To transfer money to different countries using a currency broker can be cheaper than the retail banks. We have partnered with TransferWise to to make the process cheaper and quicker.
There are a number of different reasons why you would need a currency broker:
- Regular pension transfers
- Monthly salary transfers
- Pay your overseas mortgage
- Pay overseas condominium fees
- Top up your overseas bank account
The different Types of FX currency options
Stop loss orders
The Stop loss order is useful when protecting a profit margin. It is an automated market order that is placed below where the market is trading. Nothing is physically bought at this point. Should the market move in a positive direction you are in the position to buy the better price or move the STOP LOSS order up to a new level in line with the better price in the market. However should the market move against you, as it passes through your order you automatically buy at that rate, therefore stopping the loss.
A Limit Order is used when trying to achieve a rate that is better than where the market is currently trading at. It is an automated market order to buy or sell a specific amount of currency at a predetermined level. A price is identified that you are willing to trade at and should the market spike and hit that LIMIT, the deal is booked and the Limit Order is completed.
The standard spot transaction has a value date of 2 days, allowing for a 48 hour turnaround of your funds. Spot Deals can be rolled over for another 48 hours should the need arise. Minor adjustments will be made accordingly to the price that was initially given to the client when the deal has to be rolled over for another 48 hours. To ensure the turnaround is made within 48 hours, idealFX must receive the clients funds the same day the deal is booked.
A forward deal is where a rate is booked today based on the present market rate with a value date at some point in the future. It is on the value date that the contract is completed and the booked currency is delivered at the original booking price, regardless of where the market may be trading that day.
Same day deals
A transaction that matures on the day the deal takes place, i.e. turnaround within a 24 hour period. Payment must be made immediately and there can be additional charges for this service.