Personal Money Transfers - Carrying A Big Stick Makes A Difference
When choosing a financial institution to handle your personal money transfers
, bear in mind that size does matter. Regardless of whether you choose to employ the services of banks or foreign exchange companies which are actually the better option in the long runyou have to consider the capacity and expertise of the institution you are working with. The bigger the forex companies, for instance, the better chance there is for you to get the best rates for each transaction.Why size matter
The foreign exchange market operates with no physical trading place, unlike the stock market. Another characteristic of the forex market is the lack of centralised exchange, which means almost anybody has the chance of striking it rich following the same parameters as everybody else. But not everybody is created equal. A company backed by a huge largesse has the capacity to dictate better rates on personal money transfers. Its still the same rule that applies to everybody, but not everybody is already on that level to leverage their huge financial capital and trade volume to gain access to better prices. Simply put, established brokers have the most to offer to their clients.
The large companies are also most likely to be members of the Financial Services Authority which ensures protection of your account through its partner banks, the HSBC, or Barclays Bank PLC, among others. This is mandated by the Payment Services Regulations of 2009.
Free accounts
Opening an account is usually free and you are not required to trade right away after your account is approved. But you do get the services of a personal dealer who will help you on your personal money transfers and alert you of any market changes that could affect your currency exposure. So whether you are planning to finally retire overseas, or buying a real property abroad or on an extended round-the-globe vacation, forex companies will all you access to ready funds at no extra fees and charges.
The same could not be said of banks which typically ensure a spread in interbank rates to guarantee profits, apart from at least 10 they charge on personal money transfers. With forex companies, you can exchange from 1,000, or 1 million and still save a lot of money. The savings can run from 1% to 5%, which are insignificant on paper but when you are dealing with huge amounts of funds per transaction, that 1% can go a long way.
Options abound
The beauty of having your own currency dealer is the flexibility that you get. During the initial arrangements, the dealer will only focus on giving you the best package for personal money transfers that is tailor-fitted to your requirements. But what if, somewhere down the line, you want to venture into forex investment? The dealer can also advise you on currency trading whether scalping the market, engaging in the futures market, or hedging so you will really maximise the value of your currency. The best part is you dont even have to pay your dealer commissions once you reach a certain standard amount of trading.
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