Making the most of your Foreign Exchange and International Money Transfers

by  Geraldine Collett, Halo Financial  / Posted on

When you relocate to a new country it is likely you will have to exchange currencies/transfer money either before or after arrival in your host country. The currency market fluctuates all the time, which is why last minute and poorly planned money transfers can cost you more. Research and planning are key to making money go further when exchanging currency. In this guide, the team at Halo Financial, bring you their top tips on making currency transfers that will help protect your money from ever-changing exchange rates, so that you can get the most from your international money transfers.

Timing is key

For the sake of convenience, most people go to their local bank when they need to exchange currency. However, many people don’t realise that their local bank often have poor exchange rates and charge additional fees. This can quickly add up, especially when making regular transfers. Luckily, there are much more cost-effective solutions available to you, such as using a Foreign Exchange Specialist. Using specialist knowledge and market insights, they can provide guidance and insights on the best time to send money across borders to achieve the best value. Timing is key to getting the best rate out of the exchange market. There isn’t any one specific day, week, or month of the year that’s better for sending money abroad. Exchange rates are determined by political factors, economic factors, notable events, and sometimes even extreme weather. Therefore, it’s important to plan ahead. Reach out to a Foreign Exchange Specialist and you will be able to put a strategy in place to help you achieve the desired rate.

Stay on top of the market

Exchange rates change all the time, so it’s a good idea for you to stay on top of the currency market to get a good idea of when you should be sending money abroad. Doing this will help you to understand whether you are getting a good deal. If you register with a Foreign Exchange Specialist, they will be able to guide you on whether now is a good time is to be sending money across borders or not. They may also provide regular updates on the currency markets you are interested in to help you make an informed decision, so you are always in control of your finances.

Always check security credentials

Security should be one of the top priorities when making money transfers. When choosing a Foreign Exchange Specialist to transfer money across borders with, check their website for security credentials. Check that the company is authorised by the Financial Conduct Authority (FCA). This means that the company must fulfil a strict criteria to ensure they are suitable to conduct payment business, complying with Payment Services Regulations and the FCA’s Conduct of Business requirements. If they have these credentials, then you can be certain that they will facilitate safe and secure payments.

Look for value in a Foreign Exchange Specialist

When choosing a Foreign Exchange specialist, sometimes getting the cheapest rate isn’t always an indicator of good value. As well as promising great rates, the quality of service should be key. In a long-term currency strategy, a Foreign Exchange Specialist will be relied on to make your money go further, so you’ll want them to have your best interests at heart. Look for what else a Foreign Exchange specialist offers besides a ‘good rate’. Do they provide regular currency updates? Do they promise regular communication and updates on currencies and transfers? These additional extras are all part of a free service offered and are what will make the service worthwhile to help you to gain more from the currency market long-term.

Focus has partnered with Halo Financial to assist you with your international currency transfers. Halo is an award-winning Foreign Exchange Specialist offering safe and secure cross border money transfer services and solutions. Client relationships are at the heart of Halo’s business. When you register, you will be allocated to a dedicated, experienced, and friendly Foreign Exchange Specialist who will be able to provide bespoke guidance and insights on how to achieve more with currency transfers in a fluctuating currency market. If you would like to find out more about how Halo Financial can support you with your financial relocation, please contact Geraldine.Collett@halofinancial.com  visit: https://www.halofinancial.com/focus

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