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Posted November 24th, 2011 by Charles Purdy

Why using a currency specialist is safe

It is only natural to feel a bit wary if you have never used a currency specialist to transfer your money before. The majority of people feel safer by sticking to what they know, ie their bank, however this typically costs more money than using a currency specialist.

Banks are a good way to exchange money if you need spending money for a holiday, but for larger sums it is much more cost effective to use a currency specialist. Banks offer exchange rates that are up to 4% worse than what a specialist can offer, and they set their rates in the morning each day which means they make money even if the rate changes throughout the course of that day. Specialists such as Smart Currency Exchange can help you to get a rate which suits you as they negotiate with the market floor directly.

Banks tend to charge hefty fees to transfer money abroad for you. A bank also has a limit on the amount of money they can secure for you; this is usually around £50,000. Smart Currency Exchange’s client accounts are held with both the Bank of Ireland and Barclays and can secure a higher amount of money for you.

When choosing a currency specialist, try and choose one that employs traders who are happy to answer any questions you may have about how they work or how they make money – transparency is always a positive sign. When looking for a specialist you should also ask if they make you feel secure – do they offer free and useful information and are they regulated by a UK financial service?

Smart Currency Exchange, for example, is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services. Never use a company that is not regulated by the FSA.

Three of the ways Smart Currency Exchange ensures total protection for its clients’ funds include:

• Segregated bank accounts – Clients’ money is held in a separate account, away from the operating accounts, which means that as a client your money is always safe. This means that even if the company goes bankrupt, your money is secure.

• Operating funds within the business – Smart’s permanent capital is kept within the business and is enough to meet the needs of on-going requirements of the business.

• Key personnel – Those who hold senior positions within the company are regularly vetted to ensure they are capable of running such a sensitive business.

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


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