How much could you save by transferring money overseas with TorFX?
When you’re making foreign exchange transactions it’s important to weigh up your options to help you get the most for your money. Once you’ve done a little research you’ll find that using a currency broker can come with many more benefits than using a bank. Not only can they offer a more competitive exchange rate (often beating the banks by up to 3%) but a reputable broker like TorFX won’t charge you any commission or fees like a lot of other establishments will.
So let’s look at this in action; if you’re planning to transfer £250,000 into Euros to buy a property abroad, a broker like TorFX may offer you a Pound Sterling to Euro (GBP/EUR) exchange rate of 1.3840. That means when you exchange your Pounds for Euros you’ll receive €346,000. Now, if you went to a bank instead, they may offer you just 1.3424 Euros for your Pound. Therefore, your £250,000 would only be worth €335,600. That means you could gain a massive €10,400 just by using a currency broker like TorFX, rather than another forex provider.
The savings don’t stop there though; it’s possible you’d have to pay transfer fees and commission with another institution a reputable broker like TorFX works on a fee and commission-free basis, meaning you always get more for your money. Additionally, there are other perks to using a broker; rather than waiting on hold to speak to someone at a call centre (which can be time consuming and costly), some currency brokers will assign you a personal Account Manager who you’ll have a direct line to. As well as being able to speak to your Account Manager whenever you want, you can benefit from their specialist insight into the latest market movements and currency trends. Markets can experience some major swings, and as Account Managers spend the entire day focused on exchange rates, they’re in an excellent position to offer guidance and help determine the best time for you to transfer your funds.
Additionally, brokers like TorFX can offer you the option of setting up a forward contract to allow you a certain amount of protection against dramatic market movement. If you like the current market exchange rate, your Account Manager can fix it for you, up to two years in advance of your trade. That way if the foreign exchange rate shifts out of your favour, you’ve still got the favourable exchange rate you agreed on prior to the movement.
In summary, it’s important to research the options available to you when you’re making a foreign exchange transaction, but you may find that you could save a considerable amount of money with the help of a broker.