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What are my International Money Transfer Options?
09-04-2020 | treasuryXL | XE |
When you break it down, all money transfers follow the same core process:
However, they aren’t all created equal! Where they differ is when you pay and when the transfer goes out. Depending on why you’re making your transfer and whether you have any time constraints, one type of transfer could suit you better than others.
We’ll start by discussing these three transfer methods:
Let’s take a closer look at what these transfers are and when they’d be best utilized.
Spot Transfers
If you just want to make a quick, “on the spot” transfer, you can immediately do so through our spot transfers. You can buy now, pay now, and get your transfer taken care of ASAP. There’s nothing that will affect the transfer process.
When would I use this? Any time you need to make a quick, one-off payment or transfer, and you know you’re ready to send. If your transfer needs are more complex, one of the next two options might be better for you.
Forward Contracts
You’ve got a dilemma. You’ve checked the currency conversion charts, and the rate is in your favor for your transfer—but you’re not quite ready to take the plunge and initiate the transfer. Maybe you’re still building up your savings, maybe you’re still finalizing the details of your upcoming purchase, or maybe you’re concerned about potential fluctuations in your chosen currency.
A forward contract will let you lock in your rate now, even if you aren’t planning on making your purchase just yet. You’d just pay a small deposit now, and the bulk of your payment at a future date.
When would I use this? If you’ve got a big purchase to make, like property or another investment, and you want to make sure you’ll have a great rate.
Market Orders
Let’s flip the last scenario around. You know you want to make a transfer, but you’re not happy with the current exchange rate. Instead of putting your transfer on hold completely, set up your future transfer now with a market order. Specify your currency amounts and desired rate, and the transfer will initiate once that rate is live.
When would I use this? Got time to spare for your transfer? Making a transfer to or from a more volatile currency? Market orders are ideal for those of you seeking the best possible rate, while time is less of a factor.
What about those other transfer types?
If you’ve been researching money transfer, you might be thinking, “Those aren’t the only types of transfer. Why aren’t you mentioning the other types?”
The three transfers described above are all forms of international money transfer that you can easily make on our platform. These other transfers will move your money to another person, but they differ in whether they’re international or domestic, whether there’s any restrictions on the amount you can transfer, and whether they come with an additional fee.
For example, you may have heard about the following:
How do these other methods compare to Xe money transfer?
Now that you know a bit more about the various types of money transfer, you might be considering what would best suit your money transfer needs.
Here are some of the most important considerations when making a transfer:
Now that you know a little bit more about your options, you can choose the type of transfer that best fits you and your needs.
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 multibillion-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
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5 reasons why the most qualified candidate does not get the job
08-04-2020 | Treasurer Search | treasuryXL
Kim Vercoulen is recruitment consultant specialized in treasury vacancies for interim and permanent positions. As a recruitment consultant she often experience that the most qualified candidate does not get the job. In her blog below she gives 5 reasons why the ‘perfect match’ is not a matter of course… enjoy!
1. Interview skills
For starters, getting a job takes a different skill set than doing the job. I see so many jobseekers focused on their previous experience in the field, which of course also is necessary, but getting the job requires you to practise other skills you might not have used in a long time. Skills like how to interview, network and negotiate. Recognize that these are skills that need practice. In a previous article we wrote we give you tips on how to prepare. You can also find a lot of helpful interview tips on the internet.
2. Socially desirable answering
One thing we also see is that people often give socially desirable answers in an interview. They give the answers they think the recruiter wants to hear. This gives the recruiter an unnatural impression and can hurt your credibility. In interviews the feeling you leave your conversational partner with plays a big role, you can imagine that only giving socially desirable answers does not leave them with a good feeling about the interview. They might think you are hiding your true self. That’s why it’s always better too keep your answers honest and authentic.
3. No match with company culture
You can be the perfect candidate on paper but in real life not fit in with the company culture. This could feel as unfair, but for both parties (candidate and company) this is very important in order to make a long lasting match. When you don’t feel at home you will be simply less enthusiastic, less motivated, less productive and will likely end up leaving the company sooner.
4. Lack of enthusiasm
Sometimes we receive feedback from our clients that they think the candidate could do the job very well, but that they did not feel that the candidate was enthusiastic about the company and the job. Do not assume that just because you applied it signals that you want the job. Make sure your verbal as well as your non-verbal communication shows how much you want to be hired. In the end we see that in most cases an employer will pick the enthusiastic though less qualified candidate over the more qualified but tepid candidate. So do not be afraid to explicitly state your enthusiasm for the job.
5. Unrealistic salary indication
Our clients always ask us to introduce candidates with a salary indication to make sure this will not become a dealbreaker in the end of the process. We sometimes speak to candidates who do not know their market value and ask for a too high (or too low) salary based on the market rate. Going too low can lead to underestimation and can result in employers thinking you might not be up for the task, while aiming too high can result in not getting the job because they can’t afford you. Make sure you know your worth before starting with applying by studying vacancies and using online tools. You can always consult us too, we have a good view on the treasury market and can help you with setting a realistic salary indication.
Take advantage with the Treasurer Test
Treasurer Test is the assessment tool for treasurers and it’s integrated in our services. With the Treasurer Test result report you can show your treasury skills at a glance next to your cv and motivation.
Find more info about the Treasurer Test here.
Take a deeper dive into how we integrated the Treasurer Test in our services here.
Author
How to Recognize and Avoid Online Fraud Attempts
02-04-2020 | treasuryXL | XE |
It’s safe to say that we all have a lot on our minds right now. Unfortunately, whenever there’s a situation that causes people to feel uneasy and panicked, there will be fraudsters and criminals who take advantage.
We have recently seen a surge in demand for our services, and in that surge there have also been vulnerable customers that have been manipulated by opportunists. In addition, the recent uptick in fully remote and online work has also opened doors for online scam and fraud attempts.
At XE, keeping our customers and their personal information safe is our greatest priority. We want to help you to protect yourself from fraud attempts. Take a few minutes to familiarize yourself with some of the most common online scams, and read through our tips to keep yourself and your loved ones safe from fraudulent activity.
Phishing emails
Last year, Microsoft reported that phishing attacks were the greatest online security threat by far, having increased by 250 percent since their previous report.
Usually coming by email, these attacks encourage you to click on a link or attachment and download malicious software, which attacks your device and hacks access to your files. You may also receive an email from someone posing as a trusted figure (such as your employer or a reputable company) and asking you to provide sensitive information.
How to handle these: Verify everything. Reach out to the sender or the company and confirm that this email did come from them. It takes just a few moments, but it can have a huge impact.
Banking and online account scams
Take extra caution when reading an email from a bank. Many scammers send emails or texts that appear to be sent from your bank, highlighting a problem with your account. Often, they will request a verification of your details to resolve the problem. Once they have your details…you can imagine the rest.
How to handle these: Call your bank directly to clarify the issue. Never submit your personal details to this email, or to any email. Most reputable providers will not ask you for sensitive information over email, so that should be an immediate red flag.
Online shopping scams
Online shopping was already on the rise, and now that people are taking the majority of their shopping online, scams in this area have become more prevalent. Scams include selling faulty products, attempting to sell a product to gain bank details, and promising goods at a low price (only for those goods to never arrive and the site to close down after taking your money).
How to handle these: Use your head. If it’s a site or store that you’ve never heard of, research the company and see if you can find verified reviews from other customers. Ask yourself: “Does this seem too good to be true?” If it does, then proceed with caution.
Lottery, competition and inheritance schemes
Say you receive emails stating that you have won monetary prizes in competitions you did not enter, or messages from people overseas claiming that you have inherited money. These are just attempts to obtain your personal details.
How to handle these: Ask yourself, “Did I enter a competition? Do I know these people?” As much as we’d like to believe the fairy tales, winning or inheriting money completely out of the blue is not likely to happen. Once again: if it sounds too good to be true, it probably is.
Charity scams
Scams that take advantage of good-natured individuals often make a special appearance around the holiday season, but these could be active at any time of the year. Scammers will pretend to work for a charitable cause and may even exploit news of a current crisis. Scams surrounding COVID-19 are already in circulation, and seek to prey on people’s fears.
How to handle these: Do your research. If you plan to make a donation, make sure you know who you’re donating to and what your donation will be used for. If possible, make donations only through reputable organizations’ secure sites.
How can you avoid future scams?
When it comes to avoiding online scams, there are some key precautions that everyone should take. Pass these along to your friends, family, and clients, and take a critical eye in your own online habits.
We hope this information helps you and your loved ones to stay safe online. If you need anything, our team is here to help.
Neville Lacey
Global Risk and Compliance Director at 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 multibillion-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