If you are selling boats to individuals based overseas, currency fluctuations may affect the prices for your clients. Making sure they get the best exchange rate and are protected against market movements could make a difference to their finances.

Currency expert Noemie Carriere from Moneycorp has listed below some useful tips that will help you when speaking to clients making international money transfers, whether they are buying or selling boats.

Tip 1: Don’t use the Bank to make transfer
Many people leave foreign exchange in the hands of their bank. This is a big mistake. It’s not a widely known fact but it’s certainly a costly one: currency exchange is one of the easiest ways for the bank to pick your pocket; and for larger transactions the losses can amount to hundreds, even thousands of pounds.

A specialist broker is much better placed to look after your clients’ interests when making a currency transfer. Although they trade currency in exactly the same way as the high street banks, they can offer your clients better value for their money as they have smaller overheads. Another key benefit is that banks can charge up to £30 per transfer, whereas foreign exchange brokers tend to offer a much lower transfer fee or in some cases no fees at all.

Tip 2: Your boat could be 4% cheaper
Currency experts typically offer 3% to 4% better exchange rates than the banks. This will result in the boat being up cheaper for your clients at no extra cost for you.

Tip 3: Get free Expert Advice
As Exchange rates are continuously fluctuating, it is important to discuss money transfer requirements with a currency specialist. Importantly, they will offer free expert guidance and be able to help your clients through the money transfer process every step of the way.

They will monitor the market for your clients and protect them against market fluctuations with the ability to fix a favourable rate for up to 2 years –this can help with planning and avoid any unpleasant surprises when paying in several instalments over a large period of time.

Tip 4: Earn a commission whilst saving your clients money
You can receive an added revenue stream by referring a currency broker to your clients – Moneycorp will pay you a commission on all your clients’ trades.

Over the next few weeks, watch this space as Noemie Carriere will be providing more currency tips.

For any further information or to refer a client please feel free to contact Noemie directly on [email protected]  or call on +44 207 828 7000.