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International remittances have reached an all-time high, with the World Bank reporting a jump of 10% from the preceding year to $529 billion of international money transfers in 2018. A wide range of financial services is being provided by global companies like Western Union, MoneyGram, World Remit, and TransferWise to facilitate this process. But, as more companies are viewing this as a lucrative investment opportunity, the marketplace is facing stiff competition, with some companies charging excessive and sometimes hidden transfer fees while some are going out of their way to facilitate customers. Among them, TransferWise is currently the cheapest and most reliable option available in the market. The Motley Fool has reviewed them to be the best option for sending money internationally because of their transparent fee structure with no hidden fees, their fast transfers, and the excellent customer service provided by them 24/7. Keeping this in mind, one should take care of the following aspects when sending money through these institutions:

Watch the Fine Print for Hidden Fees

The fees on an international money transfer can be broadly categorized into four parts:

§ Sending Fees

§ Transfer Fees

§ Exchange rate Margins

§ Receiving Fees

These are the areas where some companies keep huge hidden margins for themselves. You only find out about these charges once the money has been sent and received. Usually, one sees the transfer fee marked out by the company, but the rest are hidden. Exchange rate margins are especially notorious when sending large amounts of money. When sending small amounts, one hardly sees the difference, but as the amount increases, these fees can multiply and cause a significant dent in your budget.

Keep an eye on the exchange rate

When sending money internationally, one must be vigilant of the relevant exchange rate. Keep one eye on the currency markets and time your transfers when the exchange rate is in your favor. Geopolitical events or natural disasters can have positive or negative impacts on currency markets, and the right timing will save you loads of money.

Use bulk transfers

The most common fee that every money transfer company charges, is the transfer fee. There is usually a cap for a certain amount of transfer fee. The brackets range is under $500, $500 – $7000, and $7000 and above. Although different companies have different brackets, the concept is the same. Try to keep your amount near the upper limit of the bracket, as sending $600 or $7000 would be charged at the same rate.

Branch Networks on both ends

A well-established money transfer institution will have abundant branch networks at both ends. This saves time as well as money. TransferWise, e.g., has branches in 70+ countries, this eliminates bank sending and receiving fees on both ends, and the money transfer is virtually processed within minutes. Extensive branch networks also ensure reliability. The worst thing is when your transfers get stuck in-between banks and tracking that money is a complete nightmare. The banks themselves have no idea what is happening when there is a mix-up like this. So, it is imperative to ensure that the transfer service you are using has sufficient branches at the receiving end.

The need to move across the world and settle in a particular location sometimes comes up during different phases of our lives. In some cases, it might be a different town or city within the same country. In other cases, it might be a different country. If you are not from the United Kingdom and you have plans to visit and settle down in the country, then you might want to open a UK account and start saving money towards your relocation to the country. If this is the case, you would need a reliable way of opening the UK account that you can use to save money in British currency, so that when you finally relocate, you can access the money and use. However, opening a UK account in most financial institutions will require you to be a British citizen or at the very least be resident in the UK. If you do not have this luxury at the moment, then here is how you can open a UK account without being a British citizen.

Choose a company that allows you to remotely open a UK account
Some companies claim to allow their customers to open the UK account remotely. With these platforms, it doesn’t matter if you are a British citizen or you are resident in the UK. You can easily create the account based on your current location, address and nationality, but you can choose that you want the account to be in GBP. With this, you would have an account similar to a UK account and you would be able to use it to save money in British account. Before choosing a platform, it would be important to research on the platform and read reviews. You won’t want to open an account with a platform that would suddenly block you out of your account when you want to make a withdrawal and start asking for British related verifications that you won’t be able to provide or suddenly just disappear. For instance, you can consider using Transferwise after reading Transferwise UK reviews to ascertain about the reputation and reliability with opening GBP account from other countries.

Install their app
The next thing to do after settling for a particular account is to install their app. You should be careful to check that the app you are installing is the real app for the platform and not a fake. The installation process should normally be just as easy as installing any other app on your phone. For most of them, you might also be able to access their services through their website.

Register
The next thing you should do once the app has been installed is to register. Registration would normally require you to fill in your details. Properly and correctly fill in your details. From reading reviews and the terms and conditions of the platform, you should already have an idea of what would be expected from you during your registration. The details you would have to fill in and the documents that they would need. Be sure to have the documents and upload them accordingly.

Start using your account
Once you have registered and your registration has been certified successful, you can subsequently start saving money in the account. In most cases, there would be different option to send money to the account including direct transfers, payments, and other means. You could also go through their other services and start using all of their services that interest you.

If you need to consolidate your debts but have trouble getting the best interest rates, there are debt consolidation loans. These loans are easy to get, but the downside is that you are taking on more credit than necessary. It is not hard to consolidate your debts, but it is important to know what you are doing.

The main reason for consolidation is to save money. When you only pay one bill instead of several, you will be able to save a lot of money over the life of the loan. You can do this by paying the higher interest rates of the first loan off and then spreading the money out over lower interest rates on the second loan.

Consider the time the loan has been outstanding 

You should also consider the length of time the loan has been outstanding. You should choose a longer term than necessary if it means a lower rate.

Many people can’t take advantage of debt consolidation loans. You should always ask for references before you agree to any debt consolidation.

There are many different types of loans. You can use any type of loan, such as personal, corporate, or government loans. Each type has their own requirements for borrowing money.

A bank loan is usually for larger amounts. However, with a bank loan, you might have to have collateral and will probably have to go through a vetting process. With a personal loan, you can choose your repayment period, interest rate, and payback date.

When in debt consolidate with us, we can help

A personal loan is usually available at an affordable rate. You can choose the amount of money you borrow and pay back within a set period of time.

If you have poor credit, you might consider a payday loan. The payday loan has all the features of a bank loan, and it is approved without collateral. The only difference is that the repayments are made in cash.

The best part about debt consolidation loans is that they usually don’t cost anything. However, you may have to pay taxes on the interest rate of the loan. This is something you need to check into carefully.

Great if you need to consolidate your debts

Debt consolidation loans are great if you need to consolidate your debts and you have a bad credit score. It is a good idea to consider a consolidation loan before you get into deeper debt. It might help you out of financial trouble.

While debt consolidation loans can help you consolidate your debts, it is still best to be careful when using them. Choose a plan that fits your budget. Do some research about your lender, and find out how much money you can afford to borrow.

There are many advantages to debt consolidation loans. You can consolidate all of your debts into one monthly payment, and it is easy to get, but remember to research your options to avoid unnecessary pitfalls.

When you go on a trip or a vacation there are 2 big spends that you are looking at making, the first is on the flight or the mode of transport which you are going to be using and the second is on the hotel. We have already spoken on the blog about ways in which you can save money on your flights and today we are going to look into how you can save money on your hotel. It doesn’t matter if you are looking for a budget stay or a touch of luxury with someone like Auro hotels there are many ways in which you can ensure that you are able to bag yourself a room without paying top dollar, and here are some tips on doing just that.

Credit and Loyalty Cards

Many of he big hotel chains have partnership deals with credit card companies and you can use your credit card and put your money to work for you. Often they will allow you to earn points every time that you spend and you can then use these points to take dollars off the cost of a room at your favorite hotel. Something else which many hotels have done is to join together and offer a loyalty program which means that when you stay in any one of their hotels you will get bonuses and points or money off coupons which you can use with other hotels in the group.

Booking Late

There is a common misconception when it comes to flying that if you book late then you can get cheaper seats, this is not true and when flying you should look to book as early as possible. When it comes to hotels however, things are a little different. Now if you leave it right until the last minute then you may very well be able to get yourself a huge saving on your hotel room, as the hotel doesn’t want empty rooms. There is a snag here however and if you do decide to leave it until the last minute, you may very well find limited availability.

Coupon Codes

The internet is awash with opportunities to save money on hotel rooms and one of the best ways to do so in to do a quick search for coupon codes online. These coupon codes are free to obtain and they can give you some huge percentage savings on the overall cost of your stay. Simply type ‘coupon codes for X hotel’ and you’ll see a number of results, all of which will offer some great savings on the hotel that you want to stay in. Although these coupons are widely available they aren’t taken advantage of anywhere near as much as they should be, and you can really save big when you use them.

There you have it, 3 quick tips on how you can bag some great savings on your next hotel room.

Do you have a few different debt accounts open? Are you having a tough time managing them all? Or maybe you know you can get a lower interest rate on a new, larger loan. Whatever your specific reasoning behind wanting to consolidate your debt, it is likely a great idea! Here are five important tips to help you successfully consolidate your debt.

Know The Amount

Before you look into debt consolidation options, figure out exactly how much debt you have. Add up all your credit card balances, car loan balances, student loan debt and even the money you may own to your family or friends. Once you have this total number, you will know how much you need to apply for in order to fully consolidate your debt. Do not take out more than this or you will just have excess debt to pay off for no reason! Also, be sure to take out enough so that you truly can consolidate all of your debt into one easier payment.

Decide When to Consolidate

Maybe you have a while before you need to consolidate your debt or maybe you want to pay off some debt immediately in order to avoid fines and fees. Consider your time frame and this can help determine the kind of loan you apply for to help with your debt. If you need instant money, look for fast cash loans or same day loan to help you get immediate cash. If instant money is not necessary, take your time and shop around for loans.

Know Your Score

Take a look at your credit report and learn what your current credit score is. The better your score, the more likely you are to get a loan to help you consolidate your debt. If your credit score is low, thoroughly look over your credit report and see what is bringing that number down. Dispute any mistakes that you find on your credit report and also start working to bring your score up. A higher score will help you get a better loan to consolidate your debt.

Direct Payment vs Cash Loans

When applying for a loan to consolidate your debt, some lenders may pay the other debt collectors directly. You will still apply for the loan but the money will go right toward your existing debt and never pass through your hands. This can be a great option and much easier since the lender is paying for you. However, you may feel better if you get a cash loan and then divvy up the cash yourself.

Know The New Rates and Monthly Payment

When you consolidate your debt using a loan, you will have a new monthly payment in addition to new interest rates to learn. Figure out what your new monthly payment will be, how long you will be paying of your new debt and what the specifics of the loan term are. Before you sign on to get instant money and consolidate your debt, be sure that doing so will save you money!

As a homeowner, you’ve probably heard people talking about refinancing your mortgage often. A lot of people may not be sure if it’s the right route for them, and as a result, they’re uncertain about whether to go forward with it. In some cases, you may not understand exactly what refinancing your mortgage involves.

In a nutshell, refinancing your loan is something people do with the intention of keeping more money in your bank account. Here are some of the most important reasons why you should consider refinancing too.

Lower Your Mortgage Rate

One of the most obvious perks to refinancing is to lower your current mortgage rate. It’s logical that if you’re paying more than what’s being offered by lenders, that you should consider refinancing. By paying a lower mortgage each month, you’ll have more money to put aside in savings, or even just enjoy living a more comfortable lifestyle.

Cash-out

If you are in need of money urgently, then refinancing is a great option for you. A cash-out refinance provides the chance to take your equity as cash to use for whatever you need it for. This can be a better option financially since mortgage rates are much lower than traditional personal loans. Rather than multiple debts, you’ll have one single payment to make each month.

Shorten Your Loan

A lot of people don’t think about the actual number of years attached to how long it will take them to pay off their mortgage. However, a simple equation on a calculator can quickly demonstrate just how long you’re really looking at.

Do you really want to be paying your mortgage for the next 50 years when you could cut that time down significantly? It’s in your best interest to find a loan with a lower interest rate so that you can pay it off even faster!

Pay Off Credit Card Debt

Credit card debt has a much higher interest rate than mortgages do. If you have a significant amount of credit card debt, then lowering your monthly mortgage payments can help you pay off your credit cards faster. The result? More money in your pocket to pay your mortgage off faster! What better goal than to be entirely debt-free?

Buy-Out Your Ex

If you own your home with an ex, then it’s in your best interest to get them off of the loan. You can do this by refinancing. Usually, when people get divorced, the person who keeps the home should refinance. This doesn’t only apply to divorced couples, either. You may need to refinance if you bought the property with anyone else from a relative to a friend.

If you have enough savings and you can find a new car within your budget range, you can pay for it in cash. However, if you don’t think you can afford to do so, car financing is always an option. In fact, in many instances, it’s better than a cash payment.

You can divide the expense 

With financing, you can divide the expense over several months or years instead of spending everything in a year. When you don’t have enough savings, it would be a flexible payment method for you.

There’s no need to suspend your plans

When you wait until the time that you can afford to purchase a new car in cash, it might be too late. You might already have moved on to other priorities in life. Worse, the amount you have been saving will get spent on other things. As time goes by, you move further away from your goal. Eventually, you won’t be able to afford to buy a car anymore.

Receive a good interest rate

Just because you opted for car financing doesn’t mean your monthly payments are too high. It still depends on your chosen creditor and the specific car. You need to ask for the computation of the monthly fees. If you think you can afford the cost, you can pursue the transaction.

You don’t need to get additional loans

Picture this scenario. You have enough savings, and you decide to use all of them to pay for the car in cash. As a result, you don’t have any money left for a rainy day. You can barely pay for basic needs. Since you have no other choice, you get additional loans. You will even accept whatever loan is available because you’re desperate for money. Worse, you will end up selling the car you paid for in cash because you have no other source of income. With car financing, you will keep paying over time, but you will always have enough money for other expenses.

There’s payment flexibility

Depending on your chosen creditor, it’s possible for you to make advance payments. If there are instances when you can afford to pay beyond the required monthly fee, you can do it. If you keep making advance payments, you will soon finish off the loan. If you can’t afford to pay the loan at some point in the future, it’s okay since you already made advance payments.

Given these reasons, it’s in your best interest to get a car financing loan. You can even find a no deposit car loan like the ones offered by www.carfinancegiant.co.uk so that you pay nothing upfront. You will have higher monthly fees, but you won’t worry about where to begin. You can immediately drive your car.

Compare the choices and decide what’s best for you. Make sure that your decision to buy a car won’t compromise other expenses or bury you in debt. Prepare yourself before embarking on this new financial risk. Don’t forget to select a car that matches your personal needs.

It’s scary to know that you’re already approaching retirement age and you are yet to save enough money. You might have started investing late or even completely forgotten about it. If you had other priorities in life while you were still working, there’s nothing you can do now. Since you still need money, these are some of the things you can do.

Get a part-time job

You can find companies or organisations that will accept you for a part-time job despite your age. If you excelled in a specific industry, you could try to apply for a university post. Your experience and credentials are highly valuable. It would be difficult to turn down someone like you. While it’s only a part-time job, it might still be enough to meet your financial needs.

Sell some of your property 

You can start selling things off especially if they’re valuable and you’re not using them anymore. For instance, if you have three cars, you only need one. Therefore, two can go. You might also have other collections that you don’t need anymore. They can also go to other people who might have an interest in them.

Consolidate your debts

Apart from not having enough savings, the worst part is when you ended up accumulating tons of debts. You no longer have a means of paying them off. The interest will continue to increase the overall debt. The best option is to consolidate the debts so that you will only pay one creditor. You will have peace of mind when there’s only one issue you need to deal with.

Sell your property 

You can also think about selling your property since it’s valuable. You can move to a smaller house which is enough to meet your needs. If you don’t like the idea of moving, you can consider equity release over 55. With this loan, you’re going to use your property as collateral, but there’s no need to leave any time soon. The creditor will only ask for the payment once you pass on. You give the full authority to sell the property to the creditor, and a part of the sale value will go to the payment of your loan. It’s a perfect option since there’s no need to leave and worry about what’s going to happen to you. Consult equity release advisers if you wish to get this type of loan now.

Look for short-term investments

Look for reliable investment companies that will allow you to save your money for a few months or years and get it back with a high-interest rate. You can keep the funds rolling until it’s huge enough. If you’re ready to take it back, or you’re in desperate need of money, you can pull the investments out.

The lesson is that you need to start saving at a young age. You can’t be too complacent because you’re young and you have many years left to work. Time flies fast, and you’ll be retiring before you know it. With these options, though, you still have hope for financial security at retirement. You will also stop worrying about what’s next for you.

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One of the most common goals that people set at the beginning of a new year is to save more money and to improve their financial situation overall. As common as this goal is, it is one that many people fail to accomplish. If you want to make substantial progress toward achieving this goal going forward this year, adopting the right strategy is essential.

Create a Realistic Budget
A realistic budget is a cornerstone for financial health. It enables you to identify areas of wasteful spending, and it helps you to determine if you can afford to make purchases or take on new debts without impacting your ability to achieve your goals. Your budget may also include a regular allocation of funds toward a savings or investment account. However, it is not enough to create a budget. You also must know how to use your budget properly and refer to it regularly to make smart financial decisions.

Identify and Eliminate Waste 
Once you have created a realistic budget based on actual expenses, you can analyze your spending habits and identify ways to cut back. Keep in mind that most expenses may be reduced with proper effort. For example, you may adjust your meal plan at home to save money on groceries, or you may comparison shop to find a better insurance rate. When you reduce spending on your regular expenses in this way, you will have more money available to save and invest regularly. The alternative to reducing spending is to make more money with a side job and to save this money.

Maximize Tax Deductions 
Your tax liability is a major expense, but it is easy to overlook. Many people pay between 10 to 25 percent of their taxable income in state and federal taxes each year, so finding a way to maximize deductions and reduce this expense is helpful. One of many ideas is to purchase a receipt scanner so that you can easily document expenses. This may include gas receipts for a business mileage tax deduction, medical receipts for a medical expense tax deduction and more.

Take Advantage of Retirement Accounts
By taking these steps, you may be able to start making regular contributions to a savings or investment account. Through even modest contributions to these accounts, you may see your net worth slowly increase. If you are not also taking advantage of retirement account benefits, consider exploring these benefits today. For example, your employer may offer an employer-matching contribution for a tax-deferred retirement plan. This type of benefit results in free money that your employer deposits into your retirement account for you as well as tax benefits.

While many people may struggle to achieve their financial goals, you can see that having the right strategy may be helpful. In fact, each of these tips will help you to progress steadily toward achieving your goal in different ways. For the best results, apply these combined tips regularly to your financial efforts going forward.

Author Bio: Paige Jirsa– I work with Top10.Today, a shopping comparison site, where we strive to help consumers find the best quality and priced products.