8 Reasons Why You Should Use a Currency Broker
When it comes to managing your currency exchange requirements, it can be difficult to know which of the different providers and services is right for you. If you want to get the best value for your money as well as a straightforward, stress-free exchange, you could find that using a currency broker really pays off.
Below are just some of the reasons why it might be better to choose a currency broker over the other options available.
- Exchange rates are changing all the time, so it can be really useful to have a broker monitoring them and letting you know when the market moves in your favour. By making your transfer when the exchange rate is stronger you’ll get more for your money, which can add up to savings of thousands in larger transactions.
- Unlike most banks, some currency brokers don’t charge any fees for managing your transfers. Not having to pay transfer fees can equate to significant savings, particularly if you have to make a number of transfers over the course of the year.
- When you register with some currency brokers you’ll be assigned a dedicated account manager (AM), who is committed to getting you the best rate possible and talking you through all your options. AMs also act as your go-to source of information when it comes to finding out what major economic events may have an impact on your transfer.
- In addition to relying on the expertise of an AM, with a currency broker you can also sign up to receive regular market updates via email. These provide a detailed picture of how the currencies you’re interested in have been performing, as well as how the exchange rate could shift in the future – helping you plan your transfer more effectively.
- When exchanging currency with a broker, you are not just limited to a ‘then and there’ transaction. There are a range of services which can be adjusted to suit your particular needs. Regular Overseas Payments (ROPs) can be set up to automatically transfer funds to your account on a pre-set date, while Forward Contracts allow you to ‘lock in’ an exchange rate up to 2 years ahead of a transfer.
- If you’re emigrating and still want to make transfers or chat with an advisor, arrangements can be made at a time that suits you, and some brokers run an online transfer service so you can send money overseas 24/7.
- In an age of technological ingenuities and reports of rising fraud, you can rest easy when transferring funds with a broker as they utilise rigorous security systems and procedures to ensure that your money only goes where you want, when you want.
- Finally, a currency broker is not just for holiday money; whether you’re making the life-changing decision to emigrate or buy property overseas, brokers can walk you through every step of the process to cut down on stress and let you focus on the important things, like looking forward to a new career, a new life or a new home.
Hopefully these points will make the decision a little easier when you decide who to exchange your currency with. If you’re impressed with the services currency brokers are able to offer, do some shopping around and find one which offers both excellent exchange rates and exceptional customer service.
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