Don’t make a single currency transfer without reading this
Are you a savvy shopper? Do you love the feeling you get from a deal that saves you money?
If you’re planning any substantial international payments, you’re about to find out how to save a significant amount of money. If you’ve recently received or made an international payment through your bank or an online platform, you might also kick yourself.
On the plus side, you’ll know better for next time.
Let’s say you’re about to buy a beautiful villa in the sun-soaked Spanish countryside. It’s on at £200,000.
The money needs converting, right? And what’s the best way to convert currencies?
You’re thinking one of two things right off the bat: your bank or one of these trendy platforms.
Boom. Done. Easy.
You’ve just cost yourself £8,000. Eight grand. You could have bought all the furniture for the house with that. Or gone on a cruise while the decorators do their thing.
So how do you make sure you’re not being ripped off?
The same way you would for any other major financial decision: talk to a specialist. If you’re buying a house and want the best deal on the market, you go to a mortgage broker. You’ll usually find a better deal than you’ll find online.
It’s the same thing with currency exchange and international payments. Picture that Spanish villa and its inviting pool. If you’d opened a free trading account with Audensa Financial, you’d have saved up to 4% compared to a high-street bank or an online platform.
Of course, the more you’re transferring, receiving or paying, the bigger the impact on your bank balance. But the principle applies to smaller amounts: the saving might not look as significant, but it builds up over the months and years. Especially if you make regular payments, such as mortgage or pension payments.
And even on a one-off small payment, you could save the equivalent of a bottle of wine or a meal out. See, there is such thing as a free lunch! You just need to know where to get it.
What’s more, unlike banks, which charge £10-80 to make your currency payment, Audensa Financial offers free transfers regardless of the amount.
TIMING IS CRUCIAL
Exchange rates fluctuate constantly, reacting to economic, political and many other factors. The FX market is complex and can be a minefield for novices. This is where your personal account manager can guide you on the best strategy and timing of your trade, so you make the most informed decision on your currency transfer.
For example, if you don’t have your hands on the funds right now, but the rate is very favourable, we can fix your deal at today’s rate. Yet you settle up later. It’s called a forward contract.
Here’s a simple demonstration of how trading at the right moment is crucial and the impact market fluctuations can have on your budget. If you had sold your EUR250,000 beach-front apartment in Mallorca at the beginning of June 2016, you would have received a total of GBP190,767.
A month later, after the Brexit referendum, you would have pocketed GBP209,101 for the same property. That’s an additional £18,334 in your bank account, enough for a brand-new car.
It pays to talk to the experts. Just imagine what you could save on all your future international transactions…
Audensa Financial is an FCA authorised currency specialist based in the City of London, which can help both private and corporate customers. For more information, contact us on 0203 582 3957 or email@example.com.