Use a specialist business to make your currency exchange and save a great deal of money. Using a bank to transfer your money abroad can be a costly, as they tend to charge commission and a transfer charge, whereas most specialist currency exchange companies rarely make these charges.
In addition, a high street bank is likely to give you a worse rate of exchange than a currency broker can.
However, currency exchange brokers differ wildly, both in terms of service and value. Like all service providers, they offer services that are similar, but the differences appear subtle yet make a vast difference to your pocket.
Choose a currency broker that is interested in you, or your business. Most foreign exchange businesses will simply take your instructions to make the currency exchange, then transfer your money to the destination account. You need a currency broker who will take a bit more interest in your needs and will then advise on the best way to maximise the net amount from the exchange.
Here are some of the services that you could take advantage of by choosing a currency dealer carefully:
If you have to make regular payments overseas such as a pension transfer, or maybe a mortgage payment, or payments to overseas suppliers, business partners, franchise operations for example, you could fix the exchange rate for as much as 2 years ahead. You could then set up the payments so that you can concentrate on other matters. The alternative is to use a dedicated currency exchange dealer, who can pick and choose when would be best for you to change your money. Neither of these services have a charge attached when you use fx-foreignexchange.
Stop loss currency exchange:
A “stop loss” contract lets you decide on a rate that you would be happy to make a currency exchange. We can arrange for the money to be exchanged as soon as a particular rate has been achieved. The money is bought automatically.
We can add to this service by placing your details with an individual dealer. That dealer will then contact you as soon as the agreed rate is achieved and you can then decide whether you wish to make the exchange. To take advantage of this particular service, you need to register with us first though as currency rates can change quickly and it takes a few minutes to register. Registration is free.
Fixed currency exchange rates:
For businesses, or individuals, that have to make a money transfer overseas sometime within a few months, it is possible to pay a small deposit and fix the rate of exchange, then pay the final balance nearer the time of the actual transfer.
This is great for cashflow and takes the stress out of situation because you will have already fixed the rate of exchange and have ruled out the possibility of losing a great deal of money if the rate becomes unfavourable. For example, just a few months ago, the rate between the US Dollar and the GB Pound was around 2.04 Dollars to 1 Pound. The rate today is about 1.78 Dollars to the Pound. This is fine if you have dollars to sell and pounds to buy, but imagine you wanted to buy 100,000 Pounds worth of Dollars. If you had fixed the rate in advance, you would have bought $204,000. However, at if you hadn´t fixed the rate and went to change the money today, you would have received $178,000.
The difference in the exchange rate would have resulted in a loss of $26,000 !
Why take the risk? If you are in business, contact us and we will be pleased to allocate you a specific dealer who will take care of all of your foreign currency transactions.
Our UK number is : 0044(0)1480 458400, or just go to CONTACT US.
For more information, please visit fx-foreignexchange.com