With all the different currency transfer options available, how are you supposed to know which one is right for you?
If you don’t know your spots from your forwards, this simple guide aims to break down the different avenues you can take to help get more for your money.
With a spot transfer the aim is to secure the most competitive exchange rate available at the time and make the transfer ‘on the spot’ – so you’ll have access to the funds as soon as possible.
The currency market is really volatile and exchange rates can shift dramatically in a relatively short amount of time. If you know you’re going to need to make a currency transfer in the future and you want to safeguard against shifts in the market, you can use a forward contract to fix an exchange rate for up to two years in advance of a transfer.
If you’re not in a rush to make your currency transfer and would rather wait until the market hits a certain level, you can use a limit order to target a specific exchange rate. Your transfer will be made automatically when your target rate becomes available so you won’t miss out.
A stop loss order is a handy way of protecting against a sudden drop in the exchange rate as it gives you the ability to set a worst-case rate. If the exchange rate deteriorates to that level your transfer will occur automatically, limiting the risk if the market moves against you.
Staying on top of the latest currency news can help you time your transfer when exchange rates are moving in your favour. Finding the right information is a bit of a headache if you don’t know where to look, which is why we put together daily and weekly updates covering all the latest currency news. With these delivered straight to your inbox you’ll always know how the exchange rate you’re interested in is performing.
Whether you want to talk your transfer requirements through with a real person or manage your transfers online, we can help. With TorFX Online and the TorFX App you can manage your currency transfers on the go 24/7, track payments, view your transfer history and amend your contact information. Simple!
Whatever your transfer requirements, our team of currency experts are on hand to talk through your options whenever you need them.
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