Foreign Exchange Transfers
Foreign Currency Exchange
Regardless of whether it for business or an eagerly awaited holiday, foreign travel broadens the mind like nothing else but it is important not to forget the essentials before jetting off, this includes the all important local currency. Due to the advent of modern technology such as the internet, international money transfers and the like have become much easier and it many cases the transactions only take a matter of minutes but there are costs associated. Foreign business exchange is an extremely competitive sector with a plethora of companies all vying for your business, for this reason it pays to shop around before you engage the services of any one company. Here at Money Compare Transfer we provide you with the information needed in order to make an informed choice. Amongst other things we provide news, reviews and comparisons between various companies to ensure you get the most from your money and ultimately the best value from your holiday or business transaction. Please take your time to browse our site thoroughly and see how we can help you save money for the better things in life. If you require any further information please do not hesitate to contact us.
As many foreign exchange transfer business are aware of comparison sites such as Compare Money Transfer it is natural to assume that they will want to offer better terms than their competitors which is why we predict the amount of visitors to our site will increase significantly in the coming weeks and months. The mistake most people make when talking to providers of any service is falling for their smooth sales patter and more often than not paying inflated prices for the products or services they require but with internet use on the rise around the world people now have the means to check for themselves. Compare Money Transfer provide details about every product from major providers in the sector and all data on our site comes from reputed sources to ensure the information is accurate and up to date. After using our comparison site to find a potential provider a potential customer can call the company direct and clarify any terms and conditions. On our site you will also find a detailed set of terms and conditions, these are designed to be jargon free and are intended to protect your interests as well as our own, please read them carefully.
Business or Pleasure
Even in todays so called cashless society there is still a real need for cash in many places especially in developing nations and in cases when wallets and credit cards are lost or stolen, this is why our particular sector is thriving. Going back to the internet and more specifically the world of e-commerce many people are not happy about sharing their card details online and prefer to make all payments in the form of a transfer or similar. This is especially relevant for companies that do business in the Far East which is generally regarded as the world’s manufacturing hub as many of the manufacturers only accept cash in advance. To cut down on the sometimes hefty costs involved in international transfers many companies that source products from Asia are turning to sites such as Compare Money Transfer in order to get a better deal. Both business people and holiday makers are all subject to fluctuations in foreign exchange markets and that is a fact of life in most cases but when it comes to commissions and charges people do have a choice and by checking out our site you can explore these choices.
At Home or Abroad
In the case of holiday makers the best foreign exchange commercial rates are often found in the country they are travelling to, this information is sometimes not given by their bank or currency specialist in their home country, some independent advice prior to jetting off is essential. If a large amount of cash is needed and it needs to be transferred electronically from overseas there are generally some charges levied. If you should come across foreign exchange quotes that are too good to be true we would advise proceeding with the utmost caution, using an unlicensed exchange specialist or similar can at best result in a loss of all the money and at worst investigation by the Police. When transferring any money overseas it is recommended that one of the well known companies is used such as the companies featured on our site, they may cost a little more than some of the smaller firms but that is more than compensated by the peace of the mind you will feel in the knowledge that you’re a dealing with a recognised service provider. Good value and reliable exchange is readily available, all it takes is a little research.
Foreign Exchange Quotes
When it comes to financial transactions of any shape or form, independent and impartial advice is essential. Resources such as Money Compare Transfer with no commercial interest in your particular requirements are able to provide well balanced advice in order to find the right company for your requirements. A popular reason for wanting to transfer money is buying an overseas property, your broker or agent may recommend that you do the transfer via themselves or their associates but this is by no means compulsory. Property costs are usually quite substantial and may involve more than one exchange foreign so finding the best deal with the best company is essential, the advantages of taking this independent approach could result in savings of hundreds or even thousands of pounds. Like buying or engaging any service it does pay to shop around and by using our comparison site we hope you find the right solution for you. For the most comprehensive source of FX companies and their products please keep returning to our site for the latest news and developments and if you have any further questions please contact us at your convenience.
Spots, Forwards, Stop Loss, Limit Orders, Market Watch, Regular Transfers
The language used by international currency brokers can often seem daunting and impenetrable. Therefore Currencies Direct, the pioneer of the non-banking foreign exchange industry, have compiled the following glossary of terms to help make sure you understand exactly which currency product is right for you.
The interbank rate can be applied to a variety of financial products including Foreign Exchange, interest rates etc. Simply put it refers to the rate at which banks trade with each other. The interbank rate is a reflection of the live trading rates between banks and is used by Currencies Directs’ brokers to generate the spot rates we offer to our clients.
A spot rate is the actual rate offered by the currency broker at a precise moment in time. Obviously as the market is moving constantly the spot rate is only available at the time it is given and not at any time after.
A spot trade is the actual rate accepted by the client and therefore the rate at which the currency is bought.
A forward contract is an agreement to buy currency today at an agreed rate but take receipt of the money at any point up to 24 months from that date. A forward contract only requires a 10% initial down payment by the client at the time of booking. Any further draw downs have to be settled at that time.
This is a very powerful tool used by canny investors to eliminate the currency risk inherent in buying off plan property. To illustrate this lets look at two examples. Client A and Client B both agree to purchase identical off plan properties in Spain for $100,000 with a payment schedule of:
Payment 1: 30% – Immediately
Payment 2: 30% – After 12 months
Payment 3: 40% – After 18 months
Client A sends the money by using spot transactions on each payment date but unfortunately during that time the £ loses value and he gets the following rates:
- Payment 1: $30,000 at 1.46 = £20,547.95
- Payment 2: $30,000 at 1.28 = £23,437.50
- Payment 3: $40,000 at 1.16 = £34,482.76
- Total = £78,468.21
Client B – Books the entire amount at the same time using a forward contract
Payment 1: $30,000 at 1.44 = £20,833.33
Payment 2: $30,000 at 1.44 = £20,833.33
Payment 3: $40,000 at 1.44 = £27,777.78
Total = £69,444.44
As you can see Client B saves over £9,000 on the property purchase simply by booking a forward contract. Therefore it is always wise to look into whether a forward contract could suit your requirements.
A limit order is an order that is placed by a client that has restrictions upon its execution. The limit order could be either an upper or lower limit or either a buy or sell order.
market watch As the name suggests this is simply a way for the client to monitor the market without actually having to do it themselves. As with a limit order if a client is looking to achieve a particular level for their transaction then once the client informs the dealer of this level the dealer will monitor the market and as soon as it is possible to offer that the dealer will let them know. The client is then free to make a decision to trade at that point.