5 Reasons Why You Should Choose a Foreign Exchange Broker When Sending Money Overseas

Whether you are buying your dream home, making an international payment, or just supporting your family back home, you should not lose out your money to banks. So, you might be thinking what is the cheapest and easiest way to send your money abroad? Finding a company that does not charge you on transaction fees and quoting you unfair exchange rates is hard. However, if you chose to move your money through a broker, you can benefit from better exchange rates. This is particularly vital during volatile times especially with Trump, Brexit and the upcoming French elections. You must be wondering what will happen now? And what will happen to your money? Let’s not beat around the bush, using a currency broker proves to be cheaper than banks.

Here are 5 reasons why you should use a Broker when you are sending

money overseas:

  1. Cheaper than the banks
  2. No Transaction Fees
  3. Dedicated relationship manager
  4. A wide range of services available
  5. Experienced team of professionals

Cheaper than the banks

For decades, banks have been taking advantage of you by offering you high currency exchange rates. If you exchange currency on a regular basis for personal and business purposes, you might have been unlucky if you’ve used the banks for your overseas transactions. Unfair rates, costly transaction fees are a few cons of using banks when it comes international money transfers. On top of that, banks usually charge you a transfer fee. If you are sending money abroad regularly, you will have to pay this fee each time. Thus, it is worthwhile investigating before you choose how to send your money abroad.

No Transaction Fees

Most of the high-street banks charge an average amount of £20 on every transaction they make. In addition, there is no transparency as they are only looking for ways to make more money out of your money. There is no way they will stop this, but you can act by avoid losing your money. So, what’s the secret? How do banks overcharge you? Your banks add a fee on top of the inter-bank rate, which is the rate that banks get when exchanging money. In short, you would never know how much in fees you’re being charged. It’s also important to highlight that banks set their rate only once a day disregarding the fact that rates move every 5 seconds.

Dedicated Relationship Manager

At Indigo FX we already helped people who want to send their money overseas. We use our expertise to help you in every step of the way to ensure you get more money for your money. As soon as you open an account with us, you will be assigned your very own account manager who will guide you every step of the way. As soon as the rates move in the favour of your business, your dedicated relationship manager will call you to ensure you get better exchange rates.

A wide range of services available

At Indigo FX, we can protect your bottom-line by offering you a wide range of services. For example, you will be able to lock rates for up to a year in advance. This is not possible if you use a high-street bank to send money overseas. Usually, banks buy or sell currency only on the day of transfer.

Spot Contracts

A stop order allows you to manage a ‘worst case scenario’ and protect your bottom line if the market was to move against you. You can set up a limit order that will be automatically triggered if the market breaches your stop price and Indigo will purchase your currency at this price to ensure that you do not encounter an even worse exchange rate when you need to make your payment.

Forward Contracts

A forward contract allows you to buy currency at today’s rate for a payment date in the future. They are great to help secure against currency movements and only require a small deposit.

Market Orders

A limit order allows you to set the minimum or maximum price at which you would like to buy or sell currency. This enables you to take advantage of rate fluctuations beyond trading hours and hold out for your desired rate.

Experienced team of professionals

Indigo’s team has years of experience in the FX market. Our specialist team will help you manage your money your way. Once registered with us, you will be assigned a personal trader who will look after your account and keep an eye on the markets for you. Last but not the least, our team offers you a 24/7 support.

Our customers save when sending money overseas for a variety of reasons:

  • International property purchase and related expenditure
  • Mortgage Payments
  • Regular Invoice Payments
  • Repatriation to home country or relocation overseas
  • Pension Contributions
  • One-off purchases e.g Car, Boat

Save Money and Time with Indigo!