Do you know the Top Ten Tips to Making Overseas Payments?
- Use a currency exchange specialist to make large lump sum transfers (e.g. property payments) and/or regular small payments (e.g. mortgage, pension, savings) – not a bank. By using a specialist rather than a bank you’ll save up to £40 on every £1,000 on better exchange rates and minimise, if not eliminate, bank fees.
- Don’t wait until the last minute to buy your currency for an overseas payment. Rather than being forced to take a poor rate at the last minute, discuss your requirements with a specialist and find out what options are available to avoid losses.
- Avoid currency exchange companies that pay their traders commission on each transaction. If the person you’re speaking with is earning a commission on your transaction, what do you think their motivation will be?
- Make sure that the company you use is FSA authorised and regulated by HM Customs & Excise. Otherwise they’re operating illegally.
- Hang up the phone if any currency ‘specialist’ tells you that they know where a particular exchange rate will be in the future. No one can foretell the future. Economists and market experts can study trends, speculate and come up with very good guesses; however it’s impossible to guarantee what a future exchange rate will be.
- Understand that exchange rates move every second – the price of a payment now will most likely be different in a few minutes and could be very different in a few days or weeks.
- As soon as you know you have to pay for something overseas, start to plan a strategy. Learn what your options are and consider ways to ensure your payment doesn’t drastically increase due to changing exchange rates.
- Know your threshold – ask your trader to secure the currency needed at an acceptable exchange rate before it goes past your ‘worst case’ scenario.
- If time is on your side and you have a ‘best case’ scenario, ask your trader to buy currency if and when it goes in your favour so to not miss the excellent rate.
- Make a commitment to yourself to avoid watching exchange rates after you’ve booked a transaction – this will only cause undue stress.
For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com
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