments
<br> An overseas property purchase may bear a deposit, plus mortgage repayments. In which case, keep in mind that payments will demand a different currency to that of your income. Coupled with fluctuations in exchange rates, the amounts you pay could vary from month to month. <br> <br> So, in such a scenario, people tend to seek the guidance of a foreign exchange specialist, including Caxton. Their expertise enables you to lock in a favourable exchange rate, and schedule payments at your required frequency – so, you personally don’t have to remember to send money overseas.
Pay foreign tuition fees
<br> At a point in life, you may find yourself ready to bid adieu to a child, who’s set to pursue an education abroad or embark on a placement year at one of Europe’s top universities – or, even, further afield. Alternatively, you may want to enrol in an international course to test your foreign language skills; while you immerse yourself in an authentic cultural and traditional setting, to enhance your experience. <br> <br> Whatever the choice, international studies calls for a number of considerable costs: admin and instalments of tuition fees, as well as the all-important accommodation, travel, and general living expenses. When you authorise such international payments, you can opt for a regular automated payments service to help manage such large costs on a monthly basis. And better still – you can fix the exchange rate in advance. So, you’ll always know just how much you’re paying.
Repatriate money to friends and family
<br> Thanks to globalisation, you may have opted for a career-related move to the UK – far away from the comforts of home and loved ones. Such a major decision gives rise to monetary responsibilities. Supporting family with mortgage repayments, paying medical bills, gifting money to friends on special occasions. There are plenty of reasons. <br> <br> But you can simplify the demands of a cross-border lifestyle and ensure peace of mind, with regular or ad hoc international payments. And when you engage the expertise of a currency specialist such as Caxton, you gain access to an account that lets you send money abroad 24/7 via a mobile app – ideal for when you need to transfer last-minute, emergency funds to family or immediately pay any outstanding balances. Plus, your recipient won’t need to queue to pick up cash; the money simply awaits them in their own account.
Indulge in luxury goods
<br> State-of-the-art yacht, vintage wines, a Swiss timepiece (or two). Whatever fine craftmanship you treat yourself to, international payments offer you the quick and secure option to send large amounts of money abroad. And when you look to a currency specialist such as Caxton, you can explore a range of solutions – including the likes of what’s known as a forward contract, which affords you the flexibility to secure the best rate via a deposit; with the view to pay the balance in full when due. An effortless way to pay for high-value items, whatever the occasion.
Fulfil vendor invoices for a destination wedding
<br> Your wedding marks a significant milestone. And the allure of a picturesque backdrop, makes for a wonderful highlight. But at times, the planning process can be stressful. Factor in a foreign destination, with equally foreign vendors to arrange, and you’ll be most likely working to a tight budget. <br> <br> So, this is where a currency specialist can offer guidance on ensuring the best value deal for the latter. You may find yourself on the receiving end of sporadic wedding vendor invoices. So, an expert can help you to navigate a limit order – to target a favourable rate, and mitigate the risk of currency fluctuations. Leaving you to spend the savings on those extra touches, to personalise your big day.
<br> Whether you plan to move abroad for a new job, warmer weather, or simply to retire, there’s one common step: the need to transfer your money with you. And at some point, this will involve a substantial amount to transfer. Naturally, the aim is to keep costs low – which a currency specialist can help you with. Enter: a limit order. We’ve mentioned it a few times. That’s because it’s one of our international payment solutions, commonly chosen by customers for its versatile nature. It gives you the opportunity to target a preferable exchange rate, so your account manager can execute a trade if it becomes available.
Transfer your inheritance
<br> Over the years, retirement in the sun has long been a popular life decision among some of our family members. However, in the event of the unthinkable, the somewhat complex process of managing an inheritance is an unwelcome reality at such a sensitive time. If you’re facing an overseas inheritance, bear in mind that it could range from real estate to money and retirement funds. A currency specialist can help you to transfer and receive the funds, in whatever currency is needed, into your account. Plus, they can arrange to convert such large sums of money at a time when exchange rates are in your favour – in order to help retain the value of your inheritance.
Keen to explore international payments with Caxton? Whether you’re looking to invest in an overseas property or holiday home; pay for a destination wedding; repatriate parts of your salary to loved ones back home (to name a few), learn more about how our payment solutions can help you. Or get in touch with one of our friendly consultants via 0333 123 1815, or simply request a call-back.