Currency Brokers vs High Street Banks? So who offers the best exchange rate? Thousands of people send money internationally every day from making a remittance payment to buying a property overseas. Especially businesses who pay for importing and exporting, wages or products overseas. Now to make international money transfers is a safe, simple and same day process.
The era of hundreds of currency brokers trading from home or setting up a company because their boss is making more money has now stopped. Money transfers is a regulated industry to protect business and consumers who have the need to send money overseas. Due to the liquidation of several foreign exchange providers, the Financial Conduct Authority changed the way business funds and consumer funds are held.
Any company that makes money transfers internationally have to have funds in place to ensure first the business can sustain itself for a long period of time without any cash injections. In addition, all funds received have to be held in a segregated client account. Money transfer payments are all to be conducted from this account. Plus all companies that trade currency must be FCA-authorized or FCA regulated. A company code of conduct and complaints process in place so someone will listen to your issue and not sweep it under the carpet.
Compare money transfers Ltd is the first website to start providing consumers and businesses information on making money transfers internationally.
FX compared give you more than just a list of currency exchange companies, FX compared provide detailed analysis information so that when you are ready to transfer your money overseas you can choose the best foreign exchange company for your needs.
There is a long list of currency exchange companies to choose from and they all provide a good sales pitch, but our team at compare money transfer go into more detail when looking at each currency exchange company, most companies state they can trade all currencies but this is rarely true in fact some will actually partner with another foreign exchange provider to get a kick back a trade the currency.
Compare money transfers provides you more than just comparison tables, we provide you the whole picture about the companies listed. A website where you can monitor the exchange rate and if you are too busy we will monitor the rate for you with our free rate watch facility on our mobile app. In addition to our differentiation charts. We provide live currency calculators and historical data so you can see the currency movements for any currency pairs.
You get currency account manager you can talk to and one that understands what you need they will save you money irrespective of the exchange rate and is on your side.
The process is simple for opening a currency account and making a money transfer. Using my currency transfer tables, choose a company and complete an online application to open a currency trading account. Provide proof of address and identification. The currency exchange compliance team will process your account, where you will then be able to buy and sell currency as and when you require.
Now buying and selling currency becomes simple to do. Just remember your currency account manager are experts in this field, so speak openly about your requirements and let them know what currency pairs you are looking to deal with and an indication of timescales. The more detail you can tell your currency exchange manager the better the relationship will be. Consider placing a currency order such as a stop loss or forward contract securing the best deal possible.
Once happy they will book in the currency order for you to confirm, give the authorisation to confirm of transfer and send the total funds to the segregated account only. When the funds are cleared in the segregated account the money will be transferred to the recipient's bank. Once the foreign exchange payment is completed you will receive a notice of confirmation that the funds have been dispatched to the recipient.
Some money transfer brokerages will send you a text message to state a completed money transfer deal or they will send a confirmation email. Remember when you are making international money transfers it is not just about the transfer rates, confirm timescales for transfer of funds.
Money Transfers comparison website works in partnership with some of the best foreign exchange companies in the UK and now offer you more than just a comparison service, Compare currency services offer you alternatives to using your high street bank when transferring payments internationally overseas.
Unlike some of our competitors, my currency transfer can guarantee to beat any high street bank when transferring over £5000 and offer free transfers with a selection of approved foreign exchange companies. Complete our free currency audit form in the menu or optionally open an account with one of the companies that have an application form on our site and see how much you can save on transferring large payments internationally.
Locate a Western Union branch near you, find a Western Union money transfer branch near you? Using our WU Pay search for a town or even a branch name.
Considering purchasing an overseas property? Monitor the currencies rates with our free rate watch tool and we can tell you when the currency exchange rate hits its target. Getting pre-planned currency exchange rates could save on currencies transfers when buying a property overseas. Save even more by locking in your foreign currencies transfer rate using a regular payment plan where you can lock in the rate for up to 2 years advance.
If you are buying currency get some help from the professionals. Compare Money Transfers provide a free online resource that shows you the costs of various providers when sending money to dozens of different countries. Lovemoney.
Paying too much for your currencies then use compare currencies transfer websites Compare money transfer services, which will offer you alternatives and more competitive rates than your banks. Financial Times.
Companies like Crown Currency & Interchangefx going into liquidation and leaving thousands of people without their currencies. Independent currency comparison websites like compare money transfer rates are more important than ever.
When I was looking to retire to France a year ago I was in need of transferring money in order to pay the deposit on my retirement flat. Compare Money Transfer helped me find the best rates and the best deals – a great service if like me you are not familiar with the financial goings on of the currency markets.
Comment written by Gayle Davies Derbyshire UK.
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