Repatriating overseas earnings
Do you work overseas but have living expenses in a currency other than the one in which you are paid?
One common challenge you may have found is bringing back your hard-earned salary to your home country. Currency fluctuations can significantly impact the value of remittances, potentially leading to unexpected financial losses. Thankfully, there is a solution to navigate this issue efficiently - and this is where Misano Payments can help. In this blog post, we will explore the concept of currency brokers and how they can help you repatriate your salary with ease.
Misano Payments is a currency broker, but you’ll likely have heard the terms “foreign exchange (Forex) brokers” or “currency exchange providers”. I started Misano Payments to help corporate and private clients in their exchanging of one currency for another. Unlike traditional banks, Misano focuses solely on currency exchange, offering competitive rates and providing additional services to help individuals and businesses manage their foreign exchange needs.
The benefits of using a broker like Misano Payments:
Better Exchange Rates: Currency brokers offer more competitive exchange rates compared to banks. As they deal in large volumes of currency transactions, they can secure wholesale rates and pass on the benefits to their clients.
Lower Fees: Traditional banks are notorious for charging high fees for international transfers. Misano Payments, on the other hand, typically charges lower or no fees, making the process more cost-effective.
Personalised Service: Many currency brokers assign a dedicated account manager to assist you throughout the entire process. This personalised service can be valuable, especially for those new to foreign exchange. The larger brokers though may not always have your dedicated account manager available, as they handle a large volume of clients. Misano Payments is small enough that you can speak with Toby each time.
Risk Management Strategies: Currency brokers often provide risk management tools, such as forward contracts and limit orders. These tools allow you to “lock in” (fix) favourable exchange rates in advance or set a target rate at which you want your currency to be converted automatically.
Faster Transactions: Currency brokers streamline the process of exchanging currencies, ensuring faster transfers and quicker receipt of your repatriated salary.
Steps to Repatriate Your Salary with a Currency Broker
Research and Compare: Start by researching reputable currency brokers that are regulated. Misano Payments’ partner firm The Currency Cloud, is authorised and regulated by the FCA, meaning that all client monies pass through their segregated client accounts, with Misano Payments facilitating that process by being the at customer-facing end of your transactions.
Create an Account: Sign up with your chosen currency broker and complete the necessary registration process. This usually involves providing identification documents for compliance purposes.
Lock-in Exchange Rate: If you want to secure a specific exchange rate, consider using a forward contract. This allows you to fix the rate for a future transfer, safeguarding your salary from potential currency fluctuations.
Set Up Regular Transfers: If you're repatriating your salary on a regular basis, you can set up recurring transfers with your currency broker. This automation ensures a seamless process every pay period.
Stay Informed: Keep yourself updated on currency market trends and global economic events that may impact exchange rates. Your currency broker may also provide insights and market analysis to help you make informed decisions.
Conclusion
Repatriating your salary from a foreign country can be a smooth and stress-free process with the assistance of a reliable currency broker. By choosing the right broker, you can take advantage of better exchange rates, lower fees, and risk management tools to protect your hard-earned income. Speak to Misano Payments to find out how to lock-in your salary payments, giving you peace of mind on how much you’re sending home each month.