If you need to make a currency transfer, you may wonder who to trust when moving your money overseas. While many people might consider a traditional payment method like a bank, many opt to use a currency broker specializing in foreign exchange transfers. We’re going to take a look at what you could use a currency broker for, and why many benefit from what they have to offer.
Why Should I Use a Currency Broker?
As specialists in foreign exchange, brokers can offer:
- Competitive exchange rates
- Fixed exchange rates for up to 12 months with a forward contract
- Expert market guidance from dedicated currency account managers
- Simple, regular overseas payments for pensions and salaries
- Quick and secure transfers when you need them
What Can I Use a Currency Broker For?
Now that we’ve discussed the benefits of using a broker, we’ll explore how you might want to use one for your next overseas money transfer.
Use a Currency Broker when Buying a Property Overseas
One of the great things about speaking to a currency broker is that you can lock in exchange rates up to a year in advance. This ability can be a valuable tool when you want to make a sizeable overseas transfer but aren’t sure when.
For example, a property purchase might take three months from start to finish, and in that time, the exchange rate on offer might vary significantly. If that’s the case, the amount you initially agreed to pay might differ from the amount you’re contracted to pay when it’s finalized. Locking in an exchange rate means you have some certainty as to how much your purchase will cost you, no matter how the market moves.
Alternatively, you might need to move a large sum of money overseas in the near future but want to take advantage of a positive market shift that’s happening now. By speaking to a broker, you can lock in a favorable rate and use it in the future to help you make more advantageous money transfers.
Speak to our team here to see if you could utilize a Forward Contract.
Use a Currency Broker when Emigrating, Relocating, or Retiring Overseas
You might be moving temporarily for work or study or relocating permanently for retirement. Whether it’s for a short time or a long time, we can help you move your funds abroad with competitive rates, as well as help you with regular overseas payments for pensions or salaries so that you’ve got the currency you need, when you need it.
Use a Broker when Repatriating an Inheritance or Sending Money to Family Abroad
You may need to send money to a family member living overseas, or you may need to repatriate an inheritance. Whatever you need, our account managers will take the time to learn about your situation and help you make the best transfers for you.
So, whether you need regular payments for salaries or pensions, want to buy a property overseas, or need to send money for another reason, speak to our dedicated account managers to find out how we can help you.
Open an account here to get access to live rates. Speak to our account managers about your currency requirements, here.
