As you can imagine, we get asked many different questions by clients hoping to improve their currency exchange. With this in mind, we have put together some top tips to give you a useful insight into how to best execute your currency transfer.
1. Don’t leave it to the last minute
Talk to a specialist currency broker as soon as you know you are going to purchase currency. That way you will have time to secure a fantastic exchange rate.
2. Set a realistic budget based on the current market
Your currency dealer should explain to you what is happening and the general direction of exchange rates.
3. Don’t get greedy
If your target exchange rate is available, consider taking it. Otherwise you could lose out.
4. Set up a forward contract
If you have future payments to make, and your target rate is available, secure your exchange rate with a forward contract.
5. Try to avoid purchasing currency at the low of the day
The difference can be significant and your currency dealer can help you with this.
6. Look on websites like bbc.co.uk and yahoo.co.uk
This can help you find out what the interbank exchange rate is, and also what is influencing the market.
7. Always get confirmation from your currency dealer that your monies have been sent
8. Finally, think carefully if considering using a bank
Typically using a bank could cost you a significant amount more and they may not offer the same level of service.