The answer to the above question depends very much on how you are currently doing things.
There are though, certain things you may be doing that might be stopping you from being able to save on currency transactions. Here are a few basic tips that just might help you avoid missing opportunities to save on currency transactions.
1. Don’t automatically give your business to a bank. They might typically find it difficult to compete with specialist foreign currency providers like the Forex Group on exchange rates. Many banks rely on customer inertia to keep them in the foreign currency market.
2. Discuss the totality of your foreign exchange requirements with us. We will almost always be able to deliver you better services and rates if we are able to see in advance what you are planning to do with Forex and when. That might involve us helping you with forward contracts and defining individual Forex strategies that will be customised to your precise requirements and which will yield you better rates in the marketplace.
3. Consolidate your Forex dealings through a single provider. We make this recommendation regularly because we do see some businesses splitting their Forex dealings across different providers and that just dilutes your commercial leverage.
4. Shop around. Different providers may have very different service propositions and tariffs. We are confident about our pricing and market positioning plus our ability to help you save on currency transactions. Even so, we would expect you to validate this yourself by looking at other quotations – and we don’t fear what you’ll find!
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5. Don’t do things yourself in terms of watching market rate movements. It sounds easy and can sometimes be quite seductive to do so but trying to predict which way currency movements might go, either for or against you, is a highly specialised subject and one that we excel in. You can, of course, use us as effectively little more than a ‘bureau de change’ but we won’t be able to get you the very best prices if you choose to do so.
We have made many of these observations before but make no apologies for doing so again. These are critical points and could help us to help you to save on currency transactions – big time!
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