Mayfair FX - Blog Post 14

Switching Currency Provider – Your questions answered

10:00 02 December in FX

Reviewing your currency provider is a necessity in today’s market with the squeeze on profit margins

Switching Foreign Exchange Providers may be the brightest move for your company. Many businesses are paying hundreds if not thousands more than they should and are not receiving the service they require. In this blog release, we answer some of the pressing questions that may come to mind when switching providers.

Will I save money if I switch currency provider?
In most cases the answer is simply, Yes. If you have not reviewed the costs associated with currency transfers or international payments, the chances are you could be paying too much.

How often should I review my currency provider?
Just like you would review your Gas / Electricity / Broadband bill once or twice a year, you should do the same with the pricing you are receiving from currency providers.

How do I find the cheapest currency provider?
The best way is to speak to a few reputable providers and make a direct price comparison. It is important to ensure they provide an online platform with full visibility and price transparency to help you make an accurate comparison.

How do I know the currency provider is reputable?
You should check out their credentials. Are they authorised by the FCA? Do they adhere to the Data Protection Act? What do the Customer testimonials rate the provider?

Changing providers is a hassle?
Change in any respect can be a daunting task, however in most cases the saving gained will outweigh the time taken to change.

What are the other benefits other than price?
Faster payments, wider range of currencies, online platform, quicker transactions and many more.

How long does it take to switch providers?
Usually it will take 24 hours to a maximum of a week.

What will it cost to change providers?
Most currency providers do not charge a registration fee so it won’t cost any money to change.

What if I change my mind?
There is usually no obligation to carry out currency transfers or international payments once registered with your new provider. Simply don’t execute a trade with them.

What information will I need to switch?
As long as the business shareholding and directorships have not changed, it is likely you would have all the information required to hand from registering with your previous provider. You may be required to provide more recent Proof of Identification and Proof of Address.

What happens next?
Once you are set up with your new currency provider, you can go on making payments just as you did previously.