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Posted November 30th, 2011 by Charles Purdy

Interview with a Smart currency trader

The traders at Smart Currency Exchange are always on hand to help clients save money when transferring money abroad. Every day the traders at Smart Currency Exchange help clients move money either to or from the UK, whilst finding them the best rates and saving them hundreds, if not thousands, of pounds compared to if they’d used the banks’ rates. They are able to advise clients on the best time to transfer money and which contracts would suit their individual financial needs and situation. 

David Comber is one of Smart’s longest serving traders and knows all there is to know about saving money on exchange rates. Here, David explains how he saved one memorable client a lot of money…

Hello David. You’ve worked for Smart Currency Exchange for a number of years now – can you recall the most money you’ve ever managed to save a client?
Obviously, any saving, no matter how big or small is a success. After all, saving £100 might not seem like a lot but that’s a great meal out for a family of four living abroad! Any saving is a good saving, that’s what I’m here for! But I do remember one client, a lady who was moving an extremely large amount of money (and by that I mean over £1million) and for whom I managed to a huge amount of money through a competitive exchange rate and forward contract.

What advice did you give the client when she enquired about moving money?
When my client first called she explained that she and her husband were purchasing a property in Italy and they needed €1,900,000. She had obviously been keeping an eye on the rates and knew that at the time they were very good.
However she was slightly concerned as she didn’t need to send the money abroad for a further six weeks. She told me she was concerned in case the rates changed for the worse. It was then that I suggested my client take out a forward contract. This is ideal for when the client is happy to pay the current rate but doesn’t need to move the money straight away. The forward contract allows the client to secure an agreed favourable rate for use in the future. So if the rate has taken a fall for the worse, the client still gets to transfer money at the better rate, thus saving money.

And what happened when the client eventually moved her money, did she make a saving?
She most definitely did! A few weeks later my client called me again, ready to move the funds. So I checked the rates for her again there and then and they had dropped by around 2 cents. Now that might not seem like a lot (if you remember she was transferring nearly €2million) but we worked out that if she had decided against taking the forward contract and had instead purchased the day she wanted to move the funds, instead of in advance, then the euros would have cost her an extra £35,000 or thereabouts! That is a lot of money to lose for the sake of 2 cents. Needless to say she was really grateful to have had the option of the forward contract.

So there we have it, no matter how much you are moving, Smart will find a way for you to get the best deal on your exchange rates. Call today to see how they can help you. For a free report on how Smart Currency Exchange could save you money when you transfer funds abroad, click here

For your free report on how Smart Currency Exchange could save you money when you transfer funds abroad, click here

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