Forex Companies 5 Benefits Save More on Your Next Money Transfer
Do you have family or loved ones living abroad? Do you send money to them regularly? If you regularly send money abroad, you could be losing hundreds to thousands of dollars annually. With billions of dollars being transacted every year, international money transfer is a lucrative business and financial companies are raking in millions of dollars every year in profit through high transaction charges.
In this article, “Forex Companies 5 Benefits Save More on Your Next Money Transfer “. However, a new method of transferring money abroad – in the form of Forex companies – is quickly gaining popularity, and you can now save more on your next money transfer with them. Forex companies, also known as FX companies or FX brokers, are companies that offer money transfer services to various locations around the world, but at more competitive rates.
Unlike banks or other companies that offer similar services, FX companies focus mainly on offering money transfer services. They are therefore able to offer competitive exchange rates and charge fewer fees. FX companies are also able to offer other numerous benefits, which makes the process of sending money abroad very easy.
Benefits of using FX companies
Forex Companies 5 Benefits Save More on Your Next Money Transfer are:
1) They offer more competitive exchange rates
One of the best reasons for using FX companies to transfer money abroad is that they offer better exchange rates than banks. With banks, the exchange rate margins offered by banks can go as high as 5%, while those of FX companies can be as low as 0.4%. This allows you to save huge when sending money abroad.
2) They have lower transfer fees
On top of offering competitive exchange rates, FX companies charge lower transfer fees than most banks. These companies do not have any hidden charges, they do not charge commissions, and their transaction fees are low – sometimes even none. Transferring money with them is thus a lot cheaper than using a bank.
3) The transfer is quick
Transferring money through FX companies is a lot faster than when using the banks. With most Forex companies, the transfer can be completed within 48 hours. This is very fast compared to using banks, where it can take up to 5 days or more for the transaction to be completed.
4) They allow locking of exchange rates
Another feature that makes FX brokers a good option when sending money abroad is the ability to lock in to exchange rates that are favorable. This protects you from the adverse effects of currency fluctuations. With FX companies, you can also lock in a desired exchange rate in the future or nominate an ideal rate so that your broker will alert you when the currency reaches this rate. This helps you to save more on your next money transfer.
5) Their services are readily available
FX companies’ services are readily available. Unlike banks, they operate 24/7 meaning you can transfer money whenever you want. In addition, most companies offer their services online and thus you can send money at the comfort of your home.
How does the process work?
FX companies specialize in offering services that involve currency transactions. This makes them ideal for international money transfers. They usually deal with transfers involving large amounts of cash, where they forego the transaction fee and instead earn through the exchange rates. However, they can also transfer lesser amounts at a fee.
To send money using a Forex company, you must have an account with them. If this is your first time, opening an account is very easy, and it will take you only one or two days to be approved. After you have opened an account, the next step is to deposit money into the account. This can be done through credit cards, ATM cards, prepaid cards, eWallets, online transfer services, bank transfer, or any other method allowed by the company.
In this article, “Forex Companies 5 Benefits Save More on Your Next Money Transfer “. After loading the funds, you can now proceed to send the money. Enter the recipient’s details, then chose the location and the exchange rate to be used.
Helpful tips when sending transferring money using FX companies
1) Always keep the evidence of all transactions you make in case something goes wrong with the transfer. This will make it
easier for you to reclaim your money.
2) Don’t use a company that is not registered. Registered FX companies are required to safeguard your money by authorities, while unregistered ones are not.
Sending money abroad can be an expensive experience if you chose the wrong method of transfer. With the help of an FX company, you can now save moreForex Companies 5 Benefits Save More on Your Next Money Transfer Forex Companies 5 Benefits Save More on Your Next Money Transfer.