In the battle to stay ahead in an increasingly crowded marketplace, currency exchange companies are refining the help they can offer those buyers who need to exchange pounds sterling to a foreign currency in order to secure their overseas property.

Step forward RationalFX, which has just launched the UK's first online foreign exchange service. Customers can buy and sell foreign currency in 'real time' using the online trading facility which offers competitive commercial exchange rates.

Rajesh Agrawal, CEO of RationalFX, explains the service as follows: "Our customers can log on and know they will get competitive commercial rates that are better than the tourist rates which the high street banks offer. eTrade can help both private individuals and businesses save money in a variety of situations whether its buying a property overseas, emigrating, paying the tuition fees for studying abroad, making business payments for imports or paying salaries abroad."

Customers can open an account free of charge and are provided with a jargon-free service with no costs (all charges are clearly stated, according to the company). An eTrade account can be opened within 24 hours of registration, both private and business users alike will have access to a number of online trading options such as spot trade, where currency can be traded within 24 hours, to forward trade, where an exchange rate can be fixed up to 24 months in advance. 

The website works on the basis of bids. A bid enables a customer to set up a desired rate in the market over a given period of time. If the bid is achieved then RationalFX will automatically purchase the currency. If the bid is not successful by the selected expiry date, it will disappear. In addition, customers also get free international wire transfers.
 
Another currency-related service that could help those who are going overseas for extended periods of time is offered by HIFX.

The company's regular payment plan enables Brits to manage regular currency payments such as pensions, salary and mortgage transfers free of charge. As exchange rates for these payments can be fixed six to 24 months in advance, the service protects users against currency fluctuations.

When buying property overseas, it often pays dividends to make the most of the services offered by currency exchange companies in order to control your costs and ensure the maximum buying power for every pound you spend overseas. The trickiest part is deciding which company to use!

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For further information:
Rational FX 
HIFX  

Article first published on 26 July 2006