When you run your own business and have overseas interests or planning to relocate to another country, every cent counts. But you also can’t wait for that fantasy moment to get the best benefit from the exchange rates, life moves on and money needs to be put to work. So put that dream once-in-a-lifetime moment aside, and let's look at reality and make sure you find the best way to transfer your money now.
The best exchange rates
When you are transferring money overseas it is important to ensure that you are not paying too much for the foreign currency. A good time to transfer money out of South Africa is when the Rand is strong. Other factors come into play though, such as the strength of the currency you are exchanging your Rands for. If the foreign currency is also strong then your margins are going to be smaller compared to an exchange for a weaker currency. When the Rand is strong and the foreign currency is weaker than usual you will gain on your exchange.
There are patterns that affect the exchange rates
Tied in with the above it is expected for currencies to fluctuate depending on the local politics, etc. Looking at historical changes in the currency values can allow for future predictions that can help improve the value of the exchange when timed right.
The amount of the transfer
Transferring more significant sums of money will be rewarded with a better exchange rate. Consider opting for few larger transactions rather than many smaller transfers.
The rates offered by banks vs brokers
Even if you have found the lowest exchange rates on the market, all could be for nothing if the transfer fees charged are steep. Banks are not known for being overly competitive and professional brokers are more flexible with their service charge.
Forex Capital is proud to be able to transfer the benefit to their clients by offering low exchange rates. We are not in this for a short-term gain but to provide a long-term service for our clients.
Read on: Why FX Capital
The priceless value of good service
If time is money then it certainly can be wasted when you want to transfer money overseas. The red tape, going backward and forward to resolve inconsistencies, trying to reconcile differing advice, etc.
If all goes well you have may have finally managed to transfer your money overseas at a market beating rate with low fees, but was the process worth the gains? Better to be assured that you have low fees, competitive exchange rates, and great service.
Read Our Reviews: What Clients say about Forex Capital