International Payment Solutions

“What are my options for International Payment Solutions?”

Through technological advancement the world continues to grow at a rapid pace. This means people travel more, consume international products, explore new opportunities globally and the list goes on. For these very reasons Foreign Exchange, International Payments and Money Transfers have become an important part of a business’s operations as well as private individuals’ everyday lives.

A large proportion of users of Currency Exchange have continued to use banks so we thought it would be useful to give an overview of the available International Payment Solutions alongside.

Banks

For the most part when it comes to money people turn to the banks because it is natural association. From a young age you are taught to save money with the bank, withdraw money from the bank, use a bank debit card or credit card, obtain a mortgage etc. Therefore, when it comes to making an International Payment Money Transfer, the first stop is the bank be it a business or private individual.

Over the many years Banks have earned your trust, reliability and security through typically low revenue generating products & services. International Payments being a high revenue generating service for the banks due to the high fees and the lack of transparency around exchange rates, are quite heavily promoted in the branch and through online banking.

The main advantage of using a bank is the familiarity and the ease of access to funds being already held by the bank. The downside is the expensive cost, lengthy payment time and difficult payment methods i.e. having to go into branch.

Currency Broker / Foreign Exchange Specialist

Currency Brokers & Foreign Exchange Specialists noticed the above as an opportunity to create a service which is better aligned with customer goals. They will tend to offer cost savings on the Foreign Exchange element by offering better exchange rates as well as offering lower or zero payment fees. However most importantly they will offer a personalised voice service with strategic assistance for future international payments & currency transfers.

As mentioned above most clients will use a bank and for brokers convincing a new customer to use a currency broker instead can be a challenge. Therefore, brokers tend to rely heavily on introduction through trusted parties such as property agents and friends & family that have used the broker in the past.

The advantage of using a broker compared to a bank is the personalised solution driven service and the cost saving. Currency Specialists are also able to reduce the complexity of International Payments by handling the payment process for you, which often speeds up the payment, and hence the funds arrive at the beneficiary quicker.

FinTech

With mobile and online technology usage increasing considerable fast a new set of Financial Technology (FinTech) Foreign Exchange providers have arisen. They have been considered the next evolution of the banks by offering online banking like platforms with improved user interfaces coupled with competitive exchange rates & low/zero payment fees. The growth of FinTech Foreign Exchange providers has been the result of viral marketing and word of mouth amongst friends/family/colleagues.

They have managed to provide easy to use, accessible online platforms, to those that were previously tied to legacy bank payment methods e.g. going into branch or fax confirmations and increased awareness of the importance of achieving the best exchange rates & paying low fees.

There has been further advancement in FinTech Foreign Exchange providers, a sort of hybrid between the Currency Broker & FinTech. The hybrid providers have understood that customers can handle straight forward payments online but there are cases were specialist help is required e.g. when purchasing a property abroad or making a large currency purchase e.g. buying a factory.

Private Individuals & Businesses now have access to better exchange rates, low/zero fees, specialised consultants guiding through the complicated world of International Payments & Foreign Exchange as well as access convenient easy to use online platform access.
 

How can Mayfair FX help?

• Gives you access to both Spot or Forward contracts
• Assist in putting in place a Foreign Exchange risk management strategy
• Provide understanding of Foreign Exchange and how the markets operate
• Gives you access to both Spot or Forward contracts
• Market Leading Exchange Rates
• No hidden fees or charges
• Online platform to check & book currency rates 24/7
• Hassle-free registration

How to get in touch?

Call – 0203 66 77 345
Email – team@mayfairfx.com
Website – https://www.mayfairfx.com/register