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Save Money on Foreign Exchange?
By admin | July 21, 2008
It is surprising just how many people take the trouble to investigate the ins and outs of the buying process yet overlook one very important area which could save them money. If you have your money in Sterling or Dollars or anything other than Euros, it is almost certain that you are going to have to deal with some form of foreign currency exchange company. The immediate reaction is to use your bank. For some this is valid but for many private individuals the bank will not give you the best rate available. The use of a specialist foreign exchange company can save you £ Thousands on your purchase.
However, you need to exercise care because at the moment FX dealers are not regulated by the FSA. Make sure you choose a dealer with a track record. Your funds should be held in a safe clients account until the Euros are released so that you are not at risk if the company goes to the wall.
Currency dealers can usually beat the rates offered by your bank because they are highly specialised in the currency markets alone. They forward-buy currency on your behalf so that you know what to expect and can budget more accurately.
Topics: Essential reading, Share your wisdom |
July 21st, 2008 at 4:49 pm
This is very true. With the stress of buying a property people often forget how much the rate of exchange can affect the amount they will eventually end up paying.
For those in particular who are purchasing a property for investment purposes, not shopping around can seriously cut into their bottom line profit. Yet using a currency exchange specialist is incredibly simple to do.
Registration is usually free and a customer adviser will talk you through the process. For most it is just a case of filling out a form with your details and including an original, certified copy of your passport/drivers license and either a recent bill or bank statement (as long as it has your current address on it).
Unlike the banks, which use an average of the daily rates, a currency exchange specialist will seek out the best rate and inform you when it’s reached. They don’t add on huge mark-ups, commissions and money transfer costs and generally the rate you’re quoted is the rate you pay; there’s no hidden fees. It can quite literally save you thousands of pounds.
They can also help limit currency risk by fixing an exchange rate for you up to 2 years in advance which gives peace of mind and is invaluable when trying to budget for cost ahead of time.
When looking around for a company it’s extremely important to find one that is registered with HM Revenue & Excise to ensure your funds are secure.
Currency Solutions
The Foreign Exchange Specialists
Tel. +44 (0)207 740 0000
Fax +44 (0)207 990 8080
http://www.currencysolutions.co.uk
October 10th, 2008 at 6:57 pm
Have used Currency Solutions twice in the last three months and have found them to be helpful, professional and very efficient in handling the exchange of GBP into euros. If you are changing even small amounts for use in Europe I recommend his company.