Independent price comparison site MyCurrencyTransfer.com will explain the top 10 factors to consider when making an international money transfer. Whether you are making large money transfers or smaller regular payments, it pays to use a foreign exchange specialist.

1. Use a Foreign Exchange Specialist – Not a High Street Bank

Using a high street bank will subject you to extortionate exchange rate margins and ludicrous wire transfer fees. Rather than getting ripped off, there is another way. Specialist foreign exchange brokers will be able to get you better-than-bank exchange rates (often by up to 5%) and substantially reduce wire transfer fees.

2. Develop a currency strategy

When opening an account with a foreign exchange specialist you will be assigned an account manager. He or she will be able to discuss with you market movements and when the optimal time to transfer money would be. It pays to speak with an expert in this field.

3. Consider the use of a forward contract

If your transfer is not urgent, it can be useful to use the ‘buy now and pay later’ approach. A forward contract allows you to fix the exchange rate for delivery in the future. Perhaps you like today’s exchange rate and don’t want to play the currency markets. This can be a hassle free way of protecting yourself against adverse currency fluctuations and particularly useful when making large money transfers.

4. Open a Free Account otherwise your quote will be indicative

Foreign exchange specialists will only quote you an indicative rate unless you open a FREE account. This should only take about 30 minutes and once done, you will have access to live rates.

5. Compare, Compare, Compare.

There is now a growing wealth of foreign exchange price comparison websites. Independent comparison sites like MyCurrencyTransfer.com can really help when it comes to selecting a foreign exchange specialist and the differences that exist between them.

About the Author

Paul Chapman is Editorial Manager at MyCurrencyTransfer.com – independent international money transfer price comparison website.