Top Ten Tips When Purchasing Currency

As you can imagine, people looking to maximise their currency purchase have many unanswered questions on how best to do it. With this in mind we have put together an essential guide to provide you with a useful insight into how best to execute your transfer.

1. Don't leave it to the last minute. Talk to a specialist currency broker as soon as you know you are going to need to purchase currency. That way you will have time to secure the best exchange rate.


2. Deal with a company where you get a dedicated Currency Dealer. You will build a rapport with them and obtain a better service.


3. Some companies charge commission so find out up front what their costs are and whether you will be charged commission on transfers.


4. Set a realistic budget based on the current market. Your Currency Dealer should explain to you what is happening and the general direction of exchange rates.


5. Don't get greedy, if your target exchange rate is available take it otherwise you could lose out.


6. If you have future payments to make, and your target rate is available secure your exchange rate with a forward contract.


7. Try to avoid purchasing currency at the low of the day, the difference can be significant and your Currency Dealer should help you with this.


8. Look on websites like bbc.co.uk and yahoo.co.uk to find out what the interbank exchange rate is and also what is influencing the market.


9. Always get confirmation from your Currency Dealer that your monies have been sent.


10. Finally, don't use your bank as it will cost you a significant amount more and they cannot offer specialist guidance.

About the Author:

Pure FX (http://www.purefx.co.uk/) specialise in providing foreign exchange and international payment solutions for both private and corporate clients.