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Currency and foreign exchange for emigration or buying property overseas

Currency and foreign exchange for emigration or buying property overseas

Old Nov 28th 2002, 10:29 am
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Joined: Nov 2002
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christianb is an unknown quantity at this point
Default Currency and foreign exchange for emigration or buying property overseas

I have recently come across BritishExpats.com and noticed a number of messages regarding the subject of foreign exchange and currency transfers.

I have worked in this area for several years, (and still do) and have seen various aspects of this industry (both good and bad). I would like to pass on my own comments, thoughts and observations. I would always suggest that you make your own checks, and get independent expert advice if needed.

The chief concern has got to be security over your money. An attractive sounding exchange rate is all well and good, but should not hide far more important facts.

1) Client trust accounts. These do provide some protection, but not as much as you might think. They do not protect against fraud, and your money is not guaranteed in the event of a company going bust.
2) Deliverable foreign exchange is not regulated as an activity. This is one reason why it is so easy to set up a foreign exchange company in this field. To do your trade in a regulated environment you have to deal with a regulated company.
3) Your funds are as safe as the organisation that you are entrusting them to, and the people that control it.
4) The FSA (Financial Services Authority) does not regulate this area as it is not an investment activity, but a number of FSA regulated companies (banks and brokers mainly) do offer foreign exchange for individuals.
5) Do your homework. You are talking about spending a large amount of your money.

I would be more than happy to talk to individuals about this subject, and as I work for an FSA regulated broker (Sucden (UK) Ltd.) I am able to offer clients a foreign exchange service in a regulated environment, with competitive rates.

Christian Baker
[email protected]
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