Choosing a Foreign Exchange Provider
Why settle for less? Here is a list of factors you should consider when choosing a foreign exchange provider.
The first and most important consideration is the safety of your funds. Therefore, you should use a regulated foreign exchange provider or a bank. Foreign exchange regulations vary from country to country. Some jurisdictions do not regulate non-bank foreign exchange providers, whereas other countries such as Australia and New Zealand formally regulate providers to ensure they meet certain financial, audit and training standards.
Australian and New Zealand regulations are some of the strictest in the world. They require licensed foreign exchange dealers to meet strict capital requirements and employ a range of internal procedures to ensure consumer protection.
The best thing to do when choosing a foreign exchange provider is to compare services and consider such things as:
- Differences in exchange rates, transfer fees and receiving bank fees
- Transparency of prices – is the provider open about their margins
- Ease of use
- Access to experts who can help you over the phone
- Can you choose the time of conversion yourself
- Access to hedging tools such as Forward Contracts and Limit Orders
- Is the foreign exchange company you are dealing with licensed and regulated?
- What is the ownership structure
Moving money overseas can be seen as a daunting subject, and many people would normally use their bank for these transfers by default, you may simply be unaware of the high fees and margins applied when making a transfer in this manner, that is why Loan Market have partnered with NZForex, to assist clients who intend sending funds Internationally. As a Loan Market client, you are now entitled to benefit from the rates offered through their partner NZForex.
NZForex is part of the OzForex global group of companies which was formed in 2001 with the aim of creating a smarter, online alternative to existing deliverable foreign exchange services. Focusing on providing individuals and corporate clients with a better deal, the group has over 100,000 clients globally who transfer in excess of $10 Billion NZD per annum.
By using NZForex, you will enjoy;
- Zero transaction fees
- Extremely competitive foreign exchange rates across 52 currencies
- Online access 24/7
- Access to a dedicated Dealer by phone 24-hours a day, 5 days a week
- Complete exchange rate transparency
- Risk management tools through Limit Orders and Forward Exchange Contracts
- Exchange rate alerts via email
- Access to their highly regarded daily and weekly “Market Commentary”
To see how much they can save you, simply ‘click’ on the link below, complete the registration form, and one of their dealers will be in contact to confirm your requirements.capital, consumer protection, exchange rates, foreign exchange