Best Exchange Rates UK: Securing the best rates for corporate and private requirements.January 19th, 2012
If you regularly trade abroad or are you contemplating moving out of the UK, then securing the best exchange rates is crucial.
The current global economic situation is such that all large transactions are subject to even more intense scrutiny than normal, as margins are shrinking and it’s imperative that all transactions receive the best possible return in both corporate and personal situations. Best exchange rates play a huge role in this, when dealing with overseas money transfer.
You do not need to be a foreign exchange broker to understand the implications. For example if you exchange £100,000 for USD at a suboptimal rate of say 1.54, when the best exchange rate is 1.59 you stand to lose £5000.00. While the difference between companies is not likely to be that high, it does highlight the lack of security involved in overseas money transfers. Another consideration, when choosing your foreign exchange provider, is the additional charges that they impose on transactions. Again, these charges may seem small in relation to the sums that are being converted, but over the course of a financial year, they can add up to a substantial, and often unnecessary, levy.
One factor that we consider important is the presence of a comprehensive online payment system. We live in a modern world and, as already described, small fluctuations in exchange rates can have implications on the levels of profit drawn from that transaction. Online solutions allow a greater degree of control over securing the best exchange rates euros and with other currencies.
If you are looking to invest overseas in the immediate future and are concerned about the fluctuations of the future, then many brokers offer forward contracts, which allow you to secure the current best exchange rate for when you make the payment. This is a gamble, as the exchange rate may improve and you will still be tied to the secured rate. Therefore, we advise that you discuss this option thoroughly with your account manager, taking into account the current fiscal news.
At Best Exchange Rates UK we aim to provide information about the world of foreign exchange in order for you to make the best choices. We aim to do this through articles, news reports and by recommending brokers who we feel offer great services.
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