Making an overseas money transfer can be a tricky business, and therefore you need everything you can get to make the process easier and more cost-effective. Currency brokers are essential parts of the process, especially if you partake in a lot of foreign trade.
A currency broker is someone who takes your money and exchanges it for the currency you require. To make an actual exchange you do not need a currency broker; however you will need one if you are not overly-familiar with how exchange rates work or if you need to make regular money transfers. Currency brokers often will hold your money for a while after they take it from you if the exchange rates at the time are not good; they will exchange it for you when the exchange rates pick up. This means you can save a substantial amount of money in the long term.
Having a dedicated currency broker is beneficial because you get to know them, which means they can advise you in a much more personal way than they would if you met with a different broker each time. Eventually, they will begin to learn about you and your business, so they will truly understand your needs and expectations from your transactions, which is very important.
At Pure FX, we can provide you with a dedicated currency exchange broker who will ensure you get the best deal possible, making the transaction more cost-effective and efficient and therefore significantly easier on you and your company.