An average of $6.6 trillion is traded every day in the world. The forex market is highly competitive, and more and more individuals and businesses use FX companies for their international payments instead of their banks. Here are three reasons why you should too:
1. You get better exchange rates
The most common selling point of foreign exchange companies is their ability to offer better-than-bank exchange rates.
High-street banks often charge transfer fees for each international transfer, on top of overpriced client rates. If you’re making regular monthly payments, this can add up to a significant amount. Using a currency specialist could help you avoid these extra costs.
Before proceeding with a transfer, it’s best to get quotes from several providers to ensure you get the best deal. Or, you could skip the hassle and sign up with CurrencyTransfer. We work with a network of regulated payment partners and automatically source the best quotes on your behalf.
2. You get access to a wide range of FX tools
Another valuable aspect of using a forex payments specialist is access to a wide range of currency tools. Below are some of the most popular solutions:
- Spot transfers: This is the most common foreign exchange solution to send money abroad. Spot transfers are popular to make fast transactions, allowing same-day payments in an efficient and secure way.
- Forward contracts: You can lock in today’s exchange rate even if you don’t have the funds available immediately, as the full payment can be made up to 12 months later. This ‘buy now, pay later’ model is particularly useful when purchasing a property abroad, for example.
- Rate alerts: This option allows you to set your desired rate and let the system monitor the market for you. It can be very useful if you are not in a rush and would rather wait until the market moves in your favour.
- Market orders: This execution tool is perfect if you are ready to book a trade but not happy about the current exchange rate. A market order will automatically book your trade when your target rate hits, no matter if it happens while you’re asleep or busy with life.
3. You benefit from personal guidance
When making transfers, expert guidance is key to find new and profitable solutions to your currency needs. An FX specialist can help create a tailored approach to your international payments.
At CurrencyTransfer, we offer a currency concierge service, allocating each client a personal account manager to guide them through each step of the process.
Even if you’re not yet a customer, don’t hesitate to contact us for your FX queries and we’ll be happy to assist. We also provide daily market updates with useful information about the latest news. You can receive them straight to your inbox by subscribing here.
Matthew Swaile
Copywriter
Florence Couëdel
Editor
