The currency blog

In a weakening economy, finding a cheap, efficient way to transfer money abroad can literally save your clients thousands of pounds

As sterling trades around all time lows, those who own property abroad or who are looking to buy a property should tread carefully when transferring money to avoid poor exchange rates and unnecessary transfer fees. Help your clients to become more savvy about foreign exchange and international payments by giving them the option of using a specialist foreign exchange company rather than a traditional bank.

Specialist foreign exchange company Currencies Direct:

• Offers more competitive exchange rates by buying euros in bulk and passing the savings on to your clients
• Don’t charge transfer fees, more savings for your clients
• Can fix the exchange rate for up to two years using a forward contract so clients know exactly what the currency will cost them.
• Walk your client through the process step-by-step so they know exactly what is happening to their money
• Can set up regular payments for those who move abroad

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Online Platform for Private Customers

Imagine if your customers were able to get a price on a foreign exchange transfer whenever they liked? Imagine having their beneficiaries loaded into the system so making international payments are as easy as domestic ones? Currencies Direct developed an online portal for our business clients two years ago and we have been aware of the benefits this would bring to private customers.

Our business solutions team has been hard at work, turning this idea into reality. This has culminated in a pilot where a small group of private customers are using our online system, ipayfx, to make transactions. Incorporating their feedback into our own usability study we will be launching the online system to all our private customers early in the New Year. What this means to you is that in addition to offering your clients excellent service and highly competitive rates you can also include online international payments as part of your value added benefits.

More information to follow in the next issue of Partners Newsletter

French Mortgages

by Mylène Crocquevieille

With interest rates at an all time record low, now is the time to be investing in France!

A great time to take the plunge and buy that property that ticks all the boxes.

Take the plunge? Buy a property in a foreign country? Yes! It is possible and French banks are lending. Not only are they lending but with variable rates as low as 2.5% you couldn’t choose a better time to buy.

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Currencies Direct have just received a level 1 credit score from business valuers, Dun and Bradstreet, who believe we have the ‘highest level of creditworthiness and minimum risk of failure.’ In uncertain times it is good to know that Currencies Direct have no debt and have survived the credit crunch maintaining solid organic growth.

The Nationwide building society has always been a popular way of bring in small sums of cash to Europe, no fees and good rates made this a viable option.  However as most of you will know by now, this is all due to change.  Nationwide have axed the benefits of their most popular current account and as from the 1^st November charges will be made of 2% commission and £1 withdrawal fee. 

UK biggest building society will now reward its loyal customer with free travel insurance, but to be entitled to this, customers must pay in at least £750 a month to their Flex Account.

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Recently there has been some negative publicity around foreign exchange specialist providers due to the collapse of Crown Currency Exchange Ltd.  It is important for customers to explore the credentials of foreign exchange providers because while some companies have a solid foundation, others operate without the necessary financial back up to protect their clients. 

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