Corporate & Business foreign exchange specialist for Businesses. Best international money transfers rates. So, open currency exchange account for Intl payments.
Business Foreign Exchange Options?
Money exchange plays a very vital role in today's global market. Consequently, High-frequency trading, advancements in technology and accounts has made business transactions more complicated. Especially, for those who are trading (sell and buy goods) on foreign land.
Most people are clueless when it comes to exchanging their money. Ordinarily, people use the most convenient way; they just veer toward airport or train station and directly change their money.
Whats the best way to compare international business money transfers services?
Well, there are several factors intake into consideration so consider the following guide points when selecting currency exchange providers. Also, consider comparing not just the rates but timescales providers.
What are the Fees and Charges? - If you are sending money overseas and it will be on a regular basis for your business you need to check what fees are payable and speak to them about options on how you can save or even reduce these charges.
What Transfer methods are available? - Foreign exchange companies vary in the methods in which they can send your money to find a currency company that suits your companies money transfer needs. Such as do they offer?
Processing timescales? - How long will it take for the money to arrive at its destination? High street banks do take the longest but not on average all major currencies the average timescale is one day. Most companies can offer faster payments which means the money sent should be at its destination within a maximum of 2 hours. For all exotic currencies, it can take 24 to 36 hours depending on the timezone of that country. For example, sending a business currency payment to Hong Kong? Due to the time difference and the time the currency trading desks open and the bank's trade? It is not possible to do the same day but next day only.
What Currencies pairs do they do? Does the foreign exchange company offer more than just the major currencies? Do you have to convert to major currencies only such as you have to send Euros, Pounds or US Dollars? Do they support other currencies? Can you send and receive that currency?
Please note that most foreign exchange companies will say they can send and receive US Dollars. But the fact is there are only two companies in the world that can provide this service. The reason for this is due to American law the money transfer company has to be registered. And trading in the state they want to send money from the USA to another country. With 50 states in America, You have to be registered with everyone. Most money transfer companies opt to just be registered in Florida.
Receiving Money options. Most currency exchange providers offer a facility where money is paid directly to the registered business bank account given. Also, the same for the bank account you nominated overseas. Track the payment from start to finish to comply with money laundering regulations.
Account Managers. An account manager can be a massive asset to your business to use. So, use and abuse them for all the information they can offer. They are there to make money! And the only way they can do that. Is to get you to transfer your business money on a regular basis. So the more they can provide you with an efficient, fast and problem-free service. Most companies will go back.
Communication & Tracking? Check out the options for communication so does your account manager offer the following?
Do they offer Currency options such as?
Forward contracts. - Does the currency company offer Forward contracts option? Forward contracts are the ability to lock in an exchange rate today for a currency transaction you will do later. This can be up to two or three years into the future depending on the company.
Limit orders. - Does the currency company offer limit orders? Limit orders the ability to specify your target exchange rate? This currency option will automatically execute once the exchange rate available.
Regular Business Transfers. From paying salaries to paying supplier invoices. No matter the reason regular business transfers happen. And setting up these payments so you know you have secured a good rate. And the regular payment plan was taken by direct debit. So you know staff and suppliers paid on time.
Reviews and feedback. Of course, it does pay when you spend the time to research businesses that offer international money transfer services. And will over time save you not just money. But the security of funds and peace of mind knowing your money arrives every time. So does foreign exchange providers ask for your feedback? This is the best way to gauge the service.
FCA Business Foreign Exchange - Is the money transfer business regulated and or authorised by the FCA? If they are not DO NOT USE THEM.
Top 10 Business Money Transfers and the criteria for choosing the best foreign exchange provider depends on market share. Competitive price, innovative technologies, customer services and much more. Here's the list of top banks who are best providers:
· North America- Bank of American Merrill Lynch currency account.
· Western Europe- Deutsche Bank currency account.
· Nordic Countries- Noreda currency account.
· Central & Eastern Europe- Société Générale currency account.
· Latin America- Citi business currency account.
· Asia-Pacific- ANZ business currency account.
· Southeast Asia- DBS Bank business currency account.
· Africa- Standard Bank business currency account.
· The Middle East- National Bank of Kuwait currency account.
Can we do Business Foreign Exchange online?
Apart from aforementioned banks, you can also contact FX research analysis. Corporate currency hedging and online trading systems.
Some online trading systems are:
· Bank System- State Street Currenex.
· Independent agency- Thomson Reuters.
· Retails- FXCM.
For a business person who is working in another country, currency exchange is an added factor in their regime. Managing cash flow, keeping customers and suppliers happy, controlling costs are some of the things he has to face daily. While customers demands can be catered easily, it is important to get right money
for your values when exchanging things. So have a look at the questions you should ask while exchanging currency from an exchange provider:
What's the exact Business margin?
Mostly exchange providers and banks are very coy when it comes to margins they sum up on their exchange rates. You may find a difference between the currency you get and its real value. So you should know how the exchange rates are evaluated and how much margin they had built on total rates. If an agency is charging
heavy makeup on their exchange rates, it means they are charging a commission fee.
Want a good exchange rate, what to do?
If you are planning for an overseas business or want to campaign in another country, you will need foreign currency. But if you can wait, you will get a better rate. However, you can also get more money by placing an order for the desired trade at you particular rate.
When will you receive your exchanged funds?
Managing cash flow and moving money to accounts is very common scenarios in any business operations. Money flow takes place swiftly. The sooner your domestic bank transfer funds, quickly the respected bank receive it. It's only the extra charges and delays that are taking more time, leaving you with less money.
Consequently, Foreign Exchange Businesses have too many options to make funds exchange internationally. And if done properly can lead to a higher value of a currency.
What's the press saying about our company?
Top 5 Foreign Exchange Companies