Are you planning to send money abroad or complete an international payment in the near future? Then there are several factors you should consider: for instance how to get the best exchange rate from the currency transfer service, and how to ensure the transfer is secure. Choose the wrong currency broker for instance and you could lose lots of money.
Fortunately then I have compiled a list of useful tips - take these into account before you send money abroad and you could make big savings.
The first thing to research before you send money abroad is the credentials of the currency transfer service. Some foreign exchange brokers for instance are directly authorised by the Financial Services Authority: this means they maintain things like designated client accounts that guarantee the safety of the transfer. These currency transfer services are the ones to look out for.
Choose a currency transfer that's not authorised by the FSA on the other hand and you could lose a lot of money. This is because non-FSA authorised currency brokers do not keep important security measures in place. If the currency goes bust then you could lose your money.
The second thing to research before you transfer money abroad is which foreign exchange broker offers the best exchange rates. These differ because various currency brokers offer different margins: some look to make more profit than others. Hence it can pay to do research before you send money abroad.
Of course if you choose not to research the exchange rates before making the transfer you could lose lots of money. This is because you can't take advantage of fluctuations in the exchange rates: the markets change constantly meaning people who pay most attention to the markets make the biggest savings.
The final thing to consider before you send money abroad is the foreign exchange market itself. This is because the exchange markets are changing constantly. For instance it's a good idea to take advantage of positive rates before they go down again - rather than hoping they increase more. This is because no one can guarantee which way the markets will move.
So there you have it! Take it into account these tips the next time you send money abroad or choose a currency exchange service, and you can expect a secure transfer and the best exchange rates.
Fortunately then I have compiled a list of useful tips - take these into account before you send money abroad and you could make big savings.
The first thing to research before you send money abroad is the credentials of the currency transfer service. Some foreign exchange brokers for instance are directly authorised by the Financial Services Authority: this means they maintain things like designated client accounts that guarantee the safety of the transfer. These currency transfer services are the ones to look out for.
Choose a currency transfer that's not authorised by the FSA on the other hand and you could lose a lot of money. This is because non-FSA authorised currency brokers do not keep important security measures in place. If the currency goes bust then you could lose your money.
The second thing to research before you transfer money abroad is which foreign exchange broker offers the best exchange rates. These differ because various currency brokers offer different margins: some look to make more profit than others. Hence it can pay to do research before you send money abroad.
Of course if you choose not to research the exchange rates before making the transfer you could lose lots of money. This is because you can't take advantage of fluctuations in the exchange rates: the markets change constantly meaning people who pay most attention to the markets make the biggest savings.
The final thing to consider before you send money abroad is the foreign exchange market itself. This is because the exchange markets are changing constantly. For instance it's a good idea to take advantage of positive rates before they go down again - rather than hoping they increase more. This is because no one can guarantee which way the markets will move.
So there you have it! Take it into account these tips the next time you send money abroad or choose a currency exchange service, and you can expect a secure transfer and the best exchange rates.