Currency exchange – specialist services
Many currency exchange brokers will offer specialist services that can make your life easier.
If you really want to benefit from using a currency exchange broker, make sure you choose one that has your interests at heart. Rather than simply transferring money to an overseas account, or changing UK sterling into foreign currency for your next holiday, you want a currency exchange broker who is going to be proactive in ensuring that you never pay more than you have to.
Fixed currency exchange rates
If you are regularly transferring money overseas, or you have a payment which needs to be made by a deadline three or four months in advance, it may be worth taking advantage of a fixed currency exchange. Your broker can draw up the currency exchange contract at the current exchange rate, usually with just a minimal deposit. You only need to pay the total amount on the delivery date, and whatever currency exchange rate changes have taken place in between fixing the rate and paying the balance, you will pay the rate applicable when you took the contract out. This is a great way of making sure that you're not subject to currency fluctuations, and could save you a lot of money, particularly if you're making large payments.
Stop loss currency exchange
A "Stop loss" contract allows you to decide on a minimum rate for your currency exchange. Once fixed, your currency can be bought automatically at the best prices and won't be bought at all if the exchange rate suddenly falls. This protects you against unexpected losses.
Recurring payments
If you are making regular payments to overseas suppliers, maintenance companies for your rental properties, business partners, franchise operations or any other individual or business, you should make sure that your currency exchange broker can set up a favourable agreement for you. You could, for example, fix your exchange rate for as much as two years in advance and set up your payments so that you know exactly when the money will come out of your account, or use a dedicated currency manager who will make sure that you get the best possible currency exchange deal.
Foreign Currency Exchange Ltd is a commercial currency brokerage based in the UK. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money by getting a better currency exchange rate than your bank. The Foreign Currency Exchange buys currency at wholesale rates and can help you save money with our fast secure service. For more information contact us now, telephone +44 (0) 20 7989 0000 or email info@fcexchange.co.uk