Posted on: 20-05-2020 in Finance
Whether you work abroad, own a property or make regular international currency transfers for a mortgage or a pension, a currency transfer provider is the best solution when you want to save some of your hard-earned cash.
If you use a bank to make international money transfers, you already have a taste of how expensive it can be because of poor exchange rates and hidden fees. Although the majority uses banks for currency transfers due to lack of knowledge, there are smarter and cheaper ways to transfer money and save some cash in the process.
A currency transfer provider is the best bank substitute service when it comes to making international money transfers. In recent years the currency transfer services sector has expanded exponentially with large firms joining it and offering new options to clients. Providers such as Transferwise and Worldfirst are considered top players in the market thanks to their large marketing budgets, but surely you wouldn’t like to be paying for their promotional plans with your money.
Smaller sized services such as Clear Currency can offer comprehensive solutions responding to the market’s need for an independent and unbiased currency transfer service, helping both corporate and private clients. Clear Currency’s team with its several years of experience in the FX market aims to deliver high-quality service with greater brokerage efficiencies and a more proactive approach.
Rebecca Hooton, International Sales Director at Clear Currency notes that “Clear Currency has been assisting businesses and clients since 2010. The company was formed by ex-treasury bankers to bridge the gap between banks and currency brokers, by offering truly independent advice and assistance to those with international currency transactions. We offer clients significantly cheaper exchange rates than the banks with no hidden costs or fees. When you open an account with Clear, your dedicated account manager will guide you through the process of using the services step by step to get your money from A to B stress-free.”
Let’s see how you can benefit from using a currency transfer service:
While your long-lasting relationship with the banking representative at your local branch makes transactions look easier or cheaper, this is not always the case. Banks tend to charge exorbitant commissions and fees which take a toll on your budget. Whether you want to make a one-off money transfer or you are planning some recurring payments, bank fees may surprise you and become a major problem. Currency transfer services offer competitive exchange rates and transparent transfer fees, transferring your money across the world in an efficient way.
The FX market is probably one of the most volatile markets in the world which means that even if you have the right amount of money now, no one can guarantee that the value of the British Pound, the US Dollar or the Euro will be the same in a year. Currency transfer providers such as Clear Currency offer the option of “forward contracts.” A forward contract fixes your exchange rate where it’s currently at so that, even if the exchange rate fluctuates in the future, you get the rate you’ve locked in. A forward contract protects you in case the Pound slumps due to any possible financial or political development and guarantees that you will move forward with your plans without problems.
Most currency transfer providers are fully regulated businesses, giving you peace of mind regarding regulatory compliance issues and safeguarding your funds during the transfer process. Before making a money transfer abroad, check if the currency transfer provider you intend to use is licensed and regulated by an institution such as the Financial Conduct Authority (FCA) in the United Kingdom and others.
Investing abroad means that you will have to make international money transfers. We have partnered with Clear Currency as our recommended currency exchange provider. Our currency transfer experts will guide you through every step of the process and make sure that you get a tailor-made solution to match your budget and reduce the cost. Get in touch with our advisers by sending an e-mail to [email protected] and benefit from our services.