Money makes the world go round. It’s a fact. But it can be challenging to deal with foreign currencies like the dollar, pound sterling or the euro, not to mention all the other global currencies. Everyone seems to want their commission cut, from the bank to money transfer companies, foreign exchange houses and online forex apps. Foreign exchange fees can get expensive but are, unfortunately, a necessary evil to transact in foreign currency.
Why Do We Need To Exchange Currencies?
There are times when you need to buy or order forex, especially across borders. As professionals who work or travel abroad, ex-pats have first-hand experience in forex transactions.
- Emigration – When moving abroad, you might have to liquidate several assets and convert the cash into the currency of the country you are moving to.
- Buying or selling a foreign property – When buying that vacation home or investment property in a foreign country, the international transaction will more likely occur in the country’s local currency.
- Bringing money into your country of residence – It is pointless bringing US Dollars to your country of residence if you live in Europe, for example. It would be best if you had Euros to spend or transact. Forex fees could get expensive if you use the wrong foreign exchange service.
- Buying or selling products internationally – Even though many have become global citizens, buying and selling internationally still requires trading in various foreign currencies, whether online purchasing and trading or traditional banking transactions.
- Sending money overseas – Even sending money abroad to friends and family requires changing foreign currency, not just in the US dollar, Euro and Pound Sterling but also in other global currencies like CFH, ZAR, AUS Dollar, Japanese Yen etc. Fortunately, several apps and digital banks offer affordable conversion fees for smaller amounts, like deVere Vault, where you can exchange and store currencies at a fraction of the cost and transact via a MasterCard debit card.
- Travel Forex – These days, many do not carry cash around anymore. If you travel overseas, a credit or debit card would be your spending method of choice. Still, point-of-sale devices could charge high currency conversion fees if using a foreign debit or credit card in a currency other than the one used locally. Having currency already converted before you travel in a travel debit card or e-money wallet is ideal.
Currency exchange has taken the digital leap forward with low-cost forex fees and conversion apps cutting out the more expensive traditional banks. For large complex foreign exchange transactions, contacting a forex broker who can create bespoke solutions for your foreign exchange needs is still the best solution.
How to Save on Foreign Exchange Fees and Get the Best Rates
deVere Foreign Exchange service can provide a simple, safe, and reliable way to save money when trading in all major world currencies by offering favourable foreign exchange rates, sound professional advice, and free international transfers.
Benefits of deVere Forex
- A favourable exchange rate up to 5% better than those offered by any major bank on the market.
- Personalised guidance and rates monitoring – We do the work for you.
- Transparency – There are no hidden fees when you order foreign currency.
- Forward contracts let you fix your exchange rate for future transactions (ideal if you are buying or selling currency to buy a property).
- Proactive advice on hedging and risk management by a dedicated dVFX broker who can explain your options and thus help you obtain the best available exchange rates.
- Free online currency market updates and the latest currency exchange rates.
Get the best foreign currency rate through your deVere Forex broker. They will monitor the currency conversion rate and alert you when to order your Forex.
Contact deVere Forex for all your foreign exchange solutions.
Please note, the above is for educational purposes only and does not constitute advice. You should always contact your deVere advisor for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.