Success Stories: Practitioner's tips.
Shop around to get the best deal for your money. A small percentage difference in the rate can result in large savings. Mr. Andrew Hawkins
How did you go about finding the cheapest way to transfer £ 150,000 abroad?
I needed to transfer $150,000 worth of Euros in two months to Spain. First of all, I have realised that for my transfer, the difference between the cheapest and most expensive way of sending money abroad can run into thousands of pounds. In order to compare the best value for our money, I have asked my bank as well as FX specialists for a currency quote.
I must however stress the fact that when asking CurrencyChange Ltd. specialists about the rate, they came across knowledgeable and talked in terms that I could understand. We have discussed my requirements and plan how to achieve the best possible rate. If I have used my bank as opposed to CurrencyChange Ltd., I would have paid 4% more on the exchange rate and additional bank transfer fee and charges from the beneficiary bank in Spain. So the small percentage in the rate resulted in large savings.
Why CurrencyChange Ltd. if there are hundreds of currency specialists in the UK?
I have carefully selected currency specialists to make sure that they offer not only better exchange rate but also afford the same security as banks. I have checked if CurrencyChange Ltd. is authorised by The Financial Services Authority (FSA), the institution responsible for regulating the activity of companies in the financial sector. Having proof that they meet a range of rigorous requirements, I was confidant to deal with them.
Service was important too. They took the hassle out of money transfers by advising on the best time to make payment so that I could get the best possible rate. And ultimately, it really comes down to how you feel about the exchange company. The key is to feel good about the broker you're dealing with.
What advice would you give other people sending money abroad?
Take time to understand currency exchange and how it will affect your budget. The important question to ask is how you will manage the foreign exchange risk? Rather than leaving it until the last moment, contact currency specialists from the very start. You will then have more control over the rate at which you buy your currency and eventually a bigger currency savings.