How a Specialty FX Provider Can Beat Your Bank When it comes to Sending Money Abroad
Choosing the right foreign exchange provider when sending money abroad helps you to protect your funds and maximize the amount you receive at the other end. Banks seem like the logical option, but they could in fact be restricting your options and costing you money. One partner we recommend is TorFX. Below you will find some additional information on using specialty FX brokers and the advantages they provide to people like you and me.
Better Exchange Rates
Just like when buying a new household appliance, when it comes to currency transfers it pays to shop around.
Overseas payments are just a small part of what a high street bank does. This means it has to be very profitable in order to make it worthwhile. Because TorFX devotes all of its time and resources to foreign exchange, they are able to offer competitive rates by passing the savings from smaller margins directly onto you as the customer.
A better exchange rate gets you more foreign currency for your money; potentially thousands on a large transfer. Add in the fact that TorFX charges no transfer fees and the savings provide a clear incentive to switch away from your bank.
TorFX has devoted a lot of resources to providing an award-winning service that covers all aspects of your currency transfer. Every new user is assigned a dedicated Account Manager who discusses their requirements and is able to offer guidance on the best type of transfer for their needs.
Once you have registered for a free-no obligation account, you will receive regular market news and analysis so that you can make an informed decision regarding when is the best time to send your money abroad.
As well as on the phone, transfers can be made at any time of day or night with the TorFX online platform or app.
The company operates segregated client accounts, meaning your money is kept safe and secure away from funds belonging to the business.
Advanced Transfer Options
TorFX can offer a range of options for sending money overseas that you may not be able to find in a high street bank. The most basic form of sending money overseas is to use a ‘spot transfer’ – an instant transaction at the going market rate, but there are many other choices.
‘Stop Loss Orders’ set a minimum exchange rate, slightly below the current going rate, that you want to trade at. Should the market weaken, your payment will be transferred instantly before you can lose any more money.
‘Limit Orders’ target an exchange rate higher than the current market rate. This way you can hold out for a better rate, without having to keep your eyes glued to the screen to make sure you don’t miss it.
If you know you’ll need currency in a few months, but the market is particularly strong now, you can use a ‘Forward Contract’ to lock in that exchange rate for future use. No matter what has happened on the markets, you get to use the rate you saved. With TorFX, you can save an exchange rate for up to two years, giving you the ability to plan and budget effectively.
Get More Out of Your Currency Transfers
TorFX processes billions of Pounds worth of currency payments every year, helping customers from all over the world to plan their international money transfers, conquer currency market volatility and make their funds go further.
Register for a no-obligation account today wth TorFX and benefit from great exchange rates, in-depth service and flexible currency transfer options.