With uncertainty and global risk appetite causing some significant swings in the markets it is as important as ever to shop around to ensure you are getting the best deal when sending money overseas.
Unfortunately for many the first port of call when making a large international transfer is to approach your bank and this in many cases can be a clients first mistake. When making international transfers the banks can often include a significant spread on the currency, in some cases 3-4% over and above the mid market and advertised rate commercial rate. When using the services of a specialist foreign exchange broker this spread can be significantly reduced saving clients thousands of pounds.
What is the best contract for me?
Through utilising the services of a money broker this gives clients access to more complex contracts in an attempt to safeguard your exchange rate. This could include the use of a forward contract whereby for a nominal deposit clients can pre-book an exchange rate for delivery at an agreed date in the future.
Other contracts that are also available include the use of stops and limits giving the clients an opportunity to target a desired rate but at the same time setting a worst case scenario to cover against any significant adverse market movement.
Should you wish to discuss our service in more detail then please get in touch
and one of our currency specialists will contact you to discuss your requirement.
Labels: Currency, getting the best deal on my currency, Getting the best Exchange Rate, international money transfer