One of the main advantages to use a foreign exchange specialist rather than a bank is the ability to access a wide range of currency tools to help you decide the best way to buy or sell your currency.
Here our partner moneycorp explains some of the main tools available to you:
Spot contract- A spot contract is an agreement between you your FX provider to exchange money and buy foreign currency at the present exchange rate. This is the most common and traditional form of currency exchange and is suited to addressing any imminent currency transfer needs you may be.
Market order- you could target a rate of exchange and if that rate is then hit, we could either buy the funds for you automatically, or notify you for your permission to buy. With the same principle we can set up a limit order to protect your transaction in case the rate falls below a certain level. This suits those who have some time on their hands and are optimistic that the rate might improve within their time frame. One of the advantages of the market order is to ensure that the currency is bought at the desired level even if the market only touches that level very briefly – and this includes when the markets are closed for trading.
Forward contract- This allows you to fix a rate of exchange up to two years in the future in advance of a payment. This tool is very popular among property buyers as allows them to fix the whole price of the property ahead of completion giving them the peace of mind and the certainty of how much they are going to pay for the property. But it is also a great way to take advantage of a positive rate movement.
You can also ask moneycorp to watch the market for you and notify you of any relevant fluctuations to your transaction or sign up to receive daily updates and rate alerts to make sure you don’t miss any opportunity. All of this is in addition to being able to trade online 24/7 either via the moneycorp app or using the online platform.
At moneycorp we believe the circumstances of each client are unique and with this in mind each account is assigned to a personal dealer who will guide you through all the transaction. All our dealers have extensive experience with overseas transactions so no matter what stage you are at, we are always happy to have that initial conversation.
How to register with moneycorp?
Opening an account for them is really easy and free of cost or obligation. You can register online or over the phone in a couple of minutes and for FrenchEntree clients there are no transfer fees for any payment.
You can contact them today on 020 3773 6355 or open an account with no cost or obligation by clicking here. Alternatively you can find more about moneycorp by visiting the FrenchEntree currency page.