As an expat, you have many concerns beyond the preparation and filing of your U.S. income tax return. Amongst these concerns is the constant risk and concern of erratic foreign exchange movements and obtaining the best exchange rates.
In the area of foreign exchange services, we have identified and partnered with a few foreign currency brokers that not only we trust but also our clients have provided positive feedback and recommended.
Save Money When Making Foreign Exchange Transfers
Living overseas, it is very common to transfer money to/from the US and most often that requires a foreign exchange service and more often than not most individuals utilize the traditional bank to conduct this transaction.
Unfortunately, the use of banks often means that you are paying too much for your foreign exchange rate and changing your money into another currency.
But alas, there are other options that are simpler, more convenient and perhaps equally important, more cost-effective. Whether you have a small or large transfer, buying or selling an overseas property, emigrating, repatriating, making or receiving a one-time or regular payment (such as making a mortgage or school tuition payment back in the U.S.) or any other currency exchange whether for business or personal use – the savings can quickly add up.
At Tax Samaritan, we are pleased to share resources that can save our customers money while living overseas. One of these savings opportunities is by using a foreign currency broker.
When you use these recommended and leading providers of foreign currency exchange you can relax in the knowledge that your money is safe, totally secure and that you are receiving competitive foreign currency exchange rates for international money services and personal service. Each of these providers pride themselves on being able to help our customers to really save money on their foreign exchange transfers and guiding you through this process.
Why Use A Foreign Exchange Broker
Foreign exchange brokers (fx brokers) unlike a bank, specialize in currency transactions. You can use them to send money – both small and large transactions.
You can choose to send money using the current exchange rate or you can use what’s called a forward contract to lock-in the exchange rate for a future currency exchange transaction. The use of a forward contract is helpful if you know that you’ll need to exchange a large sum of cash at some point in the future. For example, you know that you will need to exchange US dollars held in your US bank account for Mexican Pesos in order to purchase a home in Mexico and you are worried about the dollar weakening before it’s time to send the money. This method will let you lock-in a rate.
Most foreign currency exchange brokers will also deal with regular transfers abroad. For example, sending money every payday while working abroad in China to your family that is residing back in the United States.
When you have a need to exchange currency, you have the choice of using a foreign exchange broker, a bank or a money transfer firm. Following our recommended steps below can help you find the best exchange rate:
- Find out the exchange rate from your bank. Be sure to obtain both the exchange rate and fees to determine your total cost for the currency exchange.
- Click on the foreign exchange brokers below to receive a free quote and compare to your bank.
- Be sure that however you decide to send your money, whether from a bank or broker, that they are regulated by their local government. All of our recommended partners below are regulated by the proper authorities in their jurisdiction and are reputable firms.
- Confirm that your preferred firm or bank can handle your transfer amount, currency and deadlines that you need.
Benefits Of Using A Foreign Currency Broker
By using one of these foreign currency exchange brokers, you will benefit from:
- Unbeatable exchange rates
- Dedicated account manager to help you obtain and plan for the best exchange rates
- Fast international transfer of funds
- Security of funds
- Ability to “fix” your exchange rate up to two years ahead
- Market updates and analysis from qualified currency analysts
Whatever your business or personal requirements, these foreign currency brokers are built on saving our clients money with peace of mind. No matter your requirement or industry, these currency providers can reliably and consistently offer significant savings when it comes to making or receiving payments in a foreign currency.
Please click on any one of the following currency exchange brokers below and start to benefit from excellent rates and service. Compare exchange rates and get a quick quote by clicking on the banners below and see how much you may be able to save in comparison to your bank or current provider.