Currency Transfers things You Should Do

Things You Should Do before exchanging Currency

As soon as you have a Foreign Exchange requirement you should contact a Company straight away. This will ensure that the account manager will have plenty of time to understand your full requirements and they can help you achieve the best possible exchange rate within your time scale.

Ask as many questions as possible. If you are uncertain of what is being said, get them to explain it in plain English.

If you have never exchanged currency before and your funds are in a different country to you, check with your bank that they will let you instruct an International Transfer (CHAPS) over the phone. If not you will probably have to send them a letter requesting that service. On small amounts 5,000 to 30,000 pounds you may be able to send Internet Transfers.

If you are sending money abroad, check if the receiving bank will charge you a landing fee. If that is the case many banks will reduce or stop any charges if you haggle with them.

If you are happy with the account manager and what he is telling you, register with the company. This will allow the account manager to work with you and keep you informed on rates, market data and the best time to exchange your funds.

Ask about Contract Options, These are free tools at your disposal to achieve more favourable rates