Benefits of a Specialist Provider of Currency Exchange vs. a Bank
Many people ask me ‘What are the benefits of using a specialist currency exchange vs. a bank? You might think that it’s simpler to walk into your branch and exchange your money there but that’s not actually the case.
Four benefits of a currency exchange vs. a bank
1) Better exchange rate
Specialist currency exchange services often provide a better rate of exchange than you can find in your high street bank. This is because specialist currency exchange providers operate at higher volumes, so they have access to better rates than banks.
The exchange rate is not the only factor though – you must be careful not to pay high additional processing fees. High-street banks can charge fees of up to £30 for a single international transfer. Some charge a percentage of the transaction which can quickly add to the cost. This could be substantial if you’re making regular monthly payments.
2) Convenience
The convenience of a currency exchange vs. a bank means that managing your currency transfers online is much easier than having to visit a bank branch. The best currency transfer companies provide you with a secure online account , allowing you to make transfers and manage your payments quickly and simply. If you need to make regular monthly payments overseas to pay a mortgage on an investment property, education fees or send money to your family, you can set up a transfer on your account which means you don’t have to waste time manually making your international payments every time you need to send funds.
3) Dedicated account manager
Currency exchange providers will get to know their account customers personally, so that you receive a tailored service to exactly meet your needs. Banks aren’t specialists in currency exchange, so they are unlikely to provide the personal touch. A dedicated account manager can answer any questions you may have about your international payments, ensuring that you are kept informed about any changes and guiding you through the process step-by-step for a stress-free experience. Whether you are a private client or a corporate customer, your dedicated account manager will provide all the support you need.
4) Specialist knowledge and tools
Your specialist currency exchange provider will have a deeper knowledge of the currency markets than your high street bank. This means they can manage your transaction to ensure you get the best possible rate and, if you regularly transfer money, you can ask them to track exchange rates, plan ahead to mitigate against movements in rates and set up forward currency contracts if you want to fix the rate in advance. Opening an account with a currency exchange provider is usually free, with no obligation to trade, so you can research the market in advance and get market insights from their website or app.
If you’d like to find out more about the benefits of using a currency exchange vs a bank, especially if you need to make regular payments, we’d love to have a chat.
Contact us on our UK number 0207 435 7052 or our USA number 516 548 6485 or email info@movingcurrency.com
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