Foreign Exchange Live provides expert advice on international payments and is a useful tool for anyone transferring money overseas and seeking competitive exchange rates. Many people turn to their bank when looking to send money internationally or dealing with foreign currency due to branding, positioning, perceived security, and the fact that the majority of consumers and businesses have a pre-existing relationship with them, however this reliance on banks is slowly declining due to the increasing popularity of alternative providers.
It is widely recognised that Banks do not offer the most efficient, cost effective or innovative international payment solutions, neither is it a core product or service for their business. Banks tend to charge a relatively high fee for each transaction, plus a high margin when calculating the exchange rate, and use relatively expensive payment methods
Foreign exchange and international payments is one of the few services to fully evolve and move online. This along with globalisation and changing demographics accelerating the size of the market has meant that specialised Foreign Exchange brokers have had the opportunity to grow and increase market share and become a recognised and accepted form of transferring money internationally.
Foreign exchange brokers are businesses that specialise in offering currency payment and risk management solutions to businesses and individuals, utilising industry standard products such as Spot transactions, Forward Contracts and Limit Orders – see the related articles in the Currency Transfer section
The foreign exchange and international payments industry is highly regulated and subject to a number of registration and regulatory frameworks from HMRC and the Financial Conduct Authority (FCA), which provides peace of mind to consumers regarding the safety and security of their money
Foreign Exchange Live has partnered with a highly reputable and regulated Foreign Exchange provider to help you manage the process of transferring funds overseas at competitive exchange rates
Whatever the reason behind your international transfer, Foreign Exchange Live can guide you through the process and leave you confident that you are getting value for money.
Business international payments
When managing a company’s international business payments SME’s are not typically offered a comprehensive service by high-street banks. Foreign exchange brokers are very happy to fill this void and go to great lengths to understand a company’s international payments and ensure these are well managed. Businesses immediately have access to better rates, contract to mitigate foreign exchange volatility risk and the ability to capitalise if rates move in their favour.
Foreign exchange brokers can manage business international payments for a multitude of reasons including:
- Stock purchase
- Repatriation of international earnings
- Payment of overseas staff
- Invoice payments
- Hedging of invoice cost
Personal international payments
For those looking at making personal international payments a foreign exchange broker will also be very happy to assist. Individuals looking at making personal international payments will be offered the same contracts offered to businesses these include spot, forward and limit order contracts.
Foreign exchange brokers can assist with personal international payments for the following reasons, these include-
- Overseas property purchase
- Relocation overseas
- Purchase of international goods
- Send a family member money
- Regular international payments
Foreign exchange brokers
There is a multitude of reasons to use consider using a foreign exchange broker to make your international payments. Typically, the transfer will be fee-free and margin applied will be 2-4% better than the banks. If your payment is not immediate the foreign exchange broker will make you aware of when the rate moves in your favour or when your currency depreciates. You can also fix rates for up to a year mitigate the risk of your international payment becoming more expensive.