Deciding to go under the knife is one hurdle and the second is coming to grips with the cost. Having cosmetic surgery isn’t a procedure that many people take lightly – not only do you want to be assured that you’ll received the desired outcome, but you also want to get value for the money spent. Stating that, there’s a hidden cost to having surgery abroad that many people never discover.
The cost has nothing to do with the operation; rather it is incurred when making the international payment or payments to the overseas doctor or practice. This hidden charge, that is completely unnecessary, could be a hundred pounds or thousands of pounds depending on the cost of the operation.
Making international payments, or money transfers, from one bank to another bank overseas isn’t exactly rocket science. There are, however, many ways to do it ineffectively and lose quite a bit of money in the process. The standard manner to send money to or from the UK is to visit a bank, request that a certain amount of euros, US dollars, or other currency and then instruct the bank on where to send the money. During this process there are three main areas where people go wrong. They include: getting poor exchange rates, paying unnecessary fees and finally failing to order currency at a good rate now for purchase in the future. Let’s look at each one of these individually.
First, buying currency from a bank is more expensive than buying it from a currency specialist. A bad exchange rate is simply paying more for the currency than you can get it elsewhere. The issue with currency is that you won’t simply save £5 – you could save £1,000’s by shopping around. Specialists can save their clients around £40 for every £1,000 exchanged and transferred.
Second, everyone knows that the banks like to charge fees. Again, by using a specialist currency organisation, fees can be eliminated or reduced. Specialists know how the various banking systems work and they know the most cost-effective way to move money.
Lastly, people that use a specialist organisation have the ability to reserve a currency exchange rate today and pay for it later. This will effectively allow you to fix the exact cost of your operation rather that wonder what the exchange rate, and thus the actual cost, might be when the money is due. Let me explain:
Mrs. Jones decided to treat herself with a variety of treatments offered at a well-known medical practice in Spain. The total invoice came to 9,457 euros and she arranged to pay it in three payments over three months. Mrs Jones had two options available by using a specialist. She could buy the currency at better than bank exchange rates as and when she needed it or she could reserve today’s currency exchange rate for all three payments and send the money as and when the payments came due.
Mrs Jones explained, “I decided to fix an exchange rate for all three payments as I was afraid that the [rates] might go against me. As it was I was already using up all of my savings – I couldn’t afford for the cost to increase.” Lucky for Mrs Jones as the rates did get worse and if she hadn’t have fixed an exchange rate; she would have had to find 769 extra euros. Make sure you avoid the hidden cost of overseas cosmetic surgery and use a currency specialist!
Transferring money international is not a difficult process, however it’s easy to get lost and led astray by figures and doing things the ‘traditional’ way. There are choices available and substantial amounts of money can be saved by enquiring about alternatives to the bank. Currency specialists are regulated by Customs & Excise and must be authorised by the FSA. As they buy large quantities of currency from their bank each day they get a much better price and they pass a significant proportion of this saving to their own clients. By using a specialist, you’re still using the regulated banking system, but using a third party to instigate a better service and, often, a substantial saving.
Making regular international payments – who offers the best deal?
(Read an article written by ‘The Overseas Guides Company’ that demonstrates which currency company truly offers the best deal on international payments) Having read an interesting article in the “A Place in the Sun” magazine dated October 1st 2010 it left me with a question about currency company charges. The article laid out exactly how currency Continue Reading…
How you can protect yourself from increased currency costs
Goodness, what a difference a few months make! For the first half of this year sterling was moving ahead against most currencies as the coalition government took their first steps to stabilise the UK economy. Then suddenly…all change. What exactly happened? The possibility of further quantitative easing is what happened. Investors hate the thought Continue Reading…