If you are selling boats to international clients, currency fluctuations will affect the price of their purchase. Making sure they get the best exchange rate and are protected against market movements will save them money and can help protect the sale.
Following on from Moneycorp’s first 4 trading hints last month, currency expert Noemie Carriere has listed some more tips that will help you when speaking to international clients, whether they are buying or selling boats, or making smaller regular payments for maintenance and mooring costs.
Tip 5: Bigger Savings with Bigger Transfers
Typically, the larger the transfer, the bigger the saving; so if a client is buying or selling a boat they are more than likely going to benefit from a better exchange rate on this larger transaction size especially when comparing to high street banks.
That said, a client is still likely to see a considerable saving when making transfers with a specialist broker if they are exchanging anything from a few hundred to many thousands of pounds.
Tip 6: Don’t leave transfers to the last minute
The longer your clients have to arrange their currency transfer, the more flexibility they will have to en¬sure they get the best deal. Although currency brokers are able to offer same day transfers, the longer clients have to manage their exposure the more options are available to them, for example:
Market Orders
A client specifies a particular price at which they would like to trade at, if the market moves to this level; Moneycorp will automatically exchange the agreed amount of currency at the specified price.
Ultimately, clients can also protect their worst-case-rate should pricing move against them.
Tip 7: Overseas Banks May Charge Extra
Please be aware that some overseas banks may charge clients a handling fee of up to 1% of the value of the transfer. This can add up depending on the regularity that they send money overseas. This issue can however be negotiated with the receiving bank prior to transferring the funds – clients can speak with their foreign exchange currency specialist to discuss possible solutions that they can offer.
Tip 8: 24/7 online transfers
It can be cheaper to send payments overseas via an online system provided by a broker as the costs associated are limited and reduced. The process is straight forward – after agreeing a rate online and entering the amount to transfer payment can be made using a UK Debit card or a bank transfer.
In addition to saving your clients time and money, you can receive a commission on your clients’ trades.
For any further information or to refer a client feel free to contact Noemie directly on [email protected] or call on +44 (0)207 828 7000.
