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Why picking a currency specialist that is FSA regulated is so important.

Posted 2nd March 2010.

After the near collapse of some of Britain’s banks and with thousands of customers nearly losing their savings it has never been more important to make sure that your money is secure when entering any financial transaction, especially when dealing with Foreign Exchange and when you are transferring your money abroad.

Like most industries, a number of ‘cowboy’ companies exist that take advantage of consumers by providing a sub standard, more expensive service that ultimately makes everyone worse off apart from themselves. That is why, at Sendmoneyhome.org, we make sure that every single FX Broker and Currency Specialist that we deal with is carefully vetted and is fully accredited by boards such as the Financial Services Authority (FSA) and Her Majesty’s Revenue and Customs (HMRC) or by the respective bodies in their home country.

Our online price comparison website is dedicated to making sure that our users, be they individuals or businesses, receive the best deal when making payments overseas and a big part of this service is making sure that all our featured providers are effectively regulated.

When you are sending money overseas many people simply use their banks for this purpose. However, whilst this is safe, you could be missing out on thousands of pounds in savings that could be gained by using an FX Broker or currency specialist. This companies, unlike banks, charge no transaction fees and through better exchange rates will be able to save you an additional 1-5% on the cost of your transaction.

However the security of your money is also of paramount importance and an FX Broker will be able to provide you with additional security in this matter also.

So what else is offered to customers?

The network of specialists that are subject to our stringent checks can offer the very best secure service.

Customers are guaranteed:

Your own dedicated account manager

A segregated client account to protect your funds

All trades and deals are FSA authorised

A fast and efficient service allowing transfers to be completed as quickly as possible

When dealing with your chosen broker be assured that all your funds will be held in a segregated client account that is yours and yours alone and thus ensures the security of your funds.

The nature of a client/broker relationship means you will also be able to deal with your individual account manager in order for a mutual trusting relationship to develop instead of the frustration garnered by having to speak to many different people at a bank.

Sendmoneyhome.org stress the importance of these FSA and HMRC regulations. Without being authorised by these bodies as a money services provider then your funds are at risk when being transferred abroad. At SendMoneyHome you can search for and obtain the best exchange rate for your transaction and can rest easy that whichever broker you choose to partner with from our site will be regulated by the necessary guidelines.