Showing posts with label Money Transfer Charges. Show all posts
Showing posts with label Money Transfer Charges. Show all posts

Monday, 1 July 2013

How to choose a currency specialist

Its important that you undertake the following checks when choosing a currency specialist:

• How long have they been in business?
• Are they authorised by the Financial Services Authority (FSA) under the Payment Services Regulations 2009? Companies that are authorised by the FSA have had to meet strict capital adequacy and business practice rules, comply with Payment Services Regulations and the FSA’s Conduct of Business requirements.
• Are they registered with HM Customs as an overseas money service business?
• Do they hold your money in segregated client trust accounts? (your funds are held separately from company funds protecting it from creditors).
• Do they have audited accounts on their website and how strong is the company’s balance sheet?
• Do they have professional indemnity insurance protecting customers from staff fraud etc.
• How many staff do they have and what turnover? (Obviously a large established company is more reliable than two guys in a back room, though it’s no guarantee).
• Do they have direct access to SWIFT? SWIFT is the world’s largest payments and settlements network for domestic and international trades. Direct access ensures you, the client, benefit from faster payments and enhanced security.

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How can foreign exchange rate volatility affect you?

As the exchange rates are constantly changing, an important aspect to your transaction will be the timing.
Here’s an example:

A European property priced at €200,000 would have cost £169,780 at the end of September 2010. Due to exchange rate movements, that same property would have been £8,791 more expensive at £178,571 just one month later.

In many cases, people don’t pay much attention to what’s happening to the exchange rate and simply leave their decision to make the international money transfer to the last minute hoping for a good rate, assuming, that without all the funds available, there isn’t much they can do.

Regardless of why you’re transferring your money, the larger the amount you’re looking to move overseas, the more important it is to maximise the timing of your transaction and minimise the risk that the exchange rate could get worse and make your money worth less. Remember, as soon as you decide to move overseas or buy and sell an asset abroad such as a property, you are exposed to adverse moves in the currency market.
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International money transfer charges explained

When making international payments, the costs fall into two simple areas: fees and the exchange rate. When shopping around and comparing one company to another, regardless of whether it’s your high street bank or one of the many currency specialists in the UK, it’s important to pin point both.

Fees - the key charges to look out for include transfer charges and overseas bank receiving fees.
Exchange rates - many companies claim to be ‘commission free’ then load the exchange rate. It’s also difficult to get hold of the exact rate and compare it, as some providers simply don’t provide the information.

Getting the most for your money actually boils down to a very simple question…
“How many Euros/ Dollars/ Swiss Francs etc. will I receive for my pounds, after all charges?”

Remember exchange rates often change by the minute, so to compare providers properly you need to do it one after the other.

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