Moving to Spain Forums

FX Specialist · Gender: Joined: 27 Aug 2007 Posts: 1 Home Country: spain

The reason I am posting this topic is due to the fact that I am a Foreign Exchange Trader, yet I still understand that the way us FXT's translate it to everyone else is like talking telephone numbers and decimal points, pips n spreads!

The main question I get asked regarding FX trades is normal, run of the mill transactions, not in the specultive markets, but lets say... Mortgage payments (abroad) Pension transfers and even International School Fees for your child.

This is where everyone can benefit wether they want to trade or not. If you have a transfer from any cross (for instance you have Pounds, and you need Euros) the chances are that you will just ask your bank to make the transfer for you - as you trust them and its easy.

So far you've put your trust in the bank and they've done the transfer for you, whilst you are unaware of the commissions and charges they have imposed on you.

Using a Foreign Exchange specialist company (such as ours!) minimises the cost and the effort to effect an international transer.
The reason FX companies can be so competitive when compared to banks is mainly down to the following reason;-
Your bank offers mortgages, credit cards, loans, insurance etc etc therefore foreign payments are about 5% or less of your banks entire business. Thus they need to maximise the profits.
With an FX company it is generally 100% o their business and therefore do not need to make the same amount of profit from any individual transaction.

So why use the bank?

You trust them. But I have just explained a perfect reason not to! They charge too much.

It's easy to the bank

Yes it is. And just as easy to use an FX company!

Now the main area where people lose out when using the bank is regular transfers.

Most FX companies wont touch a transfer if its less than say, £1000.
(This is not the case with our company - we dont have a minimum)

So people are generally forced to use the bank as they dont have a minimum. There charges dont change either! So your always losing out.

I transfer my mothers pension for her every month, And I actually save her about £45 per transaction - which means she gains about 70 euros.

May not sound a great deal, but her pension isnt that big and equate it over 12 months and it soon mounts up.

Anyway - the main point of this post is to help you guys out should you need it. If anyone wants to benefit from the services our company offers, send me an email!

Kind regards

Francis
(FX Specialist)