It's your money...

  • The exchange of currency will probably affect each and every one of us at some point, whether in our private lives or within a work capacity.  Be it a few hundred pounds worth of holiday spending money or a large corporation paying international suppliers, the need to transfer funds from one currency to another will be found somewhere along the line. 

    When considering living or working abroad, many individuals do not take into account the costs of transferring currency.  There are many complicated things to consider when emigrating, but how to maximise the value of your money may not be included in the train of thought as many people are not aware of the options available to them and the savings they can make in comparison to using their bank.

    Say you need to exchange your monthly salary from working abroad back into your base currency to pay the bills or mortgage back home, or you are making regular trips away to look for your dream place in the sunshine (not to mention paying the tapas and vino bills!)... The fact of the matter is, that the trusty old bank you have always used will no doubt NOT be giving you anything resembling a competitive exchange rate.

    When you next log in to your online banking, take a look at the last international transfer you made.  I wonder how the exchange rate the bank gave you compares to the actual market rate on that day.  On top of that, they will probably have charged you for the privilege of moving you own money - this type of bank charge is completely unnecessary and is pure profit for the bank.  How much could you have saved if there were no fees or commissions on your transfers?  What if you could have secured a competitive exchange rate saving you between 2% to 6%?  How about the possibility of agreeing a fixed exchange rate for a given period of time, which could help with budgeting and eliminating the stress that can be caused by fluctuations in a volatile and unpredictable market?

    Safety of your funds will always be a primary concern and is one of the reasons that many people continue to use their bank for international payments.  In choosing a currency broker who is authorised by the UK's Financial Conduct Authority, your funds are fully protected and are held in secure, segregated client accounts as required by law.

    For more info, a no-obligation quote or just to have a chat about your currency needs, please don't hesitate to get in touch at: sev.edmundson@premierfx.com or call me on 0034 673 725 460