Why should I use a currency outsourcer?

Many business and private clients don’t know that FSB regulated foreign currency outsourcers exist and use their banks to transfer foreign currency abroad even though it can be very expensive. The core focus of a currency outsourcer or specialist’s business is foreign exchange and we are therefore able to negotiate great exchange rates with authorised dealers and pass these savings onto our clients.

Cost

 

When using the services of a bank, deal size and the frequency of a client’s foreign exchange requirements determine how competitive the exchange rate will be. Currency outsourcers carry out many foreign exchange transactions across a wide variety of currencies and in larger volumes, thus we are offered better exchange rates and lower transmission costs by the authorised dealers we use. We are then able to pass these savings onto our clients, because we do not have the overheads that the banks have.

Currency specialists can usually save you anything from 0.25% up to 2% of the amount being transferred. For example, a client transferring R1000 000 into US dollars was recently quoted 9.75 by their bank and would have received $102,534. We quoted 9.64 and paid $103,734.

Transparency

 

Currency outsourcers operate a straightforward and transparent service whereby we agree and fix the foreign exchange margin for all transfers when a client signs up. There are no additional “hidden” fees or costs. Our clients appreciate this level of transparency, as most banks often change the margin depending on the size of the transfer and may charge additional fees (e.g. preparation of documents, etc.).

Personalized service

 

As outsourcers are not big companies we are able to offer personalised service. Banks employ thousands of people and a single transaction can be handled by multiple persons before it is completed. When using a currency outsourcer a single trader will be responsible for your account. He or she will explain to you the various allowances, assist with paperwork, set up your account and send you deal confirmations.

If you are transferring funds into or out of South Africa; let one of our professional consultants at Currency Solutions assist you. To know more about how we can help you Contact Us.