Picking a Good Currency Specialist!
Picking a Good Currency Specialist!
All currency exchange companies offer the same type of contract and exchange options and they all buy money from the same market but at different rates. Now the foreign exchange industry is heavily policed and regulated nearly all follow similar procedures but the main difference is the quality of the service can vary widely and feeling comfortable dealing with your currency broker.
Ask yourself the following questions: as it really comes down to how you feel about the foreign exchange company.
Is the company you are looking at wanting to charge a set-up fee or upfront fee? – If this is the case do not use them, instead report them to us and we will be more than happy to investigate the company.
What you may / should pay for is this:
- The currency (at the agreed rate)
- If there is any transfer fee imposed by your bank
- If there is any transfer fee your overseas bank might charge to accept transfers
- Depending on the amount there may be a transfer fee for transfers under £10,000.
Questions you should ask yourself before you open an account.
- Does the foreign exchange company representatives explain everything in plain english which is jargon. The process should be explained and they should provide you all the information you need so you fully understand the process.
- While talking to the foreign exchange trader, does it sound like someone that is simply doing their job or does the foreign exchange trader give you the feeling that they have you and your money best interest at heart?
- When talking to the foreign exchange trader are you passed from pillar to post with more than one person dealing with your currency transfer or are you talking to a dedicated specialist who will give you their full attention?
- Does the foreign exchange company specialise in property purchases and understand the tricks of the trade to save you transfer fees banks may impose on either side of the transfer.
- Does the foreign exchange company offer additional resources such as weekly currency updates or daily new reports?
- If this is a requirement for you, can the foreign exchange company set up an account quickly – in hours?
- The key is to feel good about the company and the broker you’re dealing with. You want to ensure that your money is in safe hands!
All the currency transfer companies listed on Compare Money Transfer and pass our quality control guidelines where all are registered and authorised by the FSA. All companies listed operate segregated client accounts so if the company fell in to trouble your money would still be safe.