6 Untapped Ways to Save $$$

How’d you like to see how I consistently save thousands of dollars on a regular basis when I transfer a fairly modest amounts around the world?

Quinn Askeland Small ImageHi my Name is Quinn.

After 10 years of living around the world and thinking each time that we were going to settle down ūüôā – I have learned a thing or SIX!

Unfortunately most people waste between at least 3% of their money and usually more like 5 – 7 % of their money when moving their hard earned dollars, pounds or euros worldwide.

Here is a round up of some awesome ways I have discovered how you can end up with more in your bank account.

1. Use a Money Transfer Service

As discussed everywhere there easiest way to save money is to not use a bank and choose a service that specializes in transfers overseas – ideally one that has an office on you country because of the extra layer of safety you will get and the fact that you are more likely to get better rates and service.

The next 3 are in my eBook, and they remain powerful РI recommend you grab a copy now!

2. Dip a Toe In

I found out the number 1 reason people continue to use their bank is that they are worried about losing their money. My suggestion here is to transfer a small amount initially – you will soon see how silly you were to wait so long.

3. Register

Until you register you have got nothing. The rates indicated on websites don’t mean a damn thing until you are actually in the back end and ready to trade. There is one awesome service, that I use myself personally that does actually offer the rates right on their website – live – the actual rate you will get BUT even then by the time you login or signup the rate you thought you could get is no longer.

4. Shop Around

The transfer market has become pretty competitive. This means you can do well to shop around.

In the eBook I provide tips on exactly how to go about each of these.

After you have read it you will be miles ahead of most people without doing anything else.

But if you want to go a bit deeper and actually make some money here are some slight less passive ways to do it!

5. Ladder Technique

Through a little experimentation I found a way to basically lock in rates as they go higher.

Just like a ladder and using your two legs you are able to move higher up the rungs.

This saves me easily on average about $100 each time – risk free.

I thought it was a cool little technique, so I made a little video.

You can find the transcript here or watch it now.

The only thing about the ladder is that you have no idea how high it goes.

You have to have a little discipline to take the extra money off the table. Just be happy with what you get.

6. Smart Alerts

Beyond just using a specialist money transferrer with an office ideally in you country this is by far the most powerful way to make (save) a bundle of money.

I showed, “How I made $2500 or 10%”¬†with a case study where I show you step-by-step how I do it.

Essentially I have taken a tactic that the Pros have used and simplified it and dumbed it down so that I can do it without too much thought – just results.

Yes it takes a little discipline, but I have consistently outperformed over a long period of time.

I can always get an extra 1% (but often more) which covers all the costs of the transaction and a bit more usually.

It is as simple as setting up some rules and alerts for yourself on when to send the money based on drawing a couple of lines.

You can also read, “How to Lock in Great Rates” to help you master this technique.

Hope that helps – Happy Transfers!

Quinn

 

How to Lock-in Great Rates – Case Study on International Transfers

I am super excited to share this with you.

Why?

Well pocketing a couple thousand extra dollars could not be simpler in my view.

Unhealthy obsession?

I think not.

To the contrary it is very healthy in every way because it is but far the easiest thing to do to make money.

In a world where 1% Р2% interest per year from your bank account is about as good as it gets РGetting another 2% safely, easily and in about 5 days is very sweet indeed.

As discussed at length, you can easily save money by not using a bank and simply use a money transfer companyusually saving around 3%.

But in addition to this, here is how you can lock-in great rates.

How Alerts Work to Make Money

The beauty of this method lies in its simplicity.

For example, lets say you want to transfer $100k Canadian (CAD) to the Australia (AUD) in the next 3 months.

I use these currencies just as an example, mainly because this is a real life example I am executing right now but I have transferred РUSD and GBP exactly the same way.

  1. Timeframe: Decide when you need the money moved Р1 week, 1 month, 3 months, 1 year (in this example 1 week)
  2. Set Limits: Look at the three month chart and one year chart using yahoo exchange or something similar and decide on your limits Рupper and lower
  3. Set Alerts
  4. Wait
  5. Execute

Step 1. Timeframe

In my example, here is what the charts look like.

3 month exchange rate Cad to Aud

3 Month Chart

and

1 year Cad to Aud chart

12 Month Chart

I find charts like the second one very exciting if you have a long time horizon.

For my example, like most people, I needed my money ASAP.

So the three month chart plays a bigger role in step two.

Step 2. Set Limits

For step two usually I print off these charts – yep I actually print them off and get out a ruler and pencil.

Here is what I did to the 3 month chart:

3 month CAD AUD chart

What I drew¬†is two¬†sets of parallel line or “trends”

The rising set of lines are more important if my time horizon was 1 month to 3 month, but since we need the money now – the key is avoid dips like what happened on 2 July.

Finding the Sweet Spots

Just in the past 15 days the “currency pair” has moved between 1.06 and 1.04 – for $100k that is a $2k difference.

Therefore it is easy to see that anything over 1.06 is a great result in the short term.

Longer term is a different story – everything tells us if we wait we will be better off.

However, our timeframe in this example is short.

Step 3. Set Alerts

I used OZForex/Canadian Forex/USForex which are the same company for this example, but almost all money transfer companies provide alerts.

Here is what the alert panel looks like.

Alerts for Ozforex, Canadian Forex and USForex

 

In this example 1.06 is what we want but I want to be ready when it hit that.

So I set alerts for 1.059, 1.06 and 1.061

Importantly: I also set alerts for 1.039, 1.04, 1.041 to protect on the downside.

Lets not forget we were at below parity ($1) this calendar year so being ready and able to pull the trigger at 1.039 (maybe 1.0375) is just as important as 1.06.

 

 

Step 4. Wait

Waiting seems easy, but it is not for most people.

The magic of having the alerts set up though is that you can get on with everything else in your life without worrying.

Then this happens.

Alerts Trigger an Email

Step 5. Execute

This is where the rubber hits the road.

An email is sent or you get a text (I always do both) and now its time to ring the register.

In Real Life

The reason I am so excited to share this with you is because it works and here is proof.

Actual Trades

On the 3 July I sent money from Canada to Australia with the CAD/AUD above 1.06.

I also did the same thing earlier on the 26 June.

During this time the exchange rate did go to 1.04 but not any lower so I did not transact.

Of course the money transfer company does take a cut РIn this case it was about 0.9%.

I ended up in front by 2% – Which for $100k is a $2000 gain. Not bad for about 10 or 20 min work. Not too bad ehh?

Important Notes

Deciding when you need your money is very important. In my example, I wanted to bring the money over ASAP so the 3 month chart and particularly the past month is far more important.

If however you time horizon is much greater, like 3 months or more, then the 1 year chart becomes more important.

I hope you do to!

Thanks for reading.

By the way, I am not a financial expert of any kind and this is not meant to be financial advice ‚Äď just a way for you to make your own decisions and have more control over your money with confidence.¬†

How I Saved $2500 or 10% in One Transaction – Case Study You Can Follow

Want to know how you can save a bundle of money easily?

Transumo Saves You MoneyThat headline sounds corny I know. But at Transumo, I have written about how you can save hundreds, if not thousands on your money transfers very passively simply by using money transfer companies Рwe even show you can choose one best for your specific requirements.

And there is no doubt you can save 2 Р4% percent pretty easily just by registering with a reputable company Рideally in your country of residence.

What I am about to show you does require some minimal work on your behalf, but I use it every time and as you will see I get some pretty awesome results.

Now I want to show you how you can save even more by the simple timing of your transfers!

Sometimes MUCH¬†MORE – like 7% on top of the juicy 3% or so you saved by not using a bank. That’s 10% in total.

Heres the cool thing, forget about pips, fiscal policy, reserve bank meeting predictions, candlestick charts, forward contracts and hedging …

In some situations complex solutions are helpful but most peoples needs are simple Рwe simply want the most money to arrive at A from B.

And you can make this happen.

I did and I want to show you very simply how.

Simple Needs = Great Results

You have money and you want to send to another country and you are not sure if you should do it now or reassess later – period.

If you are a forex trader stop reading now… I can’t help you – ever.

This simple method is for individuals and businesses that want to move money in days or weeks Рnot minutes.

Also, if you are happy leaving you money in the hands of commission based experts thats fine too – stop reading now – maybe you have someone you trust but I don’t. No one cares more about your money than you.

What Works –¬†Simple Charts Method

The basic chart here was all I used to make my decision for a transaction I did moving Aussie dollars (AUD) to Canada (CAD).

Transumo Money Transfer Method Example

I know there are many ways to second guess yourself on this but I find that putting my trust in two parallel lines is all that is required. This is because these two parallel lines are not opinion Рthey define what is happening Рsimple supply and demand.

Currencies have a way of working in trend channels – just look at the channels since.

All you need to do is act when they break out of these channels if it is in your favour. This is what a “sell alert” is.

But, what if you were transferring money in the other direction?

Simple! A break out from this trend would indicate I should wait. In this case, waiting would have been a really good idea. In this case it went to 92c. In other words, for every 92c I have, I would get $1.

Pulling the trigger

The final step is important before you pull the trigger. Do you need the money now or can you wait?

Even if the trend is not in your favour you might need to act. Thats OK, we are not in the business of trying to make money doing this but if we can save a little or a lot by acting now or just holding on for a few weeks – why not!

Here is a transaction I made based on the chart above.

Money Transfer Example

In my example, I didn’t need the money to buy groceries but at the time I preferred to have it in Canada so it was an easy decision for me. Other times I have needed to money pretty immediately but I could always hold off for a few weeks and in this case a few weeks could make all the difference.

That’s it really – three simple steps or really just one if you just let the charts guide you.

Note: The rate on the 1 May shown here is the rate offered by the money transfer company. The actual spot rate or interbank rate was about 1.035.

Just waiting another another month to move my money would have meant I would have got 95c Рa difference of 7c or approximately 7%. In my actual money transfer I figure I saved at least $1750 and more to the point the rate has not been that good since (1 year later).

Thats $2500 I saved in total! 3% for not using a bank and 7% with these simple steps.

I just showed you how I routinely save Рin this case a cool 7% on my money with a slightly flexible time horizon. Its not trading, but it is money in the bank and you can be the master of making it happen very simply.

If you want to get the latest charts and analysis, each month I produce charts and analysis for all the major currencies including USD, CAD, and AUD on a monthly basis.

Over to you.

Let me know in the comments below, what you think of this process. Do you have anything else that helps you?

Thanks for reading!

By the way, I am not a financial expert of any kind and this is not meant to be financial advice Рjust a way for you to make your own decisions and have more control over your money with confidence.