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Article Directory :: Finance & Investment Articles
The use of a currency broker or money transfer specialist has become essential when trading overseas. High Street banks that do not specialise in this field tend to charge higher fees and secure less favourable exchange rates. So you can benefit from a money transfer specialists?
• Overseas property buyers and overseas property investors
• Companies that trade overseas
• Any one making large transactions abroad or regular payments abroad.
Overseas property buyers. Overseas property buyers are amazed at the savings that they can make on buying property abroad compared with buying property at home. A common mistake is not to research the currency market, adverse swings in the foreign exchange rates can wipe any gains made during on the sale of the overseas property. Currency brokers can book good exchange rates for long periods in advance therefore protecting the overseas buyer from the uncertainty of the currency markets. Exchange rates change constantly and 10% fluctuations in a relatively short space of time are not uncommon.
Companies need to find the best dealer too. Companies that are selling or buying services and goods abroad need to use a good currency dealer to secure the best exchange rate. Companies that do not plan their currency arrangements will find it impossible to accurately forecast their expenditure. Imagine securing a great deal only to have your precision financial planning ruined by the effects of ever moving foreign currency rates.
Anyone making large transactions abroad. Buying a car yacht or anything of value abroad requires planning from the onset. Currency dealers can provide accurate rate predications and could save you a great deal of money making the item or service you buy abroad even more of a bargain.
How to choose the right currency exchange dealer. The consumer has a huge choice of money transfer brokerages all will want your business so how do you sort the good from the not so good. Here are some features that a good dealer should provide:
Simple to open trading facility. Opening a Trading Facility should be hassle free and should take no more than a few minutes of your time.
Allocation of a personal currency dealer. The best brokers allocate you a personal Dealer who will monitor the currency markets on your behalf and update you accordingly, providing information on the best time to buy and sell.
Risk Management service. The broker should provide a comprehensive Risk Management Service to help protect you from adverse currency movements.
Speedy money transfers. Transactions should be processed faster than through the normal banking system the currency dealer should provide with instant telephone trading and worldwide transfers.
Extended Trading Hours. Nothing more annoying then a currency dealer that only available 9am to 5pm . they should offer extended hours allowing you to benefit from exchange rate movements outside normal banking hours.
Competitive exchange Rates. Ask your dealer to provide you with their most competitive rate and compare this with others
Booking rates in advance. Some of the major savings you may make on money transfers abroad are with booking rates in advance. Check to see how long the currency dealer can book your exchange a rate. Some of the better dealers can book your rate up to two years in advance.
Regular payments abroad . The dealer should provide facilities that enable you to make regular payments abroad your currency dealer should be able to : Fix the currency amount that you transfer each month Fix the currency amount that you receive Fix the exchange rate for all of your transfers. By fixing the exchange rate. You will know how much in your own currency you will pay and how much currency you will receive in your overseas bank account. This keeps your finances in control and takes the mystery of what amounts will be arriving in your bank account. Keeping you informed with market updates Your broker should be in a position to send you a daily or weekly market update, providing you with the latest information on market moves. This will help you make informed decisions
Established Business. You cannot pay for peace of mind this will come when dealing with an established business who will provide you with the security of dealing with a reputable and secure business partner.
SWIFT membership. Check to see if your currency dealer is a member of SWIFT (Society for World-wide Interbank Financial Telecommunications), the global platform for instant wiring of domestic and international money transfers. This provides increased speed and efficiency as well as more control over your transfers.
This all may seem a very tall order however most good currency dealers will provide the facilities mentioned.
Nicholas Marr is a lifetime property investor and CEO of Marr International Ltd a UK based property marketing company that is responsible for one of the worlds leading overseas property web sites at http://www.homesgofast.com .
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