A Brief Overview of Foreign Exchange

Contributed by TorFX , 12 December, 2013

For expatriates, international investors, travellers and individuals/businesses with personal or corporate overseas dealings, transferring money abroad is an important consideration.

There are several ways of exchanging one currency for another, and many people assume that using their bank is the easiest and most cost effective solution.

However, by looking into your options and getting in touch with a reputable currency broker you could save a significant amount of money.

The process of transferring money overseas through a bank can often be slow and costly, as most banks charge commission, add on a transaction fee and fail to secure the best exchange rate available.

Currency brokers, on the other hand, offer clients competitive exchange rates on reliable, swift and secure transfers. They also don't charge transfer fees or commission, so you could save hundreds a year in added costs.

Meanwhile trading your funds at the right time and securing the best possible exchange rate can make a massive difference to how many Australian Dollars you get for your Pounds (or how many US Dollars you get for your Euros!)  

Exchange rates are volatile; fluctuating by as much as 10% in a matter of weeks as a result of economic, social, political and even environmental developments, so keeping on top of market movements can take up a lot of time.

Currency brokers are there to track currency fluctuations for you and keep you informed of the best time to make a trade.

Furthermore, as foreign exchange specialists, currency brokers are usually able to offer a wider range of contract options than your bank and can tailor their services to suit your personal requirements. 

So, if you've got currency to exchange or are considering a foreign investment, look into your transfer options and get more for your money. 

Tags: business | currency | Currency | individuals | expatriates | investment | Australia | services | environment | fees | trade |

 

 





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