Episode 27: Moving Abroad - the process, the challenges, the joys with Tom Pewtress, Peter Gollogly, Bryan Bann & Jonathan Lumb
We take a look at international payments and transfers, explaining why using a currency broker for your international payment needs can offer better exchange rates, a more personalised service, a wider range of payment options and valuable market insights.
The year is underway and this week I’ll be taking a look at international payments and transfers. A phrase once coined as “every penny counts” springs to mind on this topic.
As always, I’m Tom Pewtress Head of Global Partners and today I have special guest Grant Henderson from GC Partners joining me later in the show.
Towards the end of last year, I mentioned one key area to consider when living abroad or having to make international payments or transfers is the cost you incur doing so. I remember when I moved to Dubai all those years ago, the most logical way of transferring money back and forth to the UK was to just simply use HSBC who was my bank at the time, blissfully unaware of the large margins and cost I was occurring.
I often think when moving abroad or having to pay for something in a foreign currency, we simply don’t know what we don’t know.
Obviously when sending considerably larger amounts of money these spreads and costs become more apparent but on small transactions, they can often go unnoticed.
As part of any good financial plan, we would always suggest looking at making those pennies stretch as far as possible and the pounds will look after themselves, therefore, a currency broker may be a great way of doing this when making those transfers.
So, at this point I’d like to introduce the man of the hour Grant Henderson, Head of Middle East for GC Partners. GC Partners are currency brokers who help clients achieve better exchange rates and lower fees on international payments. Grant thanks for joining me on the show.
Grant let’s have a quick catch up on some major currencies and what happened last year – Because well, there was lot that went on.
1. Can you explain the process of how a currency broker facilitates international payments?
2. How do you typically access better exchange rates than banks or online service providers?
3. How does your service differ for a client compared to banks and online providers?
4. What types of businesses or individuals do you typically work with and how do assist them with their foreign exchange needs?
5. What are some of the misconceptions about currency brokers and foreign exchange you in encounter?
6. How have Fintech businesses impacted your business?
7. What advice do you have for anyone who are considering using a currency broker?
Thanks for your time today, it’s been great having you on the show and hopefully now our listeners out there will have a better understanding of how someone like GC can be of assistance.
In summary, using a currency broker for your international payment needs can offer better exchange rates, a more personalised service, a wider range of payment options and valuable market insights.
This was recorded on the 10th of January 2023 and all information was correct at the time of recording. As always, this podcast is for educational purposes only and it is not a personal recommendation. If you're unsure what's right for you, you should seek advice. Past performance is never a guide to the future and investments rise and fall in value. So you could get back less than what you put in.
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