Why use a currency broker???

Many people do not plan or even realise the effect of currency fluctuations and take a significant risk with their finances when they buy property or invest abroad.
Currency fluctuations can affect a house purchase, savings or pension/mortgage payments, and every year many people lose money through lack of knowledge or good advice.

When transferring funds abroad people should consider the exchange rate, the costs involved in transferring large amounts of money and the personal service that foreign exchange companies are able to give.

There are a number of currency exchange services that these companies can offer to help clients moving money abroad. Along with competitive exchange rates, you have the option to:

1. Purchase a forward contract. We can fix the exchange rate for your purchase up to one year in advance
2. Make a same-day, urgent payment
3. Use our market watch service. We monitor the currency market for you and let you know when it reaches a pre-agreed rate
4. Set up regular transfers to cover, for example, mortgage payments or living expenses

The first mistake most people make is assuming their bank is the best option for transferring large sums of money. However, most banks charge hefty transfer fees and offer poor exchange rates. Savings can be between 0.5% and 3% of the amount being transferred.

This can mean that on a one-off transfer of €150,000, a bank may cost up to £2,000 more than a currency broker.

For further information here are a couple currency brokers that MovePortugal recommend.

http://www.worldfirst.com/
Tel: 0800 0305015
Contact: Elisabeth Dobson

http://www.sgm-fx.com/
Tel: +44 (0) 207 220 1740
Contact: Daniel Collier