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-   -   The importance of using a Currency Specialist + Tips on how to chose the right one... (https://britishexpats.com/forum/money-transfers-foreign-currency-exchange-market-reports-forecasts-all-intl-banking-topics-199/importance-using-currency-specialist-tips-how-chose-right-one-813686/)

Ian_Daly Oct 30th 2013 12:13 pm

The importance of using a Currency Specialist + Tips on how to chose the right one...
 
Foreign Currency
Buying property in a foreign country more often than not involves different currencies. What many people are unaware of until its too late is the charges the banks make simply to convert one currency to another. On average we can save our clients between £1,500 - £4,100 on a typical exchange of £100,000 into another currency.

Currency exchange
In the past most people would turn to the banks to obtain their exchange rate and buy or sell their currency. However, in recent years highly specialised currency companies such as Excel Currencies have infiltrated the banks’ monopoly on the supply of currency services and are now delivering more competitive exchange rates, a more personalised service and faster transfer times than the banks are able or willing to offer. Not surprisingly savvy overseas property buyers are now turning to these companies in ever greater numbers.

A guide to currency
British Expats have teamed up with one of the UK’s leading currency companies, Excel Currencies to take care of this. If you’re based in the UK, this will require you to initiate a currency exchange transaction from Pounds Sterling into the foreign currency.

It’s important to choose the right time to convert your funds to the new currency because if you don’t pick the ideal exchange rate, your property could cost you more than you expected. Excel Currencies is one such specialist foreign exchange company, combining financial expertise, the latest technology and a round the clock trading presence to ensure they secure the best possible deals for you. Their professionalism ensures you derive the maximum benefit from all your currency transactions with the minimum of hassle.

Send funds across international borders in all major currencies and benefit from better exchange rates. Getting the best rate for your currency can make thousands of pounds difference to the cost of a property. Using a high street bank may seem like the easy option, but using a specialist foreign exchange company is just as easily and usually works out much, much cheaper...

Making regular currency transfers?
Living or owning a property abroad may mean the need for regular money transfers back home, owning a property abroad may also require you to send money to pay bills and mortgages overseas. The difficulty comes when trying to budget your expenses with fluctuating exchange rates it can be impossible. Currency dealers such as Excel Currencies can make the process simple and cost effective. The regular payments abroad service covers such expenses as:

• Mortgage payments
• Pension transfers
• Salary transfers
• Rental income transfers
• Maintenance and living expenses
• Overseas school fees
• Any other regular currency transfers to overseas banks

Imagine having to arrange this every month, and what’s worse you will never know how much your accounts will receive because of currency fluctuations. Many banks would also charge you expensive fees that make the process an expensive way to live. The answer is to use a currency specialist like Excel Currencies…

Emigrating
Emigrating to Australia, New Zealand, America, Canada, South Africa or wherever it may be – save money with competitive foreign exchange rates. A specialist money-exchange broker will save you money with large purchases and regular payments abroad. Emigrating, living abroad, working overseas – you will need a specialist currency broker. Emigrating can be a huge step with many feeling mixed emotions about leaving home. Doubts may creep into your thoughts about are you doing the right thing. There will be excitement of the prospect of a new way of life, new job abroad and a new place to live. It is important that your money is secure and that your money transfers are not costing you the earth in bank charges and poor exchange rates. Work with Excel Currencies who provide specialist currency services and will make money transfers stress free. Best of all, they can save you money against your high street bank.

Forward contracts
Currency values can fluctuate quite dramatically in a relatively short space of time. Sometimes this goes in your favour, but at other times it can be a nasty surprise. Using a forward contract allows you to fix the price for a currency transaction, which gives you certainty about your future capital inflows and outflows… If you are looking to save on your currency transfers, we can help advise you as to the best way to go about it. We can help you find the most suitable foreign exchange specialist to suit your currency requirements.

If you would like more information on how to move your funds more efficiently and quickly whilst saving money at the same time, click on one of the banners or contact me on the details below.

British Expat Promotion
Excel Currencies are currently running a special promotion for British Expat members. If any member opens an account with us they will receive cost price currency on the first transfer they make under £10k. That means we will not make any profit on your first transfer just so you can see exactly how much better our service can be. After the first transfer we will put in place a guarantee to beat or match any rate you have being quoted. So you have absolutely nothing to lose by testing us out. :thumb:

All the best for now...........

Ian_Daly Nov 6th 2013 1:11 pm

Re: The importance of using a Currency Specialist + Tips on how to chose the right on
 
Hi everyone,

So, above you can see why it is important to use a currency broker and the sort of savings that can be made. What I would like to do now is give you guys tips on how to chose the right company and a recent case scenario of a client who contacted me.

When choosing your Currency Broker they should....
  • be FCA regulated and will have a number proving this.
  • NOT charge any transfer fees or commission.
  • send all payments as a same day transfer and not the cheaper SEPA payment that usually takes 3 days to transfer.
  • offer guidance on when the best time is to trade but also offer to send you up-dates when the rate is high and not wait for you to contact them.
  • happy to sign up to any and all regulatory bodies within our industry. MTA (Money Transfer Association), ICO (Information Commissioners office) for Data protection and the AIPP (Association of International Property Professionals)

Case scenario

I recently had a client who mentioned to me that she was getting the best exchange rate from the 3 brokers she uses by comparing rates with one another and letting them under cut each other.

This in principle sounds like the best way to achieve a very good rate and when I asked her what the best rate was she had received it was indeed very competitive.

However, I then asked her which out of the 3 brokers ring her up and give her up-dates on the exchange rate and offer to keep her up-dated prior to any up-coming trade? She replied with "none".

I then explained that while having 3 brokers undercutting each other to get the business in will mean a very competitive exchange rate, it will also mean that none of them will go out of there way and spend the time keeping you up-dated with any currency movements, simply because they know that after doing all the leg work and research you will understandably speak to the other 2 brokers to see if you can get a slightly better exchange rate.

She seemed to understand where I was coming from but I wanted to show her figures of the difference it can make.

So, lets say you needed to buy €100,000 within a week.

On Monday,
You ring up Broker one and they quote a rate of €1.1725
You ring up Broker two and they undercut and quote a rate of €1.1750
You ring up Broker three and they undercut and quote a rate of €1.1775
You ring up me and I say that were expecting some data tomorrow which should improve the GBP - EUR rate and you decide to wait till tomorrow

So by comparing rates you went from a rate of €1.1725 too a rate of €1.1775 which is a savings of £362.16.

The next day the data comes out positive and the GBP - EUR jumps up by 1 cent.

On Tuesday,
You ring up Broker one and they quote €1.1825
You ring up Broker two and they undercut and quote a rate of €1.1850
You ring up Broker three and they undercut and quote a rate of €1.1875
You ring me up and I quote a rate of €1.1860,

While this rate is not the most competitive, I have guided you to the best time to trade saving you more than ringing up all 3 brokers on Monday and comparing rates. So, by holding on till tomorrow you went from a rate of €1.1775 to a rate of at least of €1.1860 which is a saving of £608.66. You could easily ring up the other broker and go with the slightly better rate of €1.1875 or you could stick with me who saved you £608.66 by guiding you on the best time to trade and by sticking with me this will insure I continue to keep you up-dated and are always buying at the best time.

So, while comparing rates with all 3 brokers and letting them undercut each other will save you money, picking a broker that will keep you up-dated and informed on a daily basis can save you much much more.

I hope the above information helps in who you decide to go with and if you have any questions then please don't hesitate to ask?

All the best for now

Ian
...


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