What Is A Currency Broker?
Specialist currency brokers like Escape Currencies, have been serving clients for over 20 years, but still remain unknown to many, with some people confusing us with Forex traders where people are betting/gambling on the currency markets or bureau de changes companies. It is correct to say we all exchange currencies, but our similarities stop there with how we work and the type of customers we serve.
A currency trading broker assists clients who are looking to take real delivery of the currency they wish to purchase in exchange of a currency they are currently holding, in a bank account. A very important factor in this is that a currency broker does not accept any form of payment in physical cash. All payments must be made via an electronic bank transfer, with the currency delivered to your bank account or a 3rd party beneficiary bank account of your choice via a domestic or international bank transfer.
When To Consider Using a Currency Exchange Specialist.
If you find yourself or your business needs to complete a payment in a foreign currency, or you due to receive a payment in a foreign currency, then it is worthwhile seeking the assistance of a currency broker. Generally, currency exchange brokers only work with currencies, so they work hard to become specialist in this field and therefore will offer a more specialist service. A currency broker can help you exchange your currency and complete a transfer to most destinations around the world (some restrictions will apply to certain high-risk/sanctioned countries), with the amount on a one-off transaction starting from £1,000 (or equivalent value) and no maximum amount limit. We serve private and business clients who need to exchange foreign currencies for many different reasons, some of these include, buying and selling overseas property and a business making or receiving payments when importing or exporting goods or services.
Benefits of Using a Specialist Currency Broker
No doubt one of the biggest benefits of using a currency broker over using one of the traditional banks is the saving potential on offer. Currency brokers are well known to offer more competitive exchange rates than what customers may find offered by their banks, it is not uncommon for clients to save up to 5%, when comparing the rate of exchange offered by their bank to what they can achieve when using a currency broker.
With a specialist currency broker like Escape Currency, every account holder will also have access to their account online where they can arrange a conversion and payment in their own time. All accounts will also be allocated a dedicated account manager, who you can speak to discuss your upcoming requirements, talk you through the whole process and answer all questions you may have, in a way you will understand, the less jargon the better. With different options available to you when exchanging currencies like Spot & Forward contracts and Stop loss and limit orders, your account manager will take the necessary time to understand your needs and requirements and present to you the best and most suitable options for you, ahead of the exchange.
The currency market is one of the most fast-paced and volatile trading markets in the world, with exchange rates changing 24 hours a day 5 days a week. For most people it can be very hard and/or overwhelming up to date with exchange rates. Big moves in a short period of time are not uncommon, especially when there’s a big data release due – like a policy change announcement from The Bank of England or an unscheduled big news event that causes a big reaction in the currency market. It is at times like this when your currency broker and one where you have a dedicated account manager can help save you a small or big fortune. No currency broker has a crystal ball to make a prediction on when the rates may or may not move in your favour, but they will be able to alert you when things do change with the exchange rates to help you make a choice on when to exchange your currency. Making these calls at a vital time will only help you when completing your currency exchange and payment. Now that you know more about what a currency broker is, why not speak to one and get started trading in the global currency markets? Contact us for more information.