How To Get the Best Exchange Rates in 3 Simple Steps

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how do I get the best exchange rate when sending money home I've spoke about this
before but it's something that comes up on a regular basis
okay so simply put there's two ways you can transfer money one is you can use your bank two is you
can use a third-party foreign exchange company all right here's the bad news
the interbank rate or the rate that you see on XE.com you're not gonna get that
but the goal is to get as close to it as possible if you use your bank they add
much larger spread to the exchange rate yes they may not be charging you're a
fixed fee but they are charging you're quite a hefty Commission the best way to
do it is by using a third party foreign exchange company and yes even if you are
HSBC premier so here's how it works step one is set up an account with a
third party FX company for this they'll need copies of your ID and proof
of your residence so if you're in the UAE such as your passport and Emirates
ID step 2 tell them how much you want to transfer for example 30,000 dirham in
to pounds they'll then give you a rate and step three send the money to their
client account give them your receiving bank details and in two to three days
the money will be in your account make sure the company that you're using are
regulated somewhere like the UK so you've got extra protection and make
sure that they cover any bank fees that your banks could have charged you when
you send money to a third party account otherwise it could just be a wasted
process that's all for me today I'm Joe Woodhouse this is family wealth
101. see you tomorrow

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How To Get the Best Exchange Rates in 3 Simple Steps

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