Getting the best currency exchange rate is easy when you know how.

Here are our top ten tips…..
1. Talk to a specialist currency broker as soon as you know you are going to need to purchase currency. That way you will have time to secure the best exchange rate.

2. Find a Company who where you can choose who you deal with. If you get on, the dealer will always be there for you.

3. If a Currency exchange company charges a commission up front, be wary. Try another broker.

4. Set a realistic target for your exchange rate. Use the RATE WATCH converter in the right hand column of this site to set your desired rate. Your Currency Dealer should explain the general exchange rate trends to you, so you can choose when to trade.

5. Search the internet for the best rates. Be careful though, most sites quote the “Interbank” rate. None of us can buy at that rate.

6. Buy a “Forward Contract”, if you need the money in the furure and you can get a good rate fixed now. It saves a great deal of worry later.

7. Try to avoid buying currency at the lowest rate of the day. The difference can be significant and your Currency Dealer should help you with this.

8. Don’t be greedy, if your target exchange rate is available take it otherwise you could lose out. Don’t forget, the prices can fluctuate during the day.

9. Always get confirmation from your Currency Dealer that your monies have been sent.

10. Finally, using your bank could cost you a significant amount more and they cannot offer specialist guidance.
More information on currency exchange….

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Tags: best exchange rates, currency conversion, Currency Exchange Rates, foreign exchange rates

Business customers- retain more profit from your overeas trade by using a currency exchange broker for your foreign exchange deals.Whether your company has been trading overseas for some time, or you are just considering the potential of trading overseas, you need to talk to a currency exchange expert.

There are many reasons why a business should trade overseas; maybe to import goods from India or China, to be able to retail in your home Country, maybe you may want to export goods but require payment in your home currency, but you can’t close the deal unless the exchange rate is favourable.
Whatever the reason, making the decision to trade overseas can involve risks and you should seek the advice of a currency exchange expert to find out how to make currency differences work to your advantage.

There are ways to manage the risk and when exposing your business to foreign currency rates, the fluctuations in local currency can have an impact on your profit margins. If changes in currency levels mean that its costing you more money to sell your goods abroad than you’re generating in profit, you may need to reconsider your strategy.

The best way to manage your exposure to the currency exchange rates, is to fix your rate of exchange for a reasonable period. This helps you to manage the risk and plan ahead:

· Get a fixed rate and period that suits your business model
· Look for competitive currency exchange rates – banks are often too high
· Go for currency exchange brokers that don’t charge additional commission
· Find somewhere that allocates a dedicated account manager to your business
· Manage your paperwork by appointing a broker on your behalf

Deal with Currency exchange brokers who a proven track record and have the experience to manage your regula business payments. The idea is to find a broker who works in unison with your business, so that you maximise your profits and they manage your currency exchange rate risks.
Managing your foreign currency payments and income is a full-time job, especially if you rely on overseas markets for a significant percentage of your turnover and profits. Rather than spending money recruiting someone to handle this for you, you should talk to a dedicated currency exchange business like Global Currency Exchange Network. We have the knowledge, expertise and buying power to get excellent exchange rates and fix them for up to 24 months – allowing you to plan a secure financial future for your business.

In addition, your dedicated broker will give you all the market information you need, provide help with payments in and out of your account, and won’t charge any additional commission.

To find out more about how we can help you, call David Osborne, Business Manager at Global Currency Exchange Network, on 0044 (0)1480 458400.

More articles on Currency exchange for Businesses

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Tags: business currency exchange, Currency Exchange Rates, money transfer, Regular monthly payments

Looking to buy, or sell, a condominium in Thailand using Thai Baht?

A “Foreign Exchange Transaction” will need to be recorded legally. See our previous article about the Foreign Exchange Transaction.

Here are some of the reasons for this and most of the processes involved. We strongly recommend that you seek out good, professional, advice before buying abroad.

• The Bank of Thailand controls the flow of foreign currency. Every Thai Baht must have a source and a reason, and the Land Department must perform due diligence, in accordance with this regulation. Every foreign buyer must transfer money from abroad.
• Non-residents of Thailand, who sell a condominium and transfer the money out of country don’t have to pay the remittance tax. Normally, the tax is around 30%.
• When transferring money out of the country, the tax-free amount is determined by the initial amount transferred in.

Transfer of the title deed:

Documents needed for an Individual property buyer in Thailand.

• Passport (copy if applicable, marriage/divorce certificate including a letter of consent from your spouse if marriage in Thai Language.
• Foreign Exchange Transaction certificate.
• Power of attorney. If anyone but yourself is representing you, in Thai script with a notarization by Notary public or overseas by the Thai Consul.

Documents needed for a Company buying property in Thailand.

• Corporate documents:
• Certified copy of the certificate of incorporation
• Certified copy of the memorandum of association
• Notarised certificate
• List of shareholders (in English, but must be accompanied by Thai translation)
• Minutes of directors’ meetings which have a resolution to sell/buy the property (specifying name and number and agenda dealing with the finance of the purchase if the company’s registered capital is less than the purchase price)
• Letter of advice regarding specific signature.
• Power of attorney, if the authorised directors do not make the transaction by themselves (Land Department)
• Free debt letter
• Foreign co-owner letter
• The certified copy of the I.D card of the authorized directors
• The certified copy of the house registration of the authorized directors
• Title deed of the condominium unit / property.

When transferring money into, or out of, Thailand, speak to the foreign currency experts at http://www.fx-foreignexchange.com Thai Baht is our speciality.

Buy or sell Thai Baht here.

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Tags: Buying property in Thailand, foreign exchange transaction, Thai Baht rates

Buying Property in Thai Baht.

Buying Thai Baht at the best currency exchange rate is a relatively simple exercise. Call your broker!

However, buying Thai Baht at the best exchange rate in order to buy property in Thailand, as a foreigner. That’s not such a simple task. Choose a broker who understands the Thai property system as there is a specific Act, the 1991 Condominium Act, which applies to non-residents who aim to buy a condominium in Thailand.

If a non-resident person wishes to transfer money into Thailand to buy a property there, they must obtain a Foreign exchange Transaction Certificate for each payment. This certificate comes from the beneficiary bank and every certificate will need to be shown to the Land Department in order to register the title of the condominium. As an aside, the currency exchange transfer instruction needs to state that it is for the purpose of buying condominium.

There’s a catch though. If you transfer money into Thailand for this purpose, you need to ensure that each currency exchange is for US$20,000 as a minimum, otherwise you would need to obtain a credit note from the bank instead.
Transferring money to Thailand:
1. The money must be T/T (Telex-Transferred), with a document identifying the name of the purchaser in the form of either the sender’s or receiver’s name. For example:

Mr. Jones wants to buy a condominium in Thailand. He has his own account at an overseas bank to buy the condominium, he has to instruct the overseas bank to issue the document in his name as the sender of that amount to his (savings) account in Thailand, or any law firm (with the permission from the particular firm) after which the appointed company will buy that condominium for him,

(or)

It is possible for the buyer to ask a third party to transfer the money for him to buy the property by identifying himself as the receiver. This could be done by using a currency exchange Company such as fx-foreignexchange, who would offer the best rates at that moment for buying Thai Baht and would then organise the money transfer to Thailand.

2. The purchaser has to include the transfer instruction indicating that the purpose of this money is to buy a condominium unit.

The bank that receives money in foreign currency will issue the document (Foreign Exchange Transaction) which contains the following information:
- The transferred amount in foreign currency
- The transferred amount in Thai Baht
- The name of money sender

In order to get the best currency exchange rate in Thai Baht, whether selling Australian Dollars, US Dollars, GB Pounds, AE Dirhams or Euros, contact the experts, Fx-Foreignexchange.com and they will quote the best rate for the Baht today.
+44 (0)1480 458 400

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Tags: best exchange rates, condominium purchase, Thai Baht rates