When it comes to moving money overseas, many people might automatically plan to use a bank without considering their other options. For your next international money transfer, it’s worth exploring the possibilities and speaking to a currency broker. Brokers can offer you competitive rates, expert guidance, and a personalized service. In this article, we’ll look at how using a broker, such as Evolve Currency Management, works, and the benefits of speaking to a currency specialist ahead of your overseas money transfer.
Here’s how we move money overseas in just a few simple steps…
1. Speak to an Expert and see what Could Impact Your Transfer
When you speak to our Evolve Currency Management team, you have a dedicated account manager by your side. This is a great first step, because you can discuss your foreign currency requirements, and use their experienced market insight to determine any factors that may cause exchange rate fluctuations for your currency pair. Find out more about why exchange rates move, here.
2. Open an Account and Agree on a Rate
When you speak to one of our account managers you’ll get access to live rates, so you’ll know how much your transfer could cost you using current data. Whether you want to use a spot contract to move money right away or lock in an exchange rate to use later with a forward contract, our currency experts will guide you through the process. You can open a private client account here to get things started.
3. Move your Money to our Account Ready to Convert
When you’ve spoken to your Account Manager and agreed on a rate, it’s time to send your money to our account for us to convert. Our team will let you know exactly where to send your funds, and you can contact us if you have any questions. We send you notifications throughout the process, so you’re always kept up to date.
4. Receive Your Funds in Your chosen Account
Once we’ve received your funds, we’ll convert them with the agreed-upon rate. Once completed, we’ll send your foreign currency to your designated beneficiary account, ready for you to use—it’s as simple as that!
Want to find out more about how we can help you get competitive rates of exchange for your next international money transfer? Reach out to us today to start a conversation with one of the team.
Alternatively, visit our FAQ page here to answer some other questions you may have about using a broker.