After packing up your life and moving to a new country, you may find you need to either send money back home on a regular basis or else transfer it overseas. Using a bank might sound like the simplest way of managing such transfers, but is it?
Imagine you’ve relocated to sunny Spain but still own a property back in the UK which you need to make mortgage payments on. Your funds are now in your Spanish bank account, so you have to transfer the payments from Euros to Pounds every month. You decide to use a bank because it’s easier to monitor the money if it is all coming from the same place, but soon realise that you are being charged on each and every transfer. What’s more, the volatility of the currency market means the exchange rate your transfer is being conducted at can change significantly month to month. If you’ve encountered these kinds of issues, you may want to consider using a currency broker instead.
Unlike many high street banks, a reputable broker will not charge you transfer fees or commission costs for conducting your transactions. If you are required to make several regular transactions you could save a considerable sum by avoiding processing fees.
In addition, on average a good broker like TorFX can save you up to 3% on the exchange rate compared with high street banks. Even if you’re only transferring a small amount every month, the savings can really add up over the course of the year.
Brokers can also be beneficial when making regular transactions, such as mortgage payments, as they can automate the transfer so you never have to worry about late payments. With a Regular Overseas Payments service you can arrange for transfers to occur automatically on a pre-set date at a competitive rate of exchange. Some brokers will also assign you a personal Account Manager who will deal with the payments for you and keep you abreast of the latest market movements. Your Account Manager will have an expert knowledge of the currency market and able to answer any questions you might have.
In conclusion, a broker can offer perks which high street banks can’t and can help make managing Regular Overseas Payments easier, hassle-free and far more cost effective for you,.