Tag Archive for: expenses

Should you choose Xe or wire transfers to send money abroad?

01-10-2020 | treasuryXL | XE |

We’ll take you through the process step by step to help you figure out the better option.

So, you’re looking to send money overseas. Obviously you’ve ruled out physically sending money via snail mail, so that leaves you with electronic methods. If you’ve done any online research, the most common terms you’ve probably come across are money transfer and wire transfer. You might’ve even seen them used interchangeably. Is there a difference?

Yes, there is a difference between wire transfer and online money transfer (also known as electronic funds transfer). While both methods transfer money from one bank account to another by electronic means, they’re not quite the same—and you won’t get quite the same experience with the two methods. We previously discussed the difference between transferring money with Xe and the banks. Now, it’s time to give the same attention to wire transfers. Where are you better off?

Which method is faster?

Both methods will take money around the world in a short amount of time. Wire transfers typically take around 3-5 business days, but this can vary. If the wire transfer involves an exotic global currency, if the transfer requires travel through intermediary banks, or you’re sending money to a country that doesn’t have a strong banking relationship with your country, the wire transfer could take even longer.

At Xe, your transfer will typically take 1-4 business days, though the majority of our transfers complete within 24 hours. Or, if you’re sending money to one of these countries, your money will reach its destination in just a few minutes. The timeframe will never be a mystery; we’ll communicate the expected arrival date before you confirm your money transfer, and we’ll communicate with you throughout the process so you’ll never feel that your money is lost in electronic limbo.

How much will they cost you?

Yes, both methods will cost you some money on top of the money that you’re already supplying to transfer. However, the costs will not be the same from provider to provider. You will be charged one fee to send a wire transfer. You may also be charged a fee from the receiving bank upon the money’s arrival. If the money travels through intermediary institutions, those institutions may also charge you a fee. And it’s not just fees: wire transfer providers can set their own exchange rates, and often add margins to those to boost their bottom line. Adding those together…you’re suddenly paying a lot more than you thought! When you transfer money through Xe, you will be charged one fee for your transfer. That’s it. One service fee, and it will be clearly displayed on our confirmation screen when you transfer money through the Xe app. You can even choose whether you’d like the fee to be taken from what you send or what your recipient gets, so there’ll be no mystery around how much money will make it to your destination.

What’s the process like? Is it convenient?

Some banks and providers have online wire transfer capabilities. But more often than not, you’ll need to go to the physical storefront, wait in line, and fill out the form each time. You’ll need to make sure that you have all of the information you need, otherwise you’ll be making another trip out to the wire transfer provider. Is it the most difficult thing in the world? Well, no. But could it be more convenient? Definitely.

The best part of online money transfers? You can do them anytime, anywhere. Just head to Xe.com or open the Xe app from your couch, your bed, or wherever you have internet access to initiate a transfer 24 hours a day, 7 days a week. You can enter your information in the secure online form and save it if you’re planning on making future transfers to the same recipient, and if you have any questions later on you can easily reach out to customer service for support.

Overall?

Both wire transfers and Xe money transfers are fast, secure, reliable ways to get money abroad. However, if you’re looking for quick arrivals, minimal fees, and an easy-to-navigate transfer process, we think you’ll be happy sending money with Xe.

 

Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

How to Effectively Track Your Expenses

24-09-2020 | treasuryXL | XE |

When you look for advice on how to create a budget or save more money each month, the first step is usually to track your expenses. But how do you really do that?

Tracking your expenses is a great way to start creating your personal budget, but it’s also a great way to:

  • Spot patterns in your spending, including potential problem areas
  • Be more conscious of your day-to-day spending and prevent impulse purchases
  • Set realistic financial goals
  • Reduce stress surrounding your finances.

But how exactly do you track your expenses, especially when you have a lot of them? Are you supposed to track everything down to the $2 you spent on a drink at the vending machine? Where do you start? How often should you track your expenses? Tracking your expenses sounds straightforward enough, but when you don’t know where to start, it can feel like an overwhelming task. We’re here to help. Keep reading to learn more about how to track your expenses and where to go once you’ve done that.

Write it all down

Yes, all of them. Don’t just track the big purchases or the regular payments. Everything from your rent or mortgage payments to your occasional takeout order needs to be tallied up. Think of it this way: does it cost you money? If so, add them to the list, even if they don’t feel like traditional “expenses”. We recommend splitting your list into three categories: daily, weekly, and monthly. This will help you to understand your short-term, in-the-moment spending habits as well and also keep track of spending over time, to better spot patterns.

How you do it doesn’t matter. Some people prefer the old-school pencil-and-paper method, while others prefer to use spreadsheets or computer programs. There are even budgeting apps that you can use to track your expenses and generate a budget. Choose whichever method you’re comfortable with and know you’ll stick with, and get started!

Break them into categories

If you’ve ever sought out advice on saving money, it’s almost certain that you’ve been advised to remove or reduce your unnecessary expenses and purchases. And it’s true: not all expenses are created equal. Some are essential to keep yourself alive and well, while others might be technically unnecessary but built into your current routine and lifestyle, while others are in-the-moment impulse buys. Budgeting advice typically dictates setting aside a certain amount of money for the unnecessary but enjoyable purchases each month after you’ve already established how you’ll cover your essential expenses. In order to differentiate between the three, we recommend further categorizing your expenses. Consider using the following categories:

  • Bills and other essential regular payments (such as rent or mortgage payments, student loans, car payments, credit card payments, insurance, or utilities)
  • Nonessential regular payments (such as streaming platforms, online subscriptions, gym memberships, and other services)
  • Groceries
  • Eating out or ordering in
  • Gas
  • Prescriptions or medical costs
  • Pet costs (if you’re a pet owner)
  • Charitable donations
  • Personal spending (such as online shopping or buying other goods or services solely for enjoyment)
  • Caring for your family or sending money to loved ones

With each expense type, consider: is this necessary? If not, is this something that brings me happiness or fulfillment? What would happen if I didn’t spend money on this? These questions will help you to determine where these expenses fit in your overall budget.

Look for patterns

Granted, your expenses won’t always be exactly the same. For example, winter holidays mean that you’re likely to spend a little more than usual in December, while you may have some months without many social gatherings or events that necessitate spending money. However, general trends will pop up. For example, do you always stop at the same coffee shop before work? Do you typically order takeout on Fridays? Do you pay for 4 different streaming services, but only consistently use one? How many online purchases did you make this month? How much is your old car costing you in repairs and maintenance?

Some patterns may not surprise you, but others may be eye-opening. Seeing just how much you spend each month on certain things could make you think: do I really need to be spending this much money on these things? Are there other areas in my life where I could use this money?

Use it to form smart financial habits

Now that you know what your expenses are, you’re well on your way to forming a smart, sustainable budget. Compare your expenses to your current monthly income and calculate how much is left over each month. Are you happy saving this much each month? What are you doing with the extra money?

If you’d like to have more left over each month, now’s the time to turn back to your categorized expenses and calculate where you could stand to spend a little less. You could even put “savings” down as a consistent monthly expense, and hold yourself accountable for putting a certain amount of money away each month. Just like your budget, your expenses should be revisited on a regular basis as your circumstances and spending habits change. If your current spending habits aren’t working for you, give it another go.

One common mistake is to immediately cut out all or most of your “unnecessary” spending, but just like immediately cutting out all remotely unhealthy foods from your diet, it’s likely not going to be sustainable in the long run and will only lead to resentment. You’re allowed to have fun and spend money on yourself! Tracking your expenses and creating a budget is the way to do it while still being financially responsible and planning for the future.

 

Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page