| Why use a foreign currency broker? Why not use a bank? |
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| Written by Adam Solomon at TORfx | |
| Wednesday, 10 March 2010 15:39 | |
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Adam Solomon at business foreign currency brokers TORfx explains why the more nimble and personable brokers have an edge over banks. Many client's come through to an independent foreign currency broker like ourselves because they are either not satisfied with the level of service from their bank or are unhappy with the exchange rate offered. Banks tend to take a much wider margin on currency transfers and then add a nominal charge just to add insult to injury. An independent currency broker or specialist, such as TorFX, would offer a much tighter margin than a bank would be prepared to do and provide some insight into the current trading conditions. At TorFX, our client's are assigned a dedicated account manager on contacting the company and can subscribe to daily or weekly market updates, which help them to understand what forces are affecting the market at any given time. We have a good balance of corporate clients involved in importing/exporting and private clients looking to purchase property abroad or sell property for a move back to the UK. The biggest commodity our clients have is time and once we understand when the transaction has to happen, we can help them achieve the best possible rate of exchange by managing risk and analysing trading patterns. We also offer our clients the use of 'stop and limit' orders to protect against a volatile market and manage their risk accordingly. We have a large portfolio of multi-national corporate clients, who have a significant exposure in the foreign exchange market. Our corporate clients will receive daily market analysis on specific currency pairs and we can help them budget for their foreign purchases on an annual basis. We offer spot and forward contracts and are prepared to compete with our rivals to provide the best all round package, tailored to the client's specific requirements. A bank won't offer the personal service that a broker like TorFX will provide. Our client's have a direct line to their account manager, who can answer all queries from the dealing process, to quoting an exchange rate, to the delivery of the currency. Many perspective client's are understandably concerned about the security of their funds and we endeavour to reasurre them with constant contact through the course of the trade, whilst holding segregated client accounts and providing a receipt of payment. 
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| Last Updated ( Wednesday, 24 March 2010 11:05 ) |