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Why use a currency broker for an international money transfer?

Views • 22nd Feb, 21

 
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Why use a currency broker for an international money transfer?

Currency exchange is an important part of financial management for individuals and businesses with billions being transferred annually to foreign currencies.

Over the last 12 months we have seen big currency swings so if your transferring to another currency as a one off or on a regular basis it’s important to get the best rates. Below we highlight 6 key reasons why you should be using a currency broker;

  1. Banks are Expensive: It is a well-known fact that banks generate big margins on foreign exchange, largely to due charges hidden within exchange rate spreads. Alternative payment providers can reduce this cost significantly offering near wholesale rates, meaning you are saving/sending more money.
  2. Consistent pricing: It’s not just transparency of charges that’s important but you also need to know that those charges will remain constant. Avoid the hassle of ringing up to ‘negotiate’ exchange rates that ultimately benefit the bank and not you.
  3. Speed of execution: Know that you can execute a currency conversion in real-time, easily upload multiple conversion/beneficiary instructions and benefit from faster payment processing.
  4. Multiple currencies: Opening foreign currency bank accounts is a costly and time-consuming exercise. Benefit from auto generated multi-currency accounts that allow you to reduce FX charges on conversion.
  5. Help in managing currency risk: Fix exchange rates for up to 2 years ahead to avoid the risk of currency fluctuations adversely affecting your plans.
  6. Relationship: Many consumers/businesses don’t have the time or resources to plan their FX transactions effectively and receive little or no help from their bank. Get help from a specialist who can add real value to your business.

Case Study

Last week we had a client based in France who had a GBP account in the Isle of Man that she wished to close and transfer the money to an investment account she held in EURO. By using our currency service, she saved EUR 1500 verses using her offshore bank with a better exchange rate. On top of this due to the relationship with your currency broker she waiting a few days to obtain a better rate due to the currency broker seeing an upward trend with GBP/EUR, adding a further EUR 1500 to the bottom line. So overall a EUR 3000 savings made by not using the bank.

Make Quick and Secure transfers in four easy steps

  1. Create an account -  Accounts are quick to set up and give you access to live quotes and the latest market news.
  2. Arrange your transfer - Talk to a currency expert about your requirements and agree on an exchange rate.
  3. Pay for your currency - Send your money to the broker’s account and they’ll send the currency to your nominated recipient.
  4. Transfer complete - Your currency will be in your chosen account ready for you to use.

If you would like some more information about currency exchange please click HERE or emailing on hello@thechoicealliancegroup.com.

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