When transferring money overseas, you need to know what alternatives you have, what is the best option for you and where to find the best forex broker ratings. Forex brokerage firms, also known as FX brokers, are one increasingly popular method to send money abroad, especially for transferring large amounts of money.
Whether you want to purchase a property, to launch a new business and transfer the capital for it, to buy luxury goods or even to pay for school tuition, FX brokers are the ones to go to. They are non-bank companies specialized in offering high value international money transfers and currency exchange rates for both individuals and companies.
Why choose an FX broker over any other option such as: banks, money transfer operators, online transfer services, prepaid cards, etc?
FX brokers are well known as the best way for sending large amounts of money overseas. They offer customized solutions for your needs with benefits like fixed exchange rates for a set period of time; they charge no fees at all and the money get pretty fast to destination. Through them, you can make one-off transfers or regular ones. So, you have all the reasons to choose an FX broker over any other option available out there. Some brokers specialize in large amounts for businesses, some in major currencies, and some focus on smaller amounts, for individuals and charities for example, and more unusual currencies.
Where can you find an FX broker and how to get the best rates?
Comparison sites like FX Compared are a good place to start when looking for the best brokers and the best currency transfer rates. They offer you, first of all, peace of mind, as they work only with fully licensed and regulated brokers. Second of all, they do the hard work and help you find and compare different rates and services until you get the ones that suit you best.
There are many different ways to rate FX brokers, depending on who you´re talking to. However, bellow are the basics to keep in mind when choosing a broker over another:
- Effective exchange rate – meaning how much foreign currency you receive for your money. It includes all the costs, fees and commissions involved;
- Other products – what other products they offer such as forward contracts or hedging products, very important for business users;
- Customer support – you want fast answers from a friendly and experienced customer care. The best FX brokers offer you support by email, chat, phone and sometimes provide you educational materials such as videos and tutorials to help you learn;
- Credibility – how long the broker has been in the business and what other customers say about them;
- Online and Mobile Services – these services offer you the flexibility to trade on the go, from any device you have at hand, such as a tablet, a smartphone, a desktop or a laptop;
- Ease of use – you want a user-friendly interface, because your time is precious and don´t want to waste it on learning how to use a platform.
Either for sending regular or one-off international money transfers, at the end of the day an FX broker, saves you money!