Time to Compare your ‘Renewal Quote’ for Competitive Exchange Rates on International Payments?

Feb. 28, 2013 - PRLog -- Many people can mistakenly accept that by using your High street bank or foreign exchange broker for a number of years to provide foreign exchange means you are consistently getting highly competitive rates due to being a very loyal customer, regardless if you trade using telephone or online, small or large amounts or trading as a Plc. or Ltd., public or private sector or an individual.

Customers mistakenly think due to initially being offered no transfer fees, 100% commission free and the banks is more ‘direct’ and simpler route, therefore mean the most cost effective. In these times, this is simply not the case and customers may not be aware of the hidden charge on the exchange rate and the high amount of overheads, marketing budgets that banks and larger currency companies pay out to operate their business and the need to gain higher volume of customers.

Similarly, there is a lot of appetite for changing insurance companies ever so often, whether it is for your car, home, commercial or personal life insurance, many people know that in the majority of cases your renewal quote is just not as competitive as switching or price matching a competitor. But still the industry carries on and maintains this strategy to profit from the unsuspecting customer.

Foreign exchange industry does utilise the same principle and it is still not as well-known. Some larger brokers may, with or without online platforms, get away with offering exchange rates wider than even their high street bank will, if they know they can get away with it!

Many banks and foreign exchange brokers take advantage of the fact that customers mistakenly think that switching providers is time-consuming and a lot of hassle and over time see the exchange rate move to uncompetitive levels. Staff at banks and currency brokerages are encouraging to ‘widen the spread’ on each or every other transaction.

With small changes in anti-money laundering regulations from regulators, and the use of innovative technology and internet services, switching your foreign exchange provider does not mean filling in lengthy paperwork, posting applications, going to get authorised signatories to prove identification and address, waiting for days to set up an account. Setting up an account with some currency brokers can only mean filling a short application online without any copies of documentation.

Ashley Ingle offers a personalised currency broker service (http://www.aicurrency.com) which offers quick currency comparisons and able to open an account with one call lasting just a matter of minutes with no obligations to trade. In order to make a quick comparison, the date and time of previous transfer, currency pair and amount is required and Ashley Ingle has the ability to give an indicative saving when switched.

Ashley Ingle offers fair and transparent prices and one of the only currency brokers who promises not to widen the exchange rate on future trades. Ashley Ingle also offers free expert guidance on the best strategy/ right time to trade and regularly publishes currency reports (http://currency-blog.com).

Connect with Ashley Ingle on LinkedIn - http://uk.linkedin.com/in/currencybroker