Currency exchange save money use a currency broker for the best exchange rates
July 2, 2009 Leave a comment
Do you know the advantages of using a Currency Broker for you Currency Exchange?
Typical savings against high street banks can run into thousands of pounds, and you can secure and guarantee exchange rates for up to 2 years ahead, for peace of mind in avoiding volatility in the foreign exchange markets.
The specialist currency broker offers several ways to buy, send and receive your foreign currency. No two requirements are the same and therefore they will make sure that you get the most suitable contract for you. Here are some examples of the options open to you:
Spot Contracts – for the best exchange rates available. If you need to transfer money quickly, at the best available exchange rate, you should use a ‘Spot’ contract. Your currency will be available as soon as you have paid for your contract – typically 2 working days after the order has been placed.
Forward Contracts – for a guaranteed rate up to 2 years ahead. If you know that you will need to buy currency, but don’t need to take delivery yet, a Forward Contract could be perfect for you. The exchange rate can be fixed up to 2 years ahead, giving you the peace of mind of knowing, in advance, how much you need to pay, while protecting yourself against adverse market movement.
Time Option Contract – for a guaranteed rate up to 2 years ahead Similar to a Forward contract a ‘Time Option’ contract can be fixed for up to 2 years ahead, you can set up a contract to draw down the currency in part, for example when several stage payments are required over the course of a property build.
Overseas Regular Payment Plan – for smaller, monthly or quarterly payments. If you have an overseas mortgage, or a UK pension or other income to send abroad regularly, the automated Regular Payment Plan offers an excellent solution. There are no bank charges in the UK or abroad, no commission, and transfer charges of only.
If you are interested in knowing more about this we can put you in tocuh with number of Currency Brokers who have provided a good service to help clients purchase their Tenerife Property, or transfer finds on a regular basis.