Choosing the right currency conversion specialist for your next foreign exchange transfer is something that should be done carefully – ensuring you get the best possible deal on your exchange. Whether your currency conversion needs are related to business deals or the pleasure of a family holiday, you don’t want your money wasted.
Before you choose who to use to exchange your money, it’s important to ask the right questions. That way, you’ll know exactly what’s expected of you and what possible rates are on offer. Look out for those hidden fees and charges – what looks like a great deal can sometimes cost you more once you add up all the costs.
1. How do I pay?
Look for flexible options that suit your circumstances and add up all the associated fees. If you are using your own bank, they will take the money out of your account. If you use a non-bank provider like Ozforex, you may be able to Bpay them.
2. Do I need to pay a deposit?
Usually you won't need to unless you are using a Forward Exchange Contract. By being prepared, you can make the best choice.
3. What does it cost?
The most competitive exchange rate isn’t the end of the story. Ask about all the commissions, fees and charges and do your maths carefully. For more information click here for our post about the costs of sending money overseas.
4. Is there a penalty to change or cancel my order?
In case things change at the last minute, make sure you understand the rules around your exchange rate deal before you lock into it.
5. Is there a minimum amount of currency I must buy?
That wonderful exchange rate might seem like a great deal – until you find out it’s only available on a $10,000 exchange. Check the fine print about minimum and maximum amounts you can exchange.
6. How long does it take?
Again, this comes down to making sure the deal suits you. There is little point in celebrating what seems like a fantastic exchange rate if you find out the time-frame for delivery just doesn’t match your travel or business needs. For more information, click here to find out more about how long it usually takes.
7. Can I make regular money transfers?
If you’re sending money back to relatives overseas, looking after your child while they are on a foreign exchange, or just building better business with overseas suppliers, you may need to access very regular currency conversion. See if you can find a deal that rewards your ongoing custom and shop around for a provider that meets your needs.
8. How safe is my money?
A sensible question and an important thing to consider. Does your money need to be collected? What ID do you need to show to receive it? Do you know where and how to collect it when you need it? What protection is there to ensure your money is safe?
By asking the right questions, you will get the answers you need to help you feel comfortable with the currency exchange method that suits you. If in doubt, talk to our foreign exchange specialists at The Currency Shop.