Where has all the money gone?

Where has all the money gone?

There are a huge number of foreign exchange providers globally. Many of these providers now offer their services online. The biggest concern for most consumers considering using these providers would naturally be "Can I trust these organisations and is my money and information in safe hands?" Additional questions would include; what is the cost? How long will it take to deliver my funds to my payee?

I have outlined some tips to help you acertain whether you are putting yourself in a vulnerable position.

1. Look for a physical address and valid phone contact number on the site.
2. Consider contacting the forex service provider and evaluate the time and accuracy of their responses.
3. Look for governance details of who the payment service is regulated by. Eg In UK, the FSA and MLR (anti money laundering HMRC)
4. Establish whether you need to pre-fund your purchase of foreign currency.
5. What bank will manage your deposit of funds.
6. What transparency is there in terms of rate, charges and your account with provider.
7. What level of registration and protection is required. Remember if there are not proper checks done, you will be vulnerable. Sometimes often it is too easy, this means that there may be flaws in the providers regulatory compliance.

If you take the time to do proper due diligence, you will protect yourself and find an organisation that will provide you with first class service and save you a substantial amount of money in the long term. Ultimately high level of communication will over time develop a relationship of trust and loyalty.

I will explain in the next article how we at Midpoint (www.midpoint.com) have addressed the points above to provide our customer with a secure and financially beneficial service. Please contact us on info@midpoint.com with any questions you may have.

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