If you regularly send money from the UK, you might not be aware that there’s an easier, cheaper, more convenient option.
When it comes to transferring money from one country to another, we’ve come a long way. Gone are the days when we would have to go to the bank, stand in a queue, fill out loads of forms and pay a small fortune for the privilege of sending money overseas.
Nowadays you can do it any time, day or night, from the convenience of your home, while actually paying less in fees and securing the best exchange rate.
Yet many people still use the banks because of a misconception that there aren’t other viable options available.
If you send money home from the UK, especially if it’s on a regular basis, you could save time, hassles and a bundle of money by doing it online. But of course not all online foreign exchange service providers are created equal, so make sure you choose one with a good reputation and many transactions under the belt.
Here are a few points to consider when choosing your forex service provider.
It’s important that the website you are transferring money through has the best security technology in place. Most will have a ‘Security’ button somewhere on the website, explaining what their security measures are. The 1st Contact Forex website has a secure, encrypted portal with a host of security features. We use secure socket layer (or “SSL”) technology to offer you the best possible protection.
It’s also important to make sure that any forex company you use is registered and licensed with all the right institutions. 1st Contact Forex is registered with HM Customs & Excise and the Financial Services Authority in the UK. We also have a FSB licence in South Africa and an AFSL in Australia.
2. Free and Easy Registration
Don’t pay to join or register for an online forex service. At 1st Contact Forex, you register for free, in just a few minutes. After that, we need copies of your passport (or alternative ID) and proof of residence to activate your account. It’s our policy to always provide as many options as possible, so in this instance, you can scan and email your documents, take photos of the docs with your mobile phone and text them through, fax them to us or upload them straight to the website – whatever works for you.
Banks charge extremely high fees for transferring money. As an example, if you were transferring £1000 to Australia, you would save AUD 65,43 if you transferred though 1st Contact Forex as opposed to a UK bank.With us, there are no hidden fees. In addition, the recipient doesn’t pay a receiving fee, every fifth transaction is free, and all transactions over £10 000 are processed for free.
4. Personal Service
As convenient as the internet is, make sure the provider offers telephonic and email support too. 1st Contact Forex provides round-the-clock telephone and email support to our registered clients.
5. Exchange rates
Don’t think you’ll get the best exchange rate at the bank, and don’t transfer money through anyone who can’t guarantee your exchange rate. When transferring through 1st Contact, the rate you see is the rate you get.
With 1st Contact Forex, you can transfer in any one of three ways: via cash deposit, via EFT, or with your debit card. Your transaction will also clear within 1 – 3 working days – at most banks, it can take up to 10 days to clear. If you want the money there within 24 hours, that can be arranged too, at a small additional fee.
Register with us today and you will never have to go into a bank to transfer money overseas again. Visit www.1stcontactforex.com to compare our fees or register.