Why are more people choosing a currency exchange specialist rather than their bank?
We live in a fast paced world; we want to make good decisions quickly; we want to speak to people who know their industry inside out. Expertise is key in instilling confidence and it helps us feel we are making the best decisions.
Banks are good at providing a range of financial services, but currency exchange is not their area of expertise.
As we travel more, trade more and move abroad more frequently, our needs for a currency specialist is key, after all we all want to get the best rate of exchange for our hard earned assets.
Like the stock market the foreign exchange market, never sleeps trading 24 hours a day, 7 days a week over a trillion worth of currency transactions.
Regular swings in the exchange rate between different currencies are an everyday occurrence.
Recently we have seen an upsurge in the sterling against the euro, resulting in many businesses and private clients needing to move money quickly, securely and confidently.
Currency experts are well informed on market trends and they are good at understanding and identifying potential currency risks. After all, they are buying and selling currency every day of the week.
Exchange rate movements can make a huge difference to the amount of money you are transferring abroad, impacting on your overseas income.
As the managing director from a well-established currency exchange company, Foremost Currency Group, we are currently seeing an upsurge in our services from private clients seeking to maximise the fluctuating euro, so they can maximise their sterling for purchasing property in Europe.
Equally we are seeing more and more businesses share with us their currency needs as they try to time transactions to make sure their currency purchases are of benefit to their business, and ultimately, to their clients.
Changes in the currency rates are hard to predict. For example, if you can imagine the impact when you make a money transfer to buy a home overseas, the price has shot up by 5 – 10 per cent simply because of volatility in the exchange rate.
Also if you’re sending regular payments from the UK to your overseas bank account, wide variations in the value of pound means the value of your income will also vary.
Many of our clients send regular payments abroad from their pension to cover living costs or to service the mortgage or household bills on their place in the sun, so timing currency exchange is critical.
Banks are limited in the level of service they can provide clients sending money abroad, and that is why companies like ours are growing year on year. We know all clients are seeking great rate of exchange, market knowledgeable staff and confidence that their transactions will be secured and handled professionally.
And to top it off you will find our exchange rates can be better than high street banks, so what is there not to like about currency exchange companies.
Written by Robin McEwen, MD Foremost Currency Group
About Foremost Currency Group:
“We are committed to shaking up currency exchange by operating in a smarter, leaner and more efficient way, passing the savings onto you and getting you a better rate – every time you trade. Say goodbye to impersonal service and hello to your new dedicated broker. Committed to working on your behalf to get you the very best deal possible.” Robin McEwen, Managing Director
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