Going straight to a high-street bank for your currency transfers could see you missing out. It’s worth exploring your options carefully before you transfer your funds to make sure you’re getting the best deal. Currency brokers offer a range of benefits and services that high-street banks often can’t.
Different providers can offer different exchange rates; it all depends on how much they mark-up the currency they buy wholesale when they sell it on. Leading currency brokers conduct enough trades to be able to profit from smaller margins and so pass those savings on to you in the form of competitive exchange rates.
Reputable currency brokers don’t charge you fees to transfer your money. That means you get to keep hold of it and can therefore, get more foreign currency for your funds.
You’ll benefit from the assistance and support of a dedicated Account Manager when you register with a leading currency broker. They’ll take the time to understand your circumstances and provide guidance as you plan and conduct your transfers. They’re always looking out for you and will help to secure a highly competitive exchange rate that makes your money go further.
Exchange rates constantly fluctuate and are moved by economic, political, social and even meteorological factors. Keeping up to date with what the markets are doing is a big task, which is why leading currency brokers have experts to do it for you. You’ll get regular, concise market updates that distil complex developments into easily digestible information that will help you decide on the best time to move your money.
You can do more with a currency broker than just make instant transfers. Forward contracts freeze a favourable rate for up to two years, allowing you to budget effectively. Regular Overseas Payments (ROPs) can be set up to take the hassle out of sending money abroad frequently. ‘Stop loss orders’ and ‘limit orders’ help you hold out for favourable rates without risking losing money.
There are multiple ways to get in touch with your currency broker and conduct your transfers. Leading brokers will be able to help you transfer by phone or email and sometimes offer an online platform so that you can send funds at any time of day or night and still get a great exchange rate.
Leading brokers keep your funds in separate accounts to money belonging to the business. In the rare event that something should happen to the business, your money won’t get lost, so you’re completely protected. Leading brokers are regulated and authorised by the Financial Conduct Authority (FCA), meaning they adhere to strict codes of conduct to keep your funds secure at all times.
Whether you’re buying a property, moving abroad for work, or sending money to friends or family, a currency broker can help. They make the whole process of sending money abroad much simpler, as well as helping your funds to go further by securing a competitive exchange rate.
For these reasons and more, you may find that your international currency transfers are both easier to manage and more cost-effective with the support of a leading currency broker.