There are number of benefits that opening an account with a Foreign Exchange Broker can offer you. This video will guide you through some of the advantages including time, safety and ease of use in order for you to be better informed and aware of the options available to you regarding money transfer.
Good morning everyone and welcome to yet another episode of MyCurrencyTransfer.com TV.
Today, we’re going to be answering a question we received from a customer:
‘‘Why should I open an account with a foreign exchange broker?’’
Safeguard against anti-money laundering
When you send money abroad, you want to make sure that your money is absolutely safe and secure. All reputable currency specialists must be authorised and regulated by the FCA – that’s the Financial Conduct Authority. They all have strict guidelines in terms of KYC – that’s Know Your Customer, and need to ensure that their customers are legitimate and above board. Since 9/11, anti money laundering procedures have become a lot more strict. Don’t be offended by the questions asked by broker e.g. reason for transfer, it’s all normal and to comply with regulation.
Dedicated account manager / Online Login
Secondly, by virtue of having an account, you’ll be assigned a dedicated account manager. He or she will take time to understand your foreign exchange requirements and devise a strategy to maximise the value of your international payments.
Alternatively, if you trade online, having an account will give you access to an online portal, where you can transact from home, work or on the go with an app where applicable.
Takes less than 10 minutes
Opening a private client account can be done in less than ten minutes, and is totally free of charge. If you are making business money transfers, this may take a little longer to conduct the whole Know Your Customer process.
To conclude, from your side, always check out carefully the financial institution you are dealing with. Ensure they are FCA regulated and that the company operate segregated client funds.
I hope this video was helpful, and if you have any questions, feel free to reach out to me. My email is [email protected] or on twitter @currencytransfr
Written by Sofia Kluge on Google+
