Which can save you up to AUD 65 per 1000 you transfer?

If you guessed that the banks are the cheapest way to transfer money from the UK to Australia or South Africa (or anywhere else for that matter) you’d be wrong.

A comparison by 1st Contact Forex has shown that a transfer of £1000 from the UK to Australia would save you as much as AUD 65 – you save on the better exchange rate, the much cheaper transfer fee and the receiving fee, which is AUD 10 through the banks and FREE through 1st Contact Forex.

If you were sending money home to South Africa and transferring £1000, you would save a whopping R562, while transferring the same amount to India through 1st Contact Forex would amount to a saving of INR 2666.97!

“There’s still quite a misconception among most people that the banks are the cheapest, fastest way to send money,” says Gemma Cloete of 1st Contact Forex. “This is simply not true. And, while most banks take between 3 and 7 days to transfer the money, 1st Contact Forex does so within 1-3 days.”

To compare the fees and exchange rates, or to do your money transfer simply and at the best exchange rates, visit www.1stcontactforex.com. 1st Contact take pride in their exceptional service, as well as the fact that they offer the most transparent transfer service in the market – the rate you see when you buy your foreign exchange is the rate you get.

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It is estimated that £300 million per year is lost to these monopolies. The anomaly occurs because a huge number of consumers of Foreign exchange and remittance services are not aware that there are better options in the market. These consumers shoulder the burdens of the façade monopoly which the banks hold; High fee’s, hidden costs, poor rates of exchange, lack of transparency on exchange rates, poor service, and slow turnaround times from staff who aren’t really interested. In fact, dealing with the banks is a travesty of 21^st century customer service.

Enter the independent Foreign exchange and Remittance providers. These small to medium sized companies specialize in completely and utterly beating the banks on value for money and solid customer service with a smile. They also simplify the money transfer process into something which the layman can understand and execute easily. These companies offer exchange and remittance services at a fraction of the fee’s (if any), zero hidden costs, very competitive and guaranteed rates of exchange, complete transparency, excellent and friendly service from people who want to hear from their clients, and fast secure online systems which ensure cleared funds in any globally nominated account as fast 1 working day. If only the consumers knew about these better options.

Ironically consumers have direct and easy access to these services. Most independent companies run online, and offer their full service as an online package. Therefore if a person has access to the web via a PC, internet café or mobile phone; it is very easy to capitalize on the benefits these providers create, from anywhere on the globe. Welcome to the 21^st century.

2 such companies are 1^st Contact and the Sable Group. Both companies offer a range of accounting, wealth, legal, visas, tax and payroll services, along with their much honed expertise on foreign exchange and international remittance services.

It’s a no-brainer.

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Is Cash Still King?

The cash option often seems to come out tops as it is convenient to use and is accepted everywhere. (Provided you’re carrying the correct currency of course). However, it’s also the easiest to lose or have stolen.

Cash is definitely worthwhile if you are getting a good exchange rate; it’s something you can shop around for and one might argue that whatever format you decide to use to carry the bulk of your travel cash, you should give serious thought to carrying a small emergency cash reserve as well – perhaps hidden away on your person.

Carrying cash is undoubtedly a risk but with some careful thought and proper precautions it needn’t be totally disregarded as an option.

Pros: Convenient; can be cost-effective; widely accepted
Cons: Very Risky

Travellers’ Cheques: Still a Viable Option?

You can’t really pick up a restaurant bill with a travellers’ cheque, nor can you use it to pay your cab driver.

You will need to convert your cheques to cash periodically during your travels and it’s worth remembering that you will be charged commissions each time you make an exchange. Also, once you’ve converted a cheque to useable cash you’ve got the very same situation you would have had with cash in the first place, except it might have cost you a bit more to get there.

On the plus side, while there is a fair amount of risk carrying travellers’ cheques, if you are organised and photocopy your cheques or make a note of the cheque number (as long as you don’t lose that too) you can travel with relative peace of mind.

Pros: Safer than cash
Cons: Inconvenient, can be expensive

Travel Money Cards: The Power of Pre-paid Plastic

A relative newcomer to the travel money market, prepaid travel money cards offer major advantages over their predecessors in terms of cost-saving and convenience for travellers.

Pre-loaded with your destination’s currency, it works exactly like a local debit card. So no more bother with having exchange travellers’ cheques or the dangers of carrying around large wads of cash.

With a reputable provider, you should have around-the-clock support services. This means you can cancel the card and possibly get refunded on your losses if you were to lose your card while travelling.

You can also load your card with your choice of currency when rates are most favourable and since you are using it as an ATM card there are no big commissions to worry about. This makes a travel money card a rather cost-effective option.

Pros: Safe, convenient, cost-effective
Cons: less convenient than cash

__________

1st Contact Forex offers both conventional travel cash and a pre-paid travel money card. Either option will allow you take advantage of our great rates.

Why use the 1st Contact Travel Money Card?

The 1st Contact Travel Money Card is a MasterCard debit card, but because it’s pre-loaded with your destination’s currency – at great exchange rates – you can pay like a local and save money for more important things, like savouring the local cuisine or enjoying the sights.

• Excellent exchange rates, guaranteed
• No fees for paying at shops or restaurants while abroad
• No commission charges on transactions
• Standard low charge for ATM withdrawals

To get your Travel Money Card or view our great exchange rates, visit www.1stcontactforex.com or call 0808 141 2309 to find out more.

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The 1^st Contact Travel Money Card works just like a MasterCard Debit Card, but because it’s pre-paid you’re spending your own money instead of incurring credit card debt. But that’s just one of the many benefits…

Start Saving Now

One of the great things about the 1^st Contact Travel Money Card is that you can load money anytime you like online or on your mobile phone, in the weeks leading up to your holiday. This allows you to save until you arrive in SA, as the card is loaded with Rands and can only be used in South Africa!

Transparent Exchange Rates

The rate you see online when you load your money is the rate you get, so you always know where you stand. 1^st Contact Forex are able to offer excellent exchange rates, due to a) their buying power and b) their real passion for saving their clients money!

Great Fee Structure

Another way they demonstrate this passion is by charging ZERO COMMISSION, unlike other travel money cards. Another huge bonus is that there is only a small fee for ATM withdrawals and NO FEE AT ALL for swiping the card in restaurants or shops in South Africa.

To get your Travel Money Card and start loading it with Rands at a great exchange rate, visit www.1stcontact.com/forex or call 0808 141 2309 to find out more.

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“People wrongly assume that the bank is the best way to transfer money, when in reality it takes longer, it’s more expensive and you have to go into the bank to perform the transaction” says Ernst Janse van Rensburg, Forex Manager at 1^st Contact.

1^st Contact Forex offers a secure, cost effective and immediate money transfer service to most destinations around the world including South Africa, Australia, New Zealand, Poland, Europe and the USA.

With more than 40 000 registered clients and over 100 000 transactions around the world annually, 1^st Contact Forex is well positioned to offer an excellent service designed to save clients money and make the process as simple as possible. Online transactions clear within 3 working days and specialist consultants are available round-the-clock via phone or email. With a total transparency policy and no hidden fees, the rate you see is the rate you get!

“In my opinion the best way to send money home is online, with your own debit card. A company like 1^st Contact Forex is in a position to offer clients a much better exchange rate, because (as apposed to the banks) it’s the core of our business.” Ernst Janse van Rensburg, Forex Manager at 1^st Contact Forex.

To send money home safely, conveniently and at the best exchange rates, go to www.1stcontactforex.com or call 0800 856 2470 (within the UK) and speak to a foreign exchange specialist consultant.

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According to Janse van Rensburg “inflation differentials show that there will be a strengthening in the Pound in the long run”. Janse van Rensburg goes on to explain that this does not necessarily spell out short term movements for those residing and working in the UK. His advice to professionals is that saving their pounds in the hope that the currency might strengthen may not be the best course of action, as it may take a significant amount of time for the Pound to regain its strength.

He believes the rand will retain relative strength in the current climate. “There is also a whole lot of capital flowing into South Africa through sport investment, so I think the future is quite positive regarding the Rand as a currency”, explains Janse van Rensburg.

1st Contact Forex urges individuals to take control over their own financial affairs during these trying times by educating themselves on basic financial terms and exchange rate implications. As much as the financial world can seem a bit daunting to many, 1st Contact are of the opinion that it is more optimal for individuals to be empowered to make their own financial decisions, as opposed to becoming dependant on seeking expert financial advice.

“1st Contact Forex seeks to provide consumers with all the knowledge they will need on exchange rate fluctuations in order to make wise and informative decisions” says Janse van Rensburg.

Sign up to receive our weekly currency reviews

Contact 1st Contact Forex today.

Phone:
0800 856 2470 (free phone within the UK)
1800 835 148 (free phone within Australia)

www.1stcontactforex.com/

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Ernst Janse van Rensburg, 1st Contact Forex manager explains that ‘interbank rates’ are exchange rates that the banks use to trade with each other. No individual consumer could ever hope to secure this rate. The difference between the actual rates that consumers receive and the interbank rate is termed the ‘spread’. The spread is thus the profit that money transmitting companies would make from consumers.

“interbank rates’ are exchange rates that the banks use to trade…”

Janse van Rensburg says “Forex and Money Transfer companies make a profit by reselling Forex at a higher rate than what they purchased it for and the inter bank rate is what they have purchased it at. It is therefore logical to conclude that inter bank rates are simply inaccessible to consumers”.

Janse van Rensburg further explains that exchange rates are changing every second, where markets can move by 2% in ten minutes. As such it is impossible for most providers to guarantee a fixed rate to an individual, as by the time the funds have cleared into their bank account; the exchange rate would have changed (which could either be favorable or unfavorable, depending on market related conditions). It can therefore be stated that market fluctuations create risk in money transfer initiatives.

1st Contact has engineered an industry first online platform, enabling consumers to transfer their money to international destinations of their choice through the use of their debit cards. The system ensures an instant transaction, as once the transaction is completed, currency is bought instantly (there are no time differences). This takes away all of the risk associated with transferring money to international destinations together with securing preferable rates.

1st Contact urges individuals to be aware of any Forex companies that advertise inter bank rates, as not only does this lack transparency, but these rates are impossible to secure. 1st Contact strongly advises consumers to always double check whether the rates advertised are inter bank rates or the actual rates that will be secured and reflected in their bank accounts.

For more information on Forex related issues or to initiate an online money transfer transaction, please visit www.1stcontactforex.com

Phone:
0800 856 2470 (free phone within the UK)
1800 835 148 (free phone within Australia)

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Van Rensburg, 1st Contact’s Forex manager, says he believes the situation for the pound could get worse. “We will probably see it weaken in the foreseeable future; indicators at the moment show any increase or steadying in strength is unlikely” His advice to professionals is that they saving their pounds till the currency strengthens might not be in their best interest, because it might take some time for the pound to recover.

He believes the rand will retain relative strength in the current climate. “There is also a whole lot of capital flowing into South Africa through sport investment and there have been business acquisitions such as China buying into Standard Bank. So I think the future is quite bright regarding the Rand as a currency.”

“The pounds being sent home are now depreciating,” he explains. “Whatever one can store now in their home currency at present will be worth more if the pound depreciates. That is one way you can increase wealth, though it is speculative” he warns.

With such a variety of variables to take into account, “its during these times that I believe it is best for people to educate themselves as much as possible, no matter how much we all like to leave issues we find difficult to understand to experts”, says van Rensburg.

“The landscape is so volatile that I wouldn’t depend on a single source for speculative info. I would say its best for every individual to collect as much information as possible to make an informed decision.”

Visit 1st Contact Forex for more information or subscribe to receive the weekly currency review into your inbox.

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Question:
So, if you don’t want to wait – sometimes weeks – when you travel, for fun or for work, to have secure control of your own cash, why should you?!
Answer:
You don’t, any more.
Discover a new technology taking the world of plastic cash by storm: Prepaid cards, by White Eagle (Europe) Plc.

Introducing award winning Prepaid cards by White Eagle in association with 1st Contact Group.
Looking much like a credit card; instead, funds are loaded (you can even have wages paid onto your card) and spent where ever Maestro® or MasterCard® Acceptance Marks are displayed (28million locations world-wide), off and on-line. White Eagle Prepaid cards, besides looking great, are a fantastic way to control your hard-earned cash, without risking the lot, or waiting weeks to get a debit card linked and tied to a bank account.

Once 1st Contact Group has helped you with your Visa and getting you set-up in the UK, you can start planning for your travelling trips through Europe. This will be the right travel card choice to ensure you get cheaper drawing rates and do not over spend on your trips.
Check out the cheap costs and benefits of our cards.

Travelling/Working via or in the UK for less than 1 Month?

For a limited time, you can get your card here: Freedom Card Website.
If you have any questions about the Freedom card, call White Eagle on +44 207 1471603 (available 24/7) and Select Option 2.

Travelling/Working via or in the UK for more than 1 Month?

For a limited time, you can get your card here: White Eagle Website.
If you have any questions about the White Eagle card, call White Eagle on +44 207 806 5700 (available 24/7) and Select Option 1 then 1 then #.

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The biggest word of advice that 1st Contact gives to young travelers and professionals is to take their financial affairs into their own hands, so as to be smart, nimble and quick in responding to market fluctuations in order to safe guard themselves from incurring unnecessary additional financial strain during the festive season.

The following 1st Contact tips apply to make the most out of the festive season within an uncertain UK economy:

* Track Exchange Rate Fluctuations Regularly: Continuously monitor market fluctuations, enabling you to become agile in responding intelligently to favorable market conditions, when transferring funds to international destinations. Subscribe to 1st Contact’s online exchange rate notifier and currency review to receive the latest news on market movements and regular alerts of exchange rate fluctuations, so as to make the most out of an uncertain economy.

* Shop Around: You will only get the best exchange rates if you are willing to shop around, canvass and assess a variety of different options. It is crucial to only use reputable companies who are well established, as a measure to safeguard against unnecessary risk given the current economic climate. Be aware of smaller companies who are likely to be experiencing cash flow problems, during the economic strife, which will ultimately diminish and compromise the safety of your funds.

* Always Ask for Upfront and Transparent Exchange Rates: When you shop around, it is essential to ensure that companies are presenting you with the actual exchange rates that they have secured for you. Time and time again, traditional Forex companies have been known to present consumers with one rate whilst securing a different rate. This leads to disappointment when less money than what was originally anticipated clears into these individuals’ bank accounts. 1st Contact Forex has developed a unique platform enabling the most transparent and upfront method of transferring money to international destinations through the use of a debit card. This unique functionality is as transparent and upfront as it gets, by truly ensuring that the rate you see is the rate you get.

* Find Out About Receiving Fees: Always be sure to ask whether you will be charged receiving fees, as most banks and traditional Forex companies have been known to charge hefty fees. 1st Contact are one of the few Forex providers who will openly reveal all hidden costs, ensuring that the rate you see is the rate you get.

Contact 1st Contact Forex to plan your money transfer requirements safely and intelligently over the festive season: Visit http://www.1stcontactforex.com/ or money@1stcontact.com or call 0800 856 2470 (free phone within UK)

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