Dora Maleviciute of leading currency brokers TorFX gave us an interesting insight recently which demonstrates how financial advisors can help minimise the erosion of their clients’ funds when converting between currencies.
A financial advisor called me last week because his client is receiving annual dividends on company shares she inherited from her husband.
The problem is, the dividends are in US dollars and her local currency is pounds sterling.
When the US dollars are sent to her GBP account, she is left out of pocket because the sender’s bank applies their own rate of exchange.
Luckily, the client approached her financial advisor to see if there was any way she could receive more of the dividend payments instead of the bank eating away at it with their charges.
I explained to the financial adviser that we could indeed help his client.
All it involves is a simple 4-step process:
Step 1 – introduce the client to us through their online referral account.
Step 2 – within 15 minutes, we will call their client to discuss their requirements. The client is prompted to register with TorFX if they’d like to use our service – registration is quick and simple, and only takes about 2 minutes to complete.
Step 3 – once registered, the client is introduced to their dedicated account manager. The client can choose to book a rate straight away, or they can book it when the US dollars arrive in the TorFX account. Their account manager will give them the TorFX US dollar bank details and a special reference code. The client gives these details to the company sending them dividend payments.
Step 4 – when we see the US dollars have arrived with us, TorFX will transfer the agreed amount of sterling to the client’s nominated GBP account.