Moving a substantial amount of money abroad? Where do you start?
Money is moving and exchange rates fluctuate constantly, so where do you start if you’re looking to convert a large amount of currency?
Foreign exchange merchants are companies that deal specifically in this area, facilitating the movement of funds abroad for businesses and individuals alike. They differ from the more traditional avenues of exchange you’ll find on the high street. As specialists, they can provide rates that are even closer to the Interbank spot rate, which means you get by far the best value conversion. And, unlike banks they do not charge commission (most high street banks will charge between 2.74 – 4%), so you’ll make a substantial saving, especially when transferring greater sums.
There are now dozens of merchants that are specialising in Foreign Exchange, so it’s easy to look outside the regular providers on the high street and get the best deal for your money
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Make the most of great rates when they happen
Rates on the foreign exchange market are changing constantly, not only do foreign exchange banks offer rates that are closer to the Interbank exchange rate than other FX providers, but their brokers can actually fix a rate for you when it’s favorable – even if you won’t need the money for up to two years later. This can be especially helpful when buying property overseas as completion dates can often change.
Because these companies really only deal in large amounts (usually a minimum of £5000), it’s not really suitable if you are simply going on holiday or making a small purchase abroad. However, as specialists in their field – the secure and financially beneficial service you’ll get from Commercial Foreign Exchange banks is ideal if you’re looking to buy property, purchase a car, invest abroad or emigrate.
Some useful resources :
Forex – FXCM Micro is for traders who prefer the flexibility and convenience of trading in small (1K, 2K) lots, but are not willing to sacrifice tight spreads or quality execution. With FXCM Micro, you can open an account with as little as $25, yet trade with competitive spreads.