For individuals making a larger Send Our Money, specialist brokers like FairFX will generally offer the most competitive rates. These companies may be used for smaller Send Our Money as well, but they will work out more costly than a bank. They are particularly useful for the larger transactions, however, such as buying a holiday home abroad or any type of property. Or, if you were to emigrate, then you would need to transfer all your assets to the currency of the new country you are settling in. Unfortunately the less the value of the Send Our Money, then the more probable the exchange rate you are likely to be offered will be worse. As always, it is best to use a comparison site to find out the current exchange rates, commissions and fees on offer.
If you choose to use a specialist foreign exchange company, there may be several alternatives for your Send Our Money. If you have the funds available, then a spot contract may the right choice. This is most suitable if the exchange rate is favourable at the time, and you wish to make a quick Send Our Money. If you do not have the funds readily available, then a forward contract is more suitable: This allows you to make a purchase in the future, whilst fixing the exchange rate. You may be required to pay a deposit for a forward contract. Having selected the type of contract, spot or forward, you may then have the choice of two further options for the Send Our Money. One is a limit order. This is an order which allows the purchase of currency at a pre-determined exchange rate, which is better than the current rate. The second option is a stop loss order. This is most suitable if you are concerned the exchange rate will get too low before you buy. A minimum threshold is set at which the currency is automatically purchased when the market falls to this level.
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