When it comes to transferring money overseas you have two main options: using a bank or using a broker. If you wish to use a broker, this article will outline how the process works.
Research is Key
There are a number of currency brokers out there, all offering different services. Picking the right broker for you can seem a bit daunting, but taking the time to do a little research can make all the difference. Checking out online customer reviews can be a good way of getting a feel for a company, and reputable brokers usually include a review section on their websites.
Once you have selected a broker which offers the services you need, the next step is to register. Registering with a broker should be free and shouldn’t put you under any obligation to trade. The registration process is usually simple and conductible either online or over the phone.
Personal Account Manger
Some leading brokers, like TorFX, will assign you a personal Account Manager. Once you’ve registered they’ll get in touch to introduce themselves, have a chat about your requirements and outline ways in which you can transfer your funds. Brokers can offer a number of different transfer options which can be tailored to suit your needs so having a personal Account Manager can be of real assistance. If, for example, you wish to make regular transactions, your Account Manager can help you automate the process and make sure to secure you the best exchange rate possible on every transfer.
It’s worth mentioning that not all foreign exchange brokers offer an Account Manger, so choose wisely depending on your personal needs and what you may wish to do for future transactions.
In conclusion, the most important thing you can do is research. User reviews are always worth looking at to gauge a company’s reputation, but word of mouth recommendation and online searches are also a good place to start. For your own peace of mind, chose a broker which is authorised by the FCA and offers segregated client accounts. And to ensure you maximise the amount of currency you receive, use a broker which offers the services most suited to your requirements.