Want to know how you can save a bundle of money easily?
That 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 – we even show you can choose one best for your specific requirements.
And there is no doubt you can save 2 – 4% percent pretty easily just by registering with a reputable company – ideally 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 – we 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 – not 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).
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 – they define what is happening – simple 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.
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 – a 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 – in 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.
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 – just a way for you to make your own decisions and have more control over your money with confidence.