How to Pick the Best International Payment Provider for You…
International payment providers, or currency specialists, are similar to banks in that they help their customers to send or receive money from overseas locations. In most cases, money is sent to Cyprus for the payment of a property, mortgage payments or pension transfers. And in various instances, funds from Cyprus may be transferred abroad to top up a savings account or pay bills back in the UK.
Regardless as to whether money is coming or going, when making an international payment, funds need to be exchanged from one currency to another and then transferred to the onward destination. Whether you use a bank or a currency specialist the actual products and overall process are pretty much the same across the board. The difference, however, is in the level of service that you ultimately receive.
But before service…when choosing a currency and international payment specialist, it’s paramount that you pick one that is regulated by HM Customs and Excise along with being registered with Companies House (both verifiable over the Internet). You’ll want to ensure that you’re working with a legitimate organisation – one that is safe and has a record of happy customers.
Another often overlooked, yet massively important aspect is to verify that the funds you’re sending are 100% covered by the bank or institution that they’re going through. Most currency organisations have accounts with UK banks that only guarantee up to £50,000 (if things go bad) whereas some have accounts in Ireland where the funds are 100% backed by the Irish government.
The motive of your currency organisation representative is also a key component to consider. Most currency specialist organisations pay their Traders a commission on the margin achieved during each individual transaction. Similar to a car salesperson, when you work with a currency trader working on a commission business model, you may get a hard sale, have to listen to scare tactics and overall get a less than great exchange rate. If you’d like to avoid this approach there are a few organisations that do not pay traders on commission and are in business to serve rather than to ‘get what they can take’.
Finally, but probably most importantly it’s often best to go with your gut instinct. If you’re communicating with an organisation and they’re talking jargon or spouting out information that makes you feel inferior, they’re not the right people to do business with. You want to feel they’re offering good information in the form of comprehensive client literature, educational reports and solid communication.
Picking the best international payment provider comes down to doing a bit of background research and then testing the waters. Once you know they are legitimate, give them a call and find out which one provides the highest level of service for you.
Charles Purdy is a Director at Smart Currency Exchange Limited – the only international payment specialists in the UK who work specifically to help people save money on regular transactions such as mortgage or pension payments. What’s more, Smart are the only international payment specialists in the UK where traders are NOT paid on commission – ensuring you get the best exchange rates every time!
So to move money overseas, including funds for pensions, property purchases and also the repatriation of funds back to the UK, why not go to www.SmartCurrencyExchange.com for further information, or if you prefer, just telephone us locally on (00 357) 26030213.