Clear Currency explores why you should consider choosing a currency specialist over your bank.
Banks offer customers a wide range of services, making them appear the obvious choice when making international money transfers. When it comes to exchanging currencies and sending money overseas, however, their diverse offering means their resources aren’t focused on helping you obtain the best possible exchange rate or ensuring your funds are sent as quickly as possible.
What is foreign exchange?
Foreign exchange is the process of businesses or individuals trading one currency for another. The price is dictated by the political and economic variables that drive the foreign exchange market, such as interest rates, inflation and political events.
This process influences the cost of sending money overseas, bringing the need to manage currency risk into sharp focus for businesses and individuals with international payment requirements.
Currency specialist vs bank: why choose an FX provider?
FX specialists vs bank: which is the better option when making international payments? The benefits of using a currency specialist like Clear Currency over a traditional high street bank are compelling:
Competitive exchange rates – A currency specialist can offer exchange rates that are typically more competitive than banks, which generate a large portion of profits by adding a large margin. Even a seemingly small variation in the exchange rate can make a big difference to the cost of large overseas transactions.
Transparent fees – Some banks charge fees of up to £40 when making an international payment and might also charge a receiving fee. Many currency specialists, on the other hand, don’t charge a transfer fee.
Fast transfers – Unlike high street banks, which typically take two to five business days to complete international transactions, currency specialists offer a faster service: same-day delivery up to specific times and next working day delivery for many major currencies to anywhere in the world.
Comprehensive service – Because banks don’t specialise in exchanging currencies or facilitating international payments, their service typically lacks the guidance and convenience customers need to make the most of their transfers. Currency specialists provide a comprehensive service that’s underpinned by a dedicated expert who can guide you through the international payment process – from monitoring currency markets to setting up and executing payments.
What are the benefits of choosing Clear Currency as your specialist service?
Clear Currency helps businesses and private clients manage their exposure to currency risk when moving money overseas.
Personal service – The team at Clear Currency understand that it’s impossible to accurately predict which direction exchange rates will move or by how much, making it prudent to plan ahead. To achieve this, they assign you a dedicated account manager who will take the time to understand your business’s requirements, commercial context and risk appetite. Empowered by this knowledge, they can help you mitigate the impact of currency risk on your international payments by monitoring the currency market and deploying specialist tools that match your requirements.
Specialist tools – Your account manager can introduce you to a suite of tools that are designed to help you lock in favourable exchange rates for future payments and mitigate currency risk – such as a forward contract. This allows you to secure a current exchange rate for a date in the future, securing the price of your international payments when the time comes to execute them. These tools allow you to make international payments safe in the knowledge that the cost is shielded from adverse market movements.
Safe and secure – Clear Currency is authorised and regulated by the Financial Conduct Authority (FCA) – the conduct regulator for around 51,000 financial services firms and financial markets in the UK – and registered with Her Majesty’s Revenue and Customs (HMRC). The FCA ensures financial services firms work honestly, fairly and effectively for individuals, businesses and the economy.
The FCA regularly reviews how Clear Currency engages with customers to check that they are being treated fairly during their relationship with them. Choose Clear Currency to manage your payments.
Many businesses and individuals default to their bank when making international payments, rather than taking the time to shop around for the best option. Imagine you were taking out a mortgage to purchase a property, for example, you wouldn’t think twice about being more prudent.
So, don’t let the cost of sending money overseas escalate because you haven’t considered the benefits of using a currency specialist like Clear Currency over your bank. Open your free account today for quick, secure and cost-effective international currency transfers.
Clear Currency is FCA regulated and has a 5* Trustpilot rating.
To find out more and get a free transfer quote using the currency converter, visit
clearcurrency.co.uk, call +44 (0)20 7151 4871 or email edp@clearcurrency.co.uk for more information.
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