Foreign Exchange Dealers
When transferring money overseas, don't let foreign exchange be an afterthought. If you are planning to buy a property overseas, or emigrate, then understanding how to buy currencies is vitally important.
By using a foreign exchange dealer you will have the following benefits:
- Less bank charges.
- The exchange rate that a dealer would arrange for you would be based on the commercial or interbank rate, whereas your bank will use the tourist rates. So even though your bank may say they are not charging you commission, you are still not getting the best rate. There is a wide margin between these two rates.
- If you are transferring lump sums overseas then your dealer will be able to offer a number of different solutions to help make the transition cheaper and easier. For example, if you feel that the current exchange rate is at a good level, then your dealer could fix the current exchange rate for you until you are ready to transfer your funds overseas. Your dealer is able to fix the rate for up to 2 years.
- If you are making monthly payments to an overseas mortgage, then you can fix the exchange rate for up to 2 years, so your monthly payments will always be the same. This means that you no longer need to worry about fluctuations between currencies.
If you need to transfer money today, or fix an exchange rate for a transfer in the future, or arrange a regular monthly transfer then our Forex partners can help you.
If you would like a foreign exchange account manager to contact you directly, please complete this contact form