Washington, DC (PRWEB) March 19, 2014
More US residents are moving money overseas than ever, with an estimated $125 billion sent every year.
That’s according to the international payments provider World First which has opened for business in the USA after ten years providing international currency, payment and hedging solutions to clients around the world. With headquarters in London, World First also has offices in Australia and Singapore, and now Washington, DC.
Of that massive $125 billion, the vast majority, $120 billion, is being sent out of the country, whilst $5 billion is being transferred into the US by Americans living or working overseas.
This represents a significant part of the total number of global payments being made by individuals around the world, which, according to the World Bank, totaled $529 billion in 2012. It is predicted that figure will surpass $590 billion by 2014.
An increasing number of these transfers will be made by Americans, or foreign nationals living and working the USA and sending money back to places like Mexico and China.
Other payments are being made for things like investments in overseas property, the payment of international school fees, one off payments or for tourism and business travel.
Spending on international outbound business travel from the US was around $33 billion in 2013.
When it comes to transferring back into the United States, the majority is being sent by the 2.4 million US citizens who currently reside in places like Mexico (509,000), Canada (292,000) and Puerto Rico (202,000).
However, despite this vast number of overseas payments, the majority are not aware about the increasing amount of options they have at their disposal to protect their money from the currency markets – which are volatile and can drastically change the value of your money on minute by minute basis.
Christopher Russell, CEO, at the international payments provider, World First USA, said:
“Since June 2013, the dollar has fallen by some 10.08% against the UK pound and by 5.25% against the euro.
“If you are sending a large amount of money overseas this kind of change can make a huge impact on the amount you end up dealing with. And more and more people in this situation are looking for a new way of combating the problem.
“Anyone who needs to send or receive money from overseas needs to keep a close eye on the exchange rates and make sure they are aware of just how much an impact changes in the value of the dollar can make.
“There are ways of protecting your money from this kind of volatility, but if you don’t take steps to manage your payments it’s possible that you could lose out quite significantly.”
Notes to editors:
About World First
World First is a leading international payments provider, offering private individuals and companies the ability to achieve significantly better foreign currency exchange rates and exceptional service. The company has transacted with over 61,000 corporate and individuals customers and processes $10 billion volume annually. World First was founded in 2004 and is headquartered in the UK with offices in the US, Australia and Singapore.
For further information go to http://www.worldfirst.com.
For international media enquiries contact:
Nick Jones, (+44) 207 801 2383, nick.jones(at)worldfirst(dot)com or pressenquiries(at)worldfirst(dot)com
OR call Laura Quin, (+001) 571 447 4900, laura.quin(at)worldfirst(dot)com