9 Tips for Better Exchange Rates
This is a guest post by Peter Lavelle from Pure FX.
Planning to move abroad? Then one of the most important things is transferring funds before you leave. Leave this to the last minute for instance, or use an unprofessional service, and you could receive a bad exchange rate. This of course is the last thing anyone needs before emigrating!
To get better exchange rates then, I’ve put together some helpful tips. They cover everything from getting good exchange rates to making a transfer secure. Good luck!
Plan the transfer in advance. Not planning to emigrate for some time? Then think about transferring your funds beforehand. This could protect you against drops in the exchange rate closer to the time.
- Find out what’s influencing the market. This could help you decide if now’s a good time to transfer.
- Look at websites like the BBC. These provide the interbank rate, letting you know if the rate you’re being offered is a good one.
- Don’t get greedy. If your target rates becomes available then take it, since all too often the markets drop again before long.
- Avoid commission. You shouldn’t have to pay extra charges or commission when you transfer, so be careful to avoid these.
- Watch out for the banks. Banks are non-specialists in foreign exchange, and so rarely offer the best exchange rates.
- Look for a dedicated currency broker. You can save thousands when you use a dedicated broker, as well as receive personal guidance.
- Check the security credentials. To ensure your funds are protected when you transfer, make sure the broker is directly authorised by the FSA.
- Request confirmation. To make sure the transfer has succeeded, request a receipt from your broker.
About Peter Lavelle and Pure FX
- Operating since 2006.
- Directly authorised by the UK’s Financial Services Authority no. 504354.
- Registered Money Service Business regulated by Her Majesty’s Revenue and Customs, registration number 12253231.
- Principle bank is Lloyds TSB.