Take Control of Foreign Exchange Money Matters and Trade Currency

Sending your money back and forth abroad is becoming an ever more complex undertaking - what with fluctuating (and even nose diving) exchange rates and multiple FX brokerages seemingly offering you ‘the best deal,’ it’s tricky to know where to look if you want to move money efficiently and cost effectively.  However, the good news is that new developments in the foreign exchange industry are actually making it increasingly easy for you to control your money and even achieve great savings on your foreign transfer payments.

Whether you need to move money to aid emigration, offshore investment or property investment, or you’re sending funds to family or to pay bills internationally, it certainly makes sense to explore all your options if any of them can potentially save you time, hassle and even money…

At Shelter Offshore we have again teamed up with independent money transfer price comparison website http://www.SendMoneyHome.org to detail how new online developments are giving the public more transparency and, more importantly, greater control over their finances.  If you want to take control of your foreign exchange money matters and be better informed, learn how you can trade currencies and get back in the driver’s seat when it comes to your finances, read on…

In recent times we have all learned to be much more suspicious of financial institutions: having bailed out banks in Britain to the tune of billions with our hard earned tax, and then having seen the value of our savings and investments plummet too, we just don’t trust the banks to deliver on any level anymore.  So nowadays what people want when it comes to their money is transparency – and transparency right across the financial sector too.  We all want to understand what is happening to our money and to have some control over it as well.

As previously explored on Shelter Offshore, SendMoneyHome.org has made users of their website and readers of this website aware of the benefits of using an FX broker over their high street banks when transferring any money anywhere overseas.  An FX broker will give you access to potentially much better rates of exchange and provide security for your money - and there will generally be no fee charged on the transfer either.

The independent money transfer price comparison website found that on average, using an FX Broker can save you between 1 and 5% per transfer, plus the accumulated fees.  To put that in clear terms – an example of a 2.5% saving on a £50,000 transfer would be a saving for you of £1,250!

Furthermore, you need to bear in mind that most banks charge you a fee per overseas payment: for example, Barclays charge £25 per transaction.  If you make one such overseas payment a month then, on fees alone, an FX Broker could save you £300 per year.  When you add this to your potential saving of between 1 and 5% per transfer through superior exchange rates, it’s clear you or your business can make a very significant saving indeed just by ‘shopping around’ and finding the best broker offering you the best rate of exchange and transfer deal.

The good news doesn’t stop there though! 

There are now more and more FX brokers and currency specialists who are making it easier to send your money overseas having developed online, automated portals that put you totally in control of your money transfers.  Similar to an online banking system, these online international currency portals allow you to access live currency market feeds, track exchange rates, deal for yourself and keep a record of your foreign currency transactions, all via new automated software.

According to Helen Scott from 4X Currency Corporation: “Currency rates can change by the second and sometimes they can move very quickly in just a few minutes, making a big difference to the cost of your transaction.  By the time you have telephoned a dealer you may have missed the rate you wanted.  To follow the rate changes you would need to be constantly phoning up and asking for a new quote!  By using an online system you are in control of watching the rates and pressing the button when you want to.  You can see exactly what you are getting, and can take control of your own FX trades.”

In short, the benefits of these online, automated international currency portals include: -

• Transparency and real-time tracking

• No transfer charges

• No commission charges

• Allows the business or individual to take control of money transfers

• Wholesale dealing rates

• Execution only system passes savings directly on to the customer

• Simple transfer process

• Fast and cost effective

• Save time transferring through the automated platform

• Security (every provider of this automated service should be regulated by the relevant Government body in the country they operate in)

According to Leigh Payne of Voltrex FX: “The technology provides integrated currency services at the touch of a button.  Our one-stop solution, for example, enables you to monitor your desired exchange rates, buy and sell, place market orders, view balances and statements, and make international payments all at your convenience.  Our online users profit directly from sharper pricing, safe in the knowledge Voltrex Ltd is authorised and regulated by the Financial Services Authority.”

How the International Currency Exchange Online Process Works

Once you have registered with your chosen FX company or provider you will receive a username and password.  The next step will be to log in to their automated system and buy currency at live rates with whatever amount of whichever currency you wish.  All trades are confirmed instantly, and customer service is on hand to deal with any issues you may have.

The development of this technology has been an important step in returning the power to the customer.  Users are now able to access the Forex market at their own convenience and exchange their money at the best possible rates.  As well as potentially saving thousands of pounds per transfer, there is the additional comfort that you are in control of your money, you will be able cut through the complexity and jargon and, at the click of a button, you can put yourself back in the driver’s seat when it comes to your money matters.

For a more detailed discussion of the many FX options available to you on these online platforms,  please visit http://www.sendmoneyhome.org/channels/online-money-transfers  or our earlier article: “Easy Guide to Internationally Transferring Money for Expats and Property Buyers,” where the facts, the features and the benefits of such options are explained in more depth.

SendMoneyHome and Shelter Offshore are always eager to stress that checking the regulatory credentials of a foreign exchange specialist is imperative.  Security is the leading priority when transferring funds, and using a reputable dealer will ensure that the beneficiary ultimately receives their money.  As a basic bottom-line, ensure that the FX business is regulated by the FSA and registered by HM Revenue and Customs as a Money Services Business.

http://www.sendmoneyhome.org and it’s sister site http://www.sendfundsoverseas.com independently compare the best value services offered by Money Transfer Operators and FX brokers - every provider listed on either site has been vetted by the company and is fully regulated.  Shelter Offshore is not affiliated with any company mentioned in this guide.