Whether you are selling your products abroad or buying raw materials from other countries, you need access to a good currency exchange service. Getting the best deal can make the difference between your business being profitable or failing. The more money you have to exchange the more important it is for you to secure the best deal.
In, today’s highly competitive environment, you need to save money when and where you can. Even relatively, small savings add up over time, and have a big impact on your bottom line.
Understand the true cost
The biggest mistake business owners make when changing money is just looking for the best exchange rate. This is only natural, after all, the better the exchange rate, the more money you will end up with in your account.
However, it is also important to understand how much you will have to pay in fees and taxes. You need to understand which fees will be charged, and find out how much you will really be paying for each transaction.
For example, some currency exchange companies offer a fantastic exchange rate, but will only offer you this deal if you pay a membership fee. If you are not careful, the amount you pay to join can easily cancel out any savings you make because of the good exchange rate.Also, do not forget to factor in what your bank is going to charge you for receiving the money into your account.
Always get a quote
For each transaction, you really should get a quote. Sometimes firms change their fees without informing their customers that they are going to do so. Getting a quote for every transaction will help you to spot these changes and shop around for a better deal.
Use a properly regulated exchange company
They inform their customers in advance of changes to their fees and processes.Regulated firms follow high standards, and work hard to provide a good service that is also fair. Therefore, if they make changes they tell their customers in advance.
Finding a properly regulated company is not too difficult. Most firms list which regulatory body they are registered with on their website.
All you need to do is to go to the regulatory body’s website to double-check that this in fact the case. It is important to take the time to take this extra step. Unfortunately, there are unscrupulous firms out there who claim to be legally registered, but, are in reality rouge traders.
If you are looking for a money exchange service in the UK, you need to look for a company that is registered with the Financial Conduct Authority (FCA). This is the link to this regulatory body’s website. You can use it to check out any money exchange firm you are planning to use.
By following the three simple steps outlined above, you will be able to find a good money exchange service, which will save you time, money and hassle.