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10 | International finance
Registering with a foreign exchange specialist
is a straightforward and simple process. Any
business looking to protect itself from the
recession and save money on their foreign
exchange is eligible to register with a currency
broker.
How it works
Currency specialists make your exchange sim-
ple and worry-free. No new banking arrange-
ments to make or call centres to deal with –
you get to speak directly to an expert. Here’s
how it works at Caxton FX:
Opening an account
You can open your account by post, fax or on
the web without cost or obligation. Simply fill
out an application form or complete it on the
website (www.caxtonfx.com). Then send or fax
it back with a copy of your passport and a util-
ity bill. Your application is processed and, in
most cases, your account is opened within a
few hours.
Call for a quote/fix a rate
If you wish to exchange funds, simply call your
account manager and they will quote you a
rate. If you wish to proceed, they guarantee the
exchange rate on the phone and confirm it in
writing – via email, fax or post.
Sending the funds
© Microstock...
The funds will be transferred by priority system any deal. The market is extremely unpre-
anywhere in the world. Unlike banks and other dictable and, more often than not, will work
companies, there are no transfer fees to be paid, against you. If you have an experienced account
whatever the size of the transaction. If required manager, listen to their guidance and do not let
you can be provided with authenticated verifi- fear or greed make a decision for you.
cation of the transfer, free of charge.
Tips on currency transfers
The key to a successful currency transfer is
Case study: Australia
preparation. Ensure all your money is ready to
transfer – doing more than one deal will push After years of long distance phone calls, So when Patrick came to emigrate, Derek
up the cost. A better exchange rate will also be Derek Carter and his wife Sophie decided to advised against using a high street bank for
received when more money is transferred. emigrate to Australia to join his brother the currency transfers. “A couple of my
You will need to open an overseas bank Patrick. Tens of thousands of Brits have English friends out in Australia had told me
account to transfer your money abroad, which become Australian citizens in recent years they’d used a currency specialist for their
is usually a straightforward process. I would and is not hard to understand why - clear foreign exchange. I’d never heard of that,
recommend making initial enquiries with your blue skies, BBQS, cheaper cost of living and but as they recommended them, I suggested
UK bank provider. Make sure your bank can affordable property. Derek joined his to Patrick he should try them.”
transfer it all at once, as some banks have lim- brother’s IT consultancy in Perth. Keen to be Patrick found Caxton FX in an advert in
its. close to the city they bought a three- the Financial Times. “I chose Caxton
Comparing rates with different currency spe- bedroom house in the Victoria Park area. because they offered me an attractive
cialists could save you thousands – try to com- Derek’s brother Patrick used a high street exchange rate, but it was their service that
pare at least three. Some brokers will try to bank when he emigrated the previous year, really impressed me. I had my own account
tempt you to sign with a competitive quote and unfortunately had a rather bad manager, Phil, who dealt with me every time
before you register, but then give a completely experience, “I assumed the bank was my I rang up. He was extremely knowledgeable
different rate when it comes to doing the deal. only route so just naturally went with them, as well and talked me through the entire
Keep an eye on the interbank rates and make but I really lost out on the exchange rate. process - I felt really looked after. Having
sure you ask if they charge commission (they The service was OK, although I had to deal compared our two experiences, I think the
shouldn’t.) Do some research before dealing with several different people and re-explain system at Caxton works a lot better than at
with a company – ensure they are experienced the whole deal to them every time, which the bank – Caxton move the money quicker,
and know what is happening in the markets. was frustrating. It wasn’t very reassuring their exchange rates are a lot better, and all
Lastly, make sure you do not let your either.” in all are just a lot easier to handle.”
emotions dictate your decision to complete
April 2009 Investment International
www.investmentinternational.com
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