If you choose to enquire with a specialist foreign exchange company as an alternative to your bank or building society, you will be assigned with a ‘personal account manager’, much like a stock or share manager who takes your order and provides pertinent information to help you with the timing and choice of your purchase.
As with stock and share brokers, they are varied in quality and expertise. However, if you know what to look for and choose wisely, you could be retaining the experienced services and guidance of an extremely valuable asset, at no cost and without signing away anything at all.
‘Currency today.co.uk’ examines the benefits this relationship can bring and how to find the ones with your best interests at heart that could ultimately save you a great deal of time and money.
A good account manager will:
• listen patiently and attentively to your enquiry, ensuring they have a complete picture of your situation before making any possible suggestions.
• make it easy to understand what all your options are, detailing them but not confusing you with numbers and non-pertinent financial data.
• be available at all times in trading hours to respond to any enquiry you may have, or keep you updated with the exchange rate and other market data affecting it, as well as replying promptly to any email or message you leave.
• be far more concerned with the service that is provided than the commission on the sale, aiming to build their business through satisfied customers rather than individual sales. This will show if they genuinely want you to achieve the best exchange rate possible and go that extra length to keep you informed of all information necessary, and stay with you for as long as is required or necessary until the best rate is achieved (as the market allows).
• be completely transparent in explaining all the charges and costs involved. As well as the commission (which should be free) and the transfer costs (which should be low), they will explain how they make their money. This is where the real costs lie; the difference between their cost of buying the currency, and your cost of buying it from them (also known as the spread). Even though this is often a larger charge than any commission or transfer costs involved, it should be a significant improvement on any bank or building society.
• inform you of other hidden costs, such as charges the receiving bank may make. A good account manager will isolate these charges, and provide a service that will absorb them all for you.
Further reading :
http://www.currencytoday.co.uk/
As with stock and share brokers, they are varied in quality and expertise. However, if you know what to look for and choose wisely, you could be retaining the experienced services and guidance of an extremely valuable asset, at no cost and without signing away anything at all.
‘Currency today.co.uk’ examines the benefits this relationship can bring and how to find the ones with your best interests at heart that could ultimately save you a great deal of time and money.
A good account manager will:
• listen patiently and attentively to your enquiry, ensuring they have a complete picture of your situation before making any possible suggestions.
• make it easy to understand what all your options are, detailing them but not confusing you with numbers and non-pertinent financial data.
• be available at all times in trading hours to respond to any enquiry you may have, or keep you updated with the exchange rate and other market data affecting it, as well as replying promptly to any email or message you leave.
• be far more concerned with the service that is provided than the commission on the sale, aiming to build their business through satisfied customers rather than individual sales. This will show if they genuinely want you to achieve the best exchange rate possible and go that extra length to keep you informed of all information necessary, and stay with you for as long as is required or necessary until the best rate is achieved (as the market allows).
• be completely transparent in explaining all the charges and costs involved. As well as the commission (which should be free) and the transfer costs (which should be low), they will explain how they make their money. This is where the real costs lie; the difference between their cost of buying the currency, and your cost of buying it from them (also known as the spread). Even though this is often a larger charge than any commission or transfer costs involved, it should be a significant improvement on any bank or building society.
• inform you of other hidden costs, such as charges the receiving bank may make. A good account manager will isolate these charges, and provide a service that will absorb them all for you.
Further reading :
http://www.currencytoday.co.uk/
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