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Private Individual Foreign Exchange

Published on 7 February 2017 in More Information - Pages by Raffick Marday

Private Individual Foreign Exchange

Whether purchasing a property overseas, sending regular transfers for your living expenses abroad or simply paying maintenance costs on your holiday home, it is vital that as a private individual, the value of your base currency is maximised.

The best method of sending money overseas will depend on how much you need to send, how often you need to send it, and how soon you need it to get there.

Banks versus Non-bank Providers

Previous trends have seen the majority of private individuals using their bank to transfer funds abroad. In recent years, however, with the continued volatility of the economic markets, more and more individuals are looking at alternative options in order to stretch their money further and secure the best possible rate of exchange.

Fear as to the security of funds has meant that many individuals have shown a reluctance to move away from using their bank to transfer their money abroad. Recently, however, many individuals have realised the benefit of using the services of regulated non-bank providers and foreign exchange brokers who can ensure that the value of an individuals money is reached to its maximum potential and the costs of the transfers are kept as low as possible, and in some cases removed altogether.

So what are the main advantages of using a non-bank provider to facilitate your overseas payments?

  1. In most cases, non-bank providers such as Currencies Direct will provide you with a dedicated dealer who will be able to offer you a personal service and ensure that you are given the service best suited to your personal requirements.

  2. The rate of exchange in most cases will be far superior to that offered by the bank and in some cases could potentially save you up to 3% on the purchase price of a property.

  3. Non-bank providers often agree to send the payments free of charge whereas the majority of banks will place charges on every transaction.

  4. Many of the Overseas regular transfer plans set-up by non-bank providers allow for regular transfers to be sent free of charge, whereas banks can place a charge of anywhere between £10 and £40 on every transaction.

  5. It is free of charge to set-up an account with a non-bank provider and you are not obligated to use their services once you are a registered client.

  6. For those clients on a budget, non-bank providers offer forward contracts in order to secure a rate of exchange. This means that the value of your currency will not change between the contract date and your final payment, ensuring you remain within your budget when purchasing a property or making regular payments abroad.

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