What makes a great FX provider? - The ultimate checklist
Thursday 3 August 2023, 1 minute read
Welcome to the wild jungle of FX providers, where finding the most reliable one and securing the best deal can be quite the adventure! It's a challenging and time-consuming quest, but we're here to guide you through this dense foliage.
FX providers act as financial wizards in this untamed territory, transforming one currency into another. But beware! A hasty decision could lead you to the clutches of unfavourable rates, soaring fees, or hidden costs!
Choosing the best FX provider is no trivial matter. It can significantly influence your company's cash flow and profits. To help you in this pursuit, we've made the ultimate checklist.
The ultimate checklist to chose an FX provider
Here are the top 10 green - and red - flags to watch out for when choosing which provider to trust with your payments:
Exchange rates
Compare and find the best deal that gives your money the most bang for its buck. It’s a good idea to do a live rate comparison between two providers.
Read more: Working out foreign exchange rate
Fees
Is there a processing cost or a handling fee?
Hidden costs
Always check what’s included in the rate your provider quotes. Is it a mark-up on the base rate? Make sure you compare the final amount paid - even if the fees seem low!
Security
Check for FCA regulations and find out who is processing the money.
Transaction speed
Find an FX provider that gets things done quickly. And don’t get caught out by sneaky language. Check the payout speed, not the conversion speed, as these are not the same thing!
Customer support
Make sure your FX provider has a friendly support team to onboard you and help you out in a pinch. Is there a live chat option, or a direct line?
Read more: How to send money overseas?
Reputation and reviews
Spend time reading customer reviews on sites like Google and Trustpilot to make sure you're in good hands.
Technology and user experience
It’s all about the user experience. Can you do everything online without having to talk to someone? How easy is it to get details in and payments out?
Accessibility and convenience
Reading reviews will help you choose a provider that lets you exchange currencies wherever and whenever, and access your funds quickly and easily.
Additional services
Keep an eye out for the cherry on top! Some FX providers offer extra services like international money transfers or multi-currency accounts for extra convenience.
Read more: The top 10 best international payment gateways
Crezco can help
Crezco makes international account-to-account payments fast, easy and secure with the best exchange rate available and no hidden fees.
Finding an FX provider that scores 10/10 on this list might be tricky, but I can think of one…
Get ready to say adios to currency hassles and hello to a seamless international payments experience with Crezco!
