Transferring Money Overseas Using Wire Transfers

Usually the way you will chose to transfer money overseas varies relative to the amount of money you wish to send and the way in which you need to send it ie its intended usage once its received.

Most commonly spoken of are methods of transfer like western union that involve a sum of money being sent by you, either your bank account or in cash for a recipient to pick up in cash with the help of identification, without the involvement of a bank account at the recipient institution.

The other option different to this is the option of a wire transfer. A wire transfer is the moving of money from one bank account to another directly and in a secure transfer.

The main advantages of a wire transfer are that firstly it is safer. No money is ever seen in cash (goes directly from the senders to the recipients bank) until withdrawn by the recipient from his own personal bank account and so there is less chance of an unforseen occurence spoiling the smoothness of the transfer. The level of security on international wire transfers is high. The money is sent with the requirement of only a routing number and bank account number and the details are sent over heavily encrypted banking networks to minimize the possiblity of theft or bank fraud. Wire transfers are insured and guaranteed.

The downside however to the western union transfer can be the turnaround time. Where with western union or moneygram transfers, money can be available for a recipient to pick up the same day, a wire transfer will usually take around 3-4 days.

Also the security and reliability of a wire transfer comes with the addition of a larger fee. Wire transfers usually set you back around $25 however depending on the amount of money being transferred can still prove to be more cost effective than a cash or money order transfer.

A wire transfer can be organised through your local bank at a branch or else over the internet for those banks that have it available. You will only need to look at whether or not the receiving institution has the facilities to accept wire transfers. Most major international banks do, but it always pays to check.

In summing up it is evident that under certain circumstances that vary based on the amount of money you are sending, for what purpose and the amount of time you require it to be received in, a wire transfer may be the way to go.

Wire transfers are the most reliable, most effective and convenient way to transfer your money to where you want it to go. If the circumstances fit and wire transfer is possible it is certainly recommended for avoiding hassles and cutting down on fees for large transfers.

7 Keys to Business Networking Growth

Referral networking in business is not going away. No matter how high-tech, plugged in, or globalized the world becomes, networking will be around forever. You need networking, and you need it to work for you. But as consumers, clients, customers, and executives all realize the power and usefulness of networking you are faced with the difficulty of discriminating how, when, why, and how much networking you should be doing. For example, if you joined every networking web site there was, you could make a full time job of just filling out web forms. Or, if you attended every networking function in your industry, you would do nothing but eat, drink, and mingle. So, what are you going to do. This article attempts to lay out seven keys to business networking growth.

1. Become the go-to guy for a networking question. As you begin to network, your circle of acquaintances grows. Your rolodex of numbers increases. And you start running out of room to put business cards. In time, you will build a reputation as a pretty good networker. Now and then someone may come up to you and say, "Hey, do you happen to know a good franchise consultant?" You dig in your drawer, whip out a business card and say, "Give him a call. I met him last March. Nice guy." Bingo. You've scored a point. You've made a connection. And you've won some trust. Eventually, a few more people will come up to you and say, "Hey, I heard that you may know a good marketing firm..." And so it has begun. By and by, you will receive a certain degree of recognition as someone who is very well connected, knows a lot of people, and can point people in the right direction. But networking is a snowballing adventure. The more people you know, the more people you can get to know. The more people that come to you with networking questions, the more people you can find out about and get to know. Make it your goal to become the networking guru in your space.

2. Seek opportunities to help others. Helping people is at the core of networking. A networking attempt is so much more than a handshake and an exchange of a name card. It is so much more than accepting a connection on LinkedIn. The value of your network is not measured by the amount of names that you know, but by the amount of help you can provide. As you survey the networking landscape, don't look at is as a host of names to know. Look at is as a host of people to help. After all, the only truly valuable networking will be from people whom you know personally and whom you have helped. Once you help people, especially in a sacrificial or altruistic way, you've won their trust. They have a degree of confidence in you. That confidence will translate into them recommending you. That is exactly what you want. That is the way to grow your network, and that is a crucial key to business networking growth.

3. Seek opportunities for others to help you. But it works both ways. Not only should you be helping others, but others can be helping you. If you need help, ask for it. Gaining help from others creates a human connection that can't be gained any other way. Besides, you get to see the skills of another from a unique angle. You get to see how the person works. You get to experience their product. And you get to establish a mutual relationship of trust. That goes miles in the networking world. People willl remember those whom they help, and it is the perfect way to build a strong, lasting network.

4. Be everywhere often. Though it sounds daunting, it is possible to carve out a significant presence for yourself. The key word here is "strategic." As I mentioned, it is an incredible waste of time to join every networking site out there. Though you will receive a plethora of invitations, be selective. Join only the ones that will best accomplish your purposes. It should be standard, however, to at least have a presence on LinkedIn, the current networking site leader. Other industry-specific websites should be consulted as well. In addition, attend several strategic functions as often as you can. Again, too much is too much, but make it your practice to be at the important ones as often as possible.

5. Know people well. When you meet people, remember their names and some specifics about them. Don't be ashamed to write names down. You need to remember them. Carry around a pen and pad of paper, and jot down notes. Not just for names, but facts, too. When you pick up the phone to call that potential customer, it will go a long way to say, "By the way, how's your mother-in-law? I remember you mentioned she had surgery last week."

6. Host something. Be a networking leader and go ahead and host something. It can be as simple as a backyard barbecue for all the CFOs in your town. Or it can be as big as a golf outing for all the engineering firms. Either way, you can quickly become a networking mogul, just by organizing events. After all, once the event is over, you have a list of everyone who signed up--complete with numbers and all.

7. Finally, make it fun. Networking can be a fulfilling hobby. After all, you're interacting with people. People can be a lot of fun. Face the challenge of being a networking guru, but make it an enjoyable and refreshing hobby.

About the Author:

Phil Evans is a master at the art of online networking and internet marketing in business. He challenges business owners to grow their offline business by harnessing the power of the internet. He's also the co-founder of SynergyBizNet, find out more at: http://www.SynergyBizNet.com

LACK OF BUSINESS ISN'T ALWAYS THE PROBLEM

When you're just starting out in business, it's a safe bet that you need more clients. But what if you have been up and running for a while, and you're still not making as much money as you would like? You may be in the habit of thinking that attracting new clients is the answer, but this isn't always the case.

There are many reasons why a professional services business might not be earning enough, but they typically fall into four categories: not enough revenue, not enough profit, not enough customers, or not enough time.

Start by looking at your gross revenue -- the total amount your customers pay you over the course of a year. How does it compare to others in the same line of business? Ask some trusted colleagues or check with your professional association for any statistics they may have.

What percentage of your gross revenue remains after you cover cost of sales? This is your gross profit. As a service business, you may have no cost of sales. If, however, you are selling books, tapes or software, or accepting credit cards, your inventory cost and credit card fees need to be deducted from your earnings before making other calculations.

Now deduct your business expenses from your gross profit. What percentage of gross profit remains? Is this a typical percentage for your industry? If you can't gather comparable data from colleagues, your professional association, or a published source like Dun & Bradstreet's "Industry Norms & Key Business Ratios," compare your profit margin (net income divided by gross profit) to a desired goal of 70%.

LOW REVENUE - If your gross revenue seems low for your industry, your profit margin is at least 70%, and you have about as many customers as you can comfortably serve, concentrate on increasing your revenue, rather than trying to improve your profit margin or bring in new customers.

Consider raising your rates, which may mean finding a market that is willing to pay more. Look for customers who will give you higher dollar volume contracts or place larger orders. Think about hiring more administrative help, which would free up more of your time to charge out at professional rates. You should also work to increase your passive income by selling products created by you or others, reselling some of your existing work, or licensing a process you have developed.

LOW PROFITS - If you are spending more than 30% of your gross profit on overhead and marketing, work on improving your profits. Look for ways to cut expenses by reducing your overhead, or focusing on your most profitable line of business.

In addition, if more than 15% of your gross profit is spent on marketing alone (assuming you are not a start-up business), consider cutting back on advertising or mailings, and using more referral-based marketing strategies. Seek out customers who will give you repeat business or long-term contracts.

TOO FEW CUSTOMERS - Low revenue combined with not enough billable work to keep you busy means you really don't have enough customers. If you don't have a marketing plan, it's time to create one. Focus your plan on the most attractive service you have to offer and the most lucrative market, rather than diffusing your energy by marketing several different service lines to more than one type of customer.

If you already have a marketing plan, but it's not paying off, you may need to break into a new market, look for a more appealing way to package your services, or form an alliance with someone who can send a steady stream of business your way.

TOO LITTLE TIME - It's possible that you simply don't have enough time to earn more money. When you are consistently spending over 25 hours per week serving clients, with more potential customers in the pipeline than you can realistically serve, it's time to hire an employee or bring in a junior partner. If you're not ready to take that step, think about subcontracting work to a trusted associate, and keeping a percentage of their billings.

In reading the suggestions above, you may have discovered that you don't have enough information to diagnose your earnings problem. There are six statistics every service business owner should know: revenue, expenses, profit margin, number of customers, average sale amount, and billable time. If you don't have the answers, start tracking these measurements today.

Copyright © 2001, C.J. Hayden

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Forex News Trading Tip: How To Trade The FOMC

The Federal Open Market Committee (FOMC) decision on interest rates is one of the most powerful market movers in the forex market and when the markets move traders trading the news have the opportunity to make money. The FOMC sets the discount rate or federal funds rate and because interest rates are set higher to induce foreign investment and therefore fight inflation during times of prosperity and lower to increase spending during recessions they are one of the main factors influencing the strength of the dollar.

Economic indicators play a huge role in the forex trading especially for traders who approach the market through fundamental analysis and trade the news. The Federal Open Market Committee (FOMC) interest rate decision is one of the most influential indicators for the US dollar and you can be sure after the news is released there is going to be volatility in the markets and volatility is what traders thrive on.

I have heard many 'traders' say never to trade the news and especially the FOMC. Although the FOMC interest decision is a news event and can fall under the category of through fundamental analysis I am a technician and I believe that charts always price everything in. However I guarantee the market does not know what exactly the Feds comments and decision will be, therefore it is not priced in yet and this will cause the markets to react when they do find out.

This is confirmed by the change in price after the decision and the continuation in the days following. I have been trading the Fed for eight years now and yes I have been burnt in the past and that is exactly how I have come to learn how to trade it properly. The most common pattern to trade the Fed is the whip-saw. But do not be fearful of it, embrace it.

Here is how it happens, first there is a large spike one direction (traders come in and follow that direction)followed by a large spike in the opposite direction (those same traders now sell their first position at a loss and reverse their position - this is when I take a position in the direction of the original move)followed by an extended move back in the direction of the original spike (all the emotional trades are left sick to their stomachs) and I am left holding a very nice position setting myself up to capture a larger than average market move.

If this pattern does not play out exactly as outlined I stand on the sidelines and do not trade at all. Because the markets are moving fast in the period following the FOMC interest rate decision I am watching a very short time frame, mainly the one and five minute charts. Jordan Lindsey is a professional trader who's personal forex trading group 'Conquering The Markets' utilizes his forex trading strategies to trade his forex trading systems with sound money management and together work toward helping people all over the world live better lives.

via http://www.jcls-forex.com/