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What could you use a currency broker for?

If you’re living abroad, buying a holiday home, or need to send money overseas regularly, you may be wondering how a currency broker could help you. Currency specialists Global Reach outline what a broker is and why you might want to use one, how to get a good exchange rate, and what to consider for your regular payments and larger transactions.
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What’s a currency broker?

A currency broker is a specialist in foreign exchange. By signing up with a broker like Global Reach, you can get access to live quotes, competitive exchange rates, and personalised currency transfers. A broker can even help you lock-in an exchange rate for up to two years for larger transfers like property purchases. 

Why use a currency broker?

You might need to transfer your funds for a number of reasons—perhaps it’s to emigrate, move a pension or salary, buy a property or make mortgage payments, send money to relatives, or move an inheritance home. Markets never stop moving, so the rate of exchange you get one day, could be very different the next. Currency brokers specialise in foreign exchange—having an industry expert by your side to guide you through the market can be a great way to make the most of your funds. With regular market news and rate alerts, competitive exchange rates, and a team of currency specialists, using a broker like Global Reach can help you maximise your overseas transfers.

How can you get a good exchange rate?

Markets move because of a number of reasons, such as politics, economic data, global developments, and even natural disasters. Staying up to date with market news can be a good way of capitalising on a positive market shift, which is why signing up with a broker as soon as possible can be beneficial. With the ability to lock-in an exchange rate for up to two years using a Forward Contract, you can plan ahead, or if you need to make a quick transfer right away, speaking to a broker can give you competitive exchange rates on the day.

What to consider for regular and large transfers?

You might need to make regular overseas payments, and a broker can help you set up a cost-effective regular payment plan. Not only that, but by signing up with Global Reach, you’ll have access to a team of expert Dealers, dedicated to helping you move your money overseas and can create tailored transfers around your needs and timescales. When it comes to larger transfers such as property purchases, a Forward Contract can be a good way to have some stability during the purchase process. It may take months for your new home purchase to be finalised, and the exchange rate can move significantly in that time. Speaking to a broker about fixing a rate in place for up to two years means you’ll know exactly how much your property will cost you, no matter how the market moves.

Global Reach is a winner of Feefo’s Gold Trusted Service Award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by customers. If you need to make an overseas money transfer and want to discuss how to protect or make the most of your funds, contact Global Reach on +44 (0)20 7989 0000 or visit Global Reach Group - Free Registration.