5 reasons to use a foreign exchange service for currency transfers
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There are many reasons you may need to make international payments. You may have a one-off currency transfer to make such as converting a lump sum when emigrating to a foreign country, or regular payments, for example, a mortgage, property maintenance costs or education fees. Whatever the reason, you may want to consider your options and find the best service to support you with your international money transfer.
Using a specialist currency transfer company gives you access to expert guidance, a range of exclusive tools and products, lower transfer fees and more competitive exchange rates compared with the average high-street bank.
If you need to send money overseas and choose to do so through a foreign exchange service provider, you can benefit in the following ways:
1. A foreign exchange service offers better value for money
When you need to send money abroad, one of the first things you are likely to look for is the best possible exchange rate. While most high-street banks can provide a transfer service, a currency specialist can usually offer a more competitive exchange rate.
Whether your payments are small or large in value, you will be eager to find a way to send money abroad that is easy on your pocket.
2. Foreign exchange services enable you to plan ahead
The best currency specialists also provide you with tailored guidance to help you to understand the ups and downs of the currency market and show you how to use transfer tools to budget ahead.
For example, if you need to make regular money transfers, you can fix the exchange rate for future payments for up to two years using a currency forward contract ( a deposit may be required).
In addition, some providers are able to notify you if an exchange rate reaches a level that suits you, or can help you place a market order to book at a preferable rate.
The currency market is hard to predict, but specialist foreign exchange services can offer value for money, convenience and peace of mind for the future.
3. Foreign exchange services are convenient
The best currency transfer companies provide you with a secure online account and access to an app, allowing you to make transfers and manage your payments at the touch of a button, whatever time zone you’re in. Whether transferring currency outside your country or receiving money from abroad, these can make a big difference.
You can also make a one-off international money transfer, or set up regular payments – for example to repay the mortgage on your holiday home, pay education fees or send regular funds to family overseas. This means you don’t have to waste time manually making your overseas transfers every time you need to send funds.
4. Foreign exchange services offer specialist tools and products
One of the most valuable aspects of using a great international payments specialist is access to a wide range of currency tools. As well as being able to log in to a secure online platform and mobile app to make an overseas payment quickly and easily at any time, there are also tools and products that help streamline the transfer process from start to finish.
For example, you can ask your foreign exchange specialist to target and track your desired exchange rate. Then, if the rate is reached, the transfer can be made on your behalf, even while you sleep, meaning you can get back to your busy schedule rather than constantly checking the rates.
5. Foreign exchange services offer a human touch
Last but certainly not least, using a specialist provider of foreign services means receiving a more tailored experience when dealing with international payments. There are often times when you simply need to speak to an expert to put your mind at ease. Technology may be what gets your money from A to B, but having someone to call when you need expert assistance in relation to your hard-earned money is an indispensable and reassuring part of the process.
When making big or small transfers, you can benefit not only from more competitive rates and transfer fees but also from expert guidance at every step of the way, taking the stress out of the process.