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Chris Bell

What to look for when finding the best exchange rates for your business

If you looking to make your business a real success, paying close attention to your finances is essential. One key area for many UK businesses now is finding the best exchange rates when sending money overseas. As the business world becomes more global thanks to social media and e-commerce, then it means sending money overseas is a central part of many companies operations.

Why does getting the best rate matter?

If your business needs to make international payments regularly, getting the best exchange rates you can is vital. This will help you get the best deal when you send money abroad. If you have an office in Germany for example and have to send money over to pay staff wages each month, the exchange rate can have a big impact. If you get 2 Euro’s for every Pound you send over, this is much better for you. If the staff needed 10,000 Euros in wages then you would only have to send over £5,000!  

What should you be looking for when finding the best rates?

Many businesses now will first look to use a specialist international money transfer company online to make overseas payments. These companies have been around for a while now and are safe to use, as long as you choose a legitimate one. With this in mind, make sure to check out any reviews before signing up with a transfer provider.

Using these specialist online providers will help you get access to the best rates on any given day to take advantage of. Many will even allow you to put in forward orders if you see a rate you like but don’t want to send the money yet. This touches on another key point when hunting out the best rates – look at what else any provider offers as well.

Features and customer service key

Although getting the best rate is your top priority for success in business, it is not the be all and end all. You should also look at how good any providers customer service is. This will ensure that you can always contact them if needed and be dealt with in a professional, helpful way. It is also worth looking at what business features any service you use has.

Specialist online sites for example will usually have lower fees than doing it via a bank. It is also worth thinking about what other tools they offer to use – can you for example set up regular payment schedules to save having to manually make these transfers each time?

Whatever online money transfer service you go for, cyber-security is a critical concern. After all, you do not want your money and details falling into the wrong hands! This means you need to look for a provider with robust security solutions like SSL technology.

Find the best rates and overall platform

As the above shows, while finding the best rates is worthwhile, there are also other things to look at in any money transfer provider your business uses. If you are a company in the UK which has a need to make regular overseas payments, it is wise to choose the platform you do it via carefully.