If you’re thinking about using Smart Currency Exchange to do a money transfer then this article is for you. Here we’ll look at why you shouldn’t use Smart Currency Exchange and what you should do instead.
Do you know Smart Currency Exchange Money Transfer?
With smart currency exchange people can send money around the world with live exchange rates available online to customers. The company is registered in the UK and also has international offices in Spain and Portugal.
Sending Money to Another Country
If you are in a situation where you have family live abroad and they need money in a hurry, or a friend or family member is on holiday and they are in need of emergency funds, sending money overseas can be an easy option.
There are loads of money transfer firms out there, including Smart Exchange Currency. These companies are there to support the transfer of money overseas.
Having options is good, but it can also cause confusion. Who do you use and what is the best option? There are different deals available and the considerations should include, how quickly you need to send it and how the person you are sending to will receive the cash.
Our step by step guide can help ensure you are able to make either an instant payment or long term financial support.
What are the options?
There are three options available to you when transferring money. You can use the bank/building society, foreign exchange brokers or high street transfer firms.
These options all have aspects which make them a good choice, but they also have disadvantages, as you would expect. What you need to consider is how quickly you need to send the money, the volume of money and then you should understand the fees and charges for sending it.
High street banks are usually the best option, as they are the safest and easiest to access – there are high street banks everywhere.
It is important to be aware of the potential fees, exchange rates and interest when you are using companies such as Smart Currency Exchange, as this is where you can face unexpected issues.
The first step is to find out what the currency rate will be, by initially using pounds and getting a total sum, which you can compare with other deals.
As they are shape-shifting deals, they are constantly changing, so you need to compare quickly before they change and you lose out on a good offer.
Getting confirmation of your deal
When you have decided on the best deal to suit your needs, whether that be with the bank, broker or an exchange firm, you will need to get confirmation.
Your confirmation should include the value of the transfer, currency details, the destination and when it can be expected.
It is a good idea to keep any confirmation/receipts etc, as you never know when you might need these.
Is it safe to use Smart Currency Exchange?
Although everyday banking is covered by the Financial Services Compensation Scheme (FSCS), the same doesn’t apply to foreign exchange companies, including Smart Currency Exchange.
However, with foreign exchange firms like Smart Currency Exchange there is no such security, so if anything happens and they go bust, you would lose out.
The Financial Conduct Authority (FCA) is in place for such organisations though, and to protect customers, so you do have some level of security when it comes to handing over money to these companies.
You should ensure you always use financial companies who are FCA approved, especially for foreign exchange. Smart Currency Exchange are ideal to use if you are sending money overseas.
Can I use my current account?
If you already have a current account within the UK, or a building society account, you don’t need to use a foreign exchange firm, in most cases. The best option is to speak to your bank or building society about the options they have in place for sending money overseas. You will probably find that this is a lot safer than sending money via foreign exchange companies, as there is greater protection in place for banks.
Other advantages to using your own bank are that it is much simpler to arrange the transaction, and there is greater guidance around the process. You also know your way around your banks functions, so it is a much more straightforward process. The downsides are that it can be a slow process, in some cases it can take up to 6 working days. Exchange firms tend to carry out the transaction a lot quicker. After all, that is there only purpose, whereas banks are dealing with a range of different types of transactions.
Speeding up the process
Most UK banks will give you the option of paying a transfer or receiver fee, if you want to speed up the process. With their own counterparts overseas, there are always ways around the slow process.
If in doubt about what option to use, speak to your bank and ask about exchange rates and other fees. You will then be in a better position to be able to determine the most beneficial option to suits your needs.
In cases where you are making regular payments overseas, such as sending money to family members, or paying bills for a holiday home, it may make more sense to come to an arrangement with your bank to make it more cost effective.
If you have an account in your own name in the UK and the country you are making payments to, you can usually benefit from lower costs and fees.
Using High Street Foreign Exchange Firms
Another option is to use a high street foreign exchange firm instead. There are plenty of options here, are there are lots of high street branches around, and you can discuss the options in-person to find out the costs etc or compare high street branches online.
High street firms can be useful as you get the benefit of an instant transfer into the recipient’s account. If you are transferring to someone who is eagerly waiting for the money to arrive, this can be an attractive option. It is also easy to set these up, and sometimes you may not even need to provide ID.
You need to be aware of the costs though, and the fact that the exchange rate changes quickly. If you are looking to use the foreign exchange firm at the rate they are offering, you should do it then and there, as chances are it will have changed by tomorrow!
Make sure it’s safe to use the foreign exchange firm you are intending to try out, as they need to be covered by the FSCS.
Should you use Smart Currency Exchange?
You have another option when sending money overseas, and that is to use a broker such as Smart Currency Exchange. This option is more beneficial if you are sending large sums of money. As they are specialists, they can usually give you good rates, especially if you are sending money overseas regularly.
As this is what they do, the overseas payment is usually made either on the same day or the next day, so overall, the process is extremely quick and efficient. However, it may take time to set the account up.
Small payments end up with bigger fees, so it’s not ideal if you are either sending small payments or the payment are irregular.
If you are using a broker, make sure they are covered by the FSCS. Otherwise, if they go bust – so do you!
Compare the market
There is no right or wrong answer when it comes to what option you should use. Every option is different and will offer benefits depending on your own circumstances.
The best way to get the most value out of your overseas transactions is to compare the market, and find the option which works best for you.
With many options available, you may even want to try a number of comparison sites to make sure you are making the best choice. Check all options, including banks, brokers and other foreign exchange firms, before you make a final decision.
It is important to be aware of the scams that are around, and make sure you use a reputable company for your foreign exchange purposes. If the deal sounds too good to be true, it probably is!
Authorised providers won’t randomly call you about foreign exchange, so it is best to avoid doing any business this way. Always use a name you are sure can be trusted.
It is better to do any transactions online, as this is more secure. If you are using Smart Currency Exchange, you can expect the process to be quick and pain-free!
Always shop around and use someone you can trust!