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It goes without saying that we at Forex Group would like to have your business! We’d like to prove that we are capable of delivering you a service and associated exchange rate that you will struggle to match elsewhere.

As part of that, we’d like to give you a few tips about foreign currency conversion that might help you to decide on the way forward:

  1. Let us define your conversion strategy with you.
  2. Be cautious about using the banks.
  3. Plan ahead and talk to us about forward contracts.
  4. If possible, consolidate your foreign currency requirements into one conversion strategy.

 

You can, of course, simply instruct us to make a trade for you at some point in time based upon the spot rate. Two working days later, that will be settled and you can consider the matter closed once the final fund transfers have taken place.

However, a more financially advantageous option for you might be to simply tell us, in broad brush terms, about your requirements for a foreign currency. Then, let us to develop a strategy for you as to when and where your funds are converted. This will allow us to use our skills and strategic knowledge of the marketplace to deliver a better rate than you might be able to achieve simply by asking us (or anyone else) to convert your money for you immediately based upon spot valuations;

Not only may their rates be less attractive than ours but there may be additional fees and commissions involved;

Many businesses don’t really need an immediate spot rate conversion and for everything to happen immediately. They may, in reality, have a completion date when the funds will be required with that still being sometime in the future.

That can lead to uncertainty in your financial planning and if you simply do a spot conversion at that time, then if the markets have moved against you in the interim you are likely to be out of pocket.

By contrast, we can offer you a forward contract and rate that will be valid for the time you actually need the funds.

It’s a fact of life in many areas of business that the more you are buying, the better the rate you may be able to obtain from your supplier. That certainly also applies in money exchange.

So, rather than drip-feed your conversions through to us over time, talk to us about the totality of your requirements and consolidation. We may be able to offer you money-saving advice.

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