If you need to transfer money to your own overseas account or to other businesses and employees abroad, you can find an online specialist currency transfer firm such as Universal Partners FX who will offer competitive exchange rates and cost-effective transfers. In a volatile and fast-moving market, it is best to choose a reliable currency transfer company who can keep up and provide consistency and security.

How to determine your currency transfer firm is reliable and reputable?

First, it is good to check whether your currency transfer provider is authorised and regulated by a recognised authority or regulator. In the UK, the specific legal body and authority of overseeing the financial services sector is the Financial Conduct Authority (FCA). A currency transfer company, for example, is obligated to make sure that their client funds are secure at all times, and it does so by keeping them separately from the firm’s own funds.

The FCA regulates the conduct of around 51,000 businesses. They are the prudential supervisor for 49,000 firms and sets the standards for around 18,000 firms. Established on 1 April 2013, the FCA took over responsibility for conduct and prudential regulation from the Financial Services Authority.

The FCA’s responsibility is to protect consumers such as yourself, as well as safeguard the integrity of the UK financial system. As an independent public body funded by the firms they regulate, they are accountable to the Treasury and to Parliament.

Avoid using your Bank

Don’t rely on your bank. From high costs and fees and high margins on exchange rates, your bank is not the ideal partner when sending funds. Instead find a reputable money transfer provider, like UPFX who can offer tailored assistance, competitive exchange rates and secure and fast delivery of your funds.

Monitor the markets

If you are sending funds regularly then you need to check what is happening in the financial markets and how the currencies you are exchanging could be affected by economic news and events. As a business, you want to make sure that you are not losing money when transferring your funds overseas, especially if you send big amounts of money to pay partners or employees overseas. To make sure you know which time is the best to transfer your funds, check an economic calendar or ask your currency transfer specialist. UPFX has a dedicated team to help you with any enquiry and publishes expert market insight on its website. Currency volatility is usually common before or after major Central Bank announcements or the release of important economic data such as inflation data, PMIs and employment figures.

Manage your risk

Again, your currency specialist can explain to you about the various risk management tools available to you and which ones you can use for your specific needs. A forward contract, for example, gives you the opportunity to secure today’s rate for a future transfer, so you can control what exchange rate you will get and how much it will cost you to transfer your funds.

Trading internationally? Save money with Universal Partners FX

If you are intending to start an international business or you are already dealing with international money transfers, you will need a cost-effective way to manage your overseas currency transfers. Universal Partners FX is the right partner for your foreign exchange. With UPFX, you can open a multi-currency account, send and receive money worldwide with low and transparent fees. You can also manage your money and send international payments 24/7 through UPFX’s easy-to-use online platform powered by Currency Cloud.

If you are an exporter or plan to start your international business, get in touch now with Universal Partners FX to find out how much you can save in your international money transfers.

If you are a business that needs to pay your employees and suppliers abroad or convert income from overseas, you must have used the services of a bank or a currency specialist to do so. Using a currency specialist such as Universal Partners FX comes with certain benefits that your everyday banking institution cannot possibly deliver. From saving you money in unnecessary fees as well as securing a competitive exchange rate, UPFX’s dedicated team can relieve you of the burden of worrying about the exchange rate eating into your finances. A currency specialist will always provide a more thorough service than any bank can, and the overall winner is the client - getting better rates and more in depth insights.

If you want to make the right decisions and get the very best value when operating in the currency market, here are a few tips to consider.

Plan Ahead

Many businesses make the mistake of dealing with their foreign payments on a day-by-day basis. This opens you up to a huge amount of currency risk as the rate can fluctuate wildly from one to day to the next. At Universal Partners FX, we always help clients plan ahead by assessing their currency risk for the next 12 or even 24 months against the current rates. A strategy like this devised by an expert who will monitor the market can start saving thousands after just a few months.

Ignore Rates (at least initially)

This might sound illogical, but rates are not the most important thing when devising a strategy for your business to get the best value on foreign exchange. Choosing a provider based on their lower rates may yield dividends initially, but what happens when rates move? Like anything, price doesn't tell the whole story. Look out for the array of services that enable you to be flexible when the inevitable movements occur in the market. A spot contract can help you secure an excellent exchange rate at the moment you want to make an instant transfer, but you can budget effectively and protect your business from unexpected market volatility by fixing an exchange rate in advance with a forward contract. UPFX also offers stop loss and limit orders when you want to target a specific exchange rate. A limit order enables you to make a transfer at your desired and predetermined rate when the market reaches that level. A stop loss order is also perfect when you want to protect your funds against an unexpected currency drop by setting a predetermined worst-case rate. These are off-the-shelf products, but every business is different so we always tailor our strategies to suit the needs of each client individually.

Define Your Risk Appetite

As well as limiting risk, our services can also do much more than that. For businesses that have a higher risk appetite, our currency hedging solutions can enable businesses to profit from positive market fluctuations. Of course, this comes at a risk - but if you are in a saturated market where competitive advantage is everything, these strategies can not only protect your business, but also provide extra value that you can pass on to your customers. So before you embark on any strategy, it is important for you or your foreign payment provider to consider what risk level is appropriate for your business to cope with. 

 

If your business requires currency services to boost your bottom-line profits, UPFX’s dedicated customer support team or your personal account manager will explain everything you need to know about making foreign transfers effectively. You can also use our simple and user-friendly online platform to transfer your funds in a fast, secure and affordable way. Get in touch now with Universal Partners FX and find out how you can get the best possible value from the currency market.