KNOW THE MARKET RATE
XE.com have an app for your phone which will show you the live rates. The rates shown are the inter-bank rates. No one can actually get rates that good! What they are good for though, is a guide to the current live exchange rate. If you get a quote from your foreign exchange service provider, cross refer their rate with XE to see how close to the market rate your quote actually is and you'll get some idea of how competitive it is.
Most people leave the actual process of paying for their house until the last minute, only to be told by their forex provider that if they had spoken to them a month ago, they could have got a far better rate. Most foreign exchange providers will offer a forward contract service that is perfect for house buyers. A forward contract allows you to lock in an excellent exchange rate NOW for use somewhere down the line.
GET YOUR ACCOUNT OPENED NOW
This may sound obvious but you wouldn't believe how many people wait until the day they need to send the money only to find out they can't because they have never completed and returned their account application form in time. This is a very simple process that is too often overlooked and will ensure that your transaction is completed smoothly, on time and with the minimum of disruption. Forex International lets you open a FREE, NO OBLIGATION account so it’s ready to use when you are.
AVOID YOUR BANK
We naturally think of going to our bank when money is involved but when it comes to international currency transfers, this is the last thing you should do. Without a doubt, your bank will offer you a bad exchange rate. After mortgages, it's their most profitable service. They'll also add a fee every time you send a payment through them abroad. You don't need to pay this as many companies out there who specialise in foreign exchange offer a completely free service. Call Forex International and we'll point you in the right direction.
DON’T WAIT TOO LONG
A lot of people make the mistake of waiting too long for the rate to turn in their favour. When it reaches a point that you're happy with, pull the trigger. Yes, it may suddenly shoot up overnight but it could also go the other way! It’s best to just have a figure in mind that you want to pay for your house and then as soon as the rate hits it, trade.
FOR FURTHER INFORMATION OR TO DISCUSS YOUR FOREIGN EXCHANGE REQUIREMENTS
PLEASE SPEAK WITH ONE OF OUR CLIENT MANAGERS IN CONFIDENCE
Tel: 020 333 222 21