Many companies in the United Kingdom trade with overseas businesses and will need to organise large money transfers on a regular basis. By using a high street bank to deal with their money transfer, a company could be losing large amounts of money on a regular basis, which added up over a year can be a considerable amount.
Many people in the UK have homes abroad, usually holiday homes and after the initial payment for the property will send regular money transfers overseas to pay bills and maintenance costs. Once again, if you are paying high foreign exchange rates as well as high commissions you will be paying a lot more than you expected which can also make it hard to budget.
A specialist currency broker can make the whole process much simpler for private citizens as well as companies. As a broker spends all his time studying the exchange rates and looking for the best deals, he will be able to advise you of the most favourable rates at any particular time. Here at Pure FX we are able to give professional advice regarding forward transfers which will secure an advantageous exchange rate for you for a fixed period of time. This can save you a great deal of money making your business transactions or property purchase much cheaper.
Dealing with the exchange of foreign currency can be a challenging task, especially if you have no prior experience with foreign exchange rates. Many people will go straight to their local bank and accept whatever rate is advised, which can cost a lot of money - particularly on a large purchase.
Selecting a company that you can rely on is imperative, especially as you may be dealing with large sums of money. The company you choose should be researched carefully, ensuring that they are regulated by Her Majesty's Revenue and Customs.
