Currency Transfers

Currency Transfers

Things You Should Do:

As soon as you have a Currency Transfer requirement you should contact a Foreign Exchange Broker straight away. This will ensure that the account manager will have plenty of time to understand your full currency 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. This will ensure that any currency transfers will go smoothly and that you are aware of all Foreign Currency Options to get you the best rate of exchange.

Things You Should Know:

If you have never made any Currency Transfers 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 transferring currency 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, what he is telling you and he can offer a good currency exchange service, 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 Foreign Currency Options, These are free tools at your disposal to achieve more favourable rates.