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Are you stuck in the dark ages when it comes to organizing an international payment or moving money for any other reason across international currencies?
If so, you aren’t alone. As crazy as it may seem; most people in the developed world still use the bank or travel agent to change currencies. And even those of us who think we’re slightly more sophisticated are still calling brokers on the phone to be quoted a foreign exchange price!
It seems the advent of everything web-based has permeated almost all other areas of financial life except this one – which makes no sense whatsoever. There are many brokers out there who enable you to trade currencies directly on the web from your very own account on any computer with an internet connection. And they guarantee it’s completely safe.
So why be stuck in the dark ages?
This web-based kind of foreign exchange trading is undoubtedly the most cost effective and it’s very quick and easy. Even if the transfer is only for a relatively small amount for a vacation, for example; why give away cash to the dealer when it’s so easy to get a couple of competitive quotations online?
It takes literally minutes to set up a couple of accounts and milliseconds to get an accurate quotation – so really; why not?
Of course, if you’re transferring a significant s into another currency, you’re going to want to get competitive quotations and three should be a minimum if the amount is large. But here’s a tip; whichever of the three comes out the best – go back to the other two each in turn and be honest about the rate you’ve been quoted because you’ll be surprised how often the competitors are to beat this to get your business. This is because they like to quote turnover figures and / or they may have hedged currencies ahead and need to claw it back etc.
Anyway; nothing ventured nothing gained as they say. But please move on from the dark ages for your own sake!