There are times when you need to buy or order forex, especially across borders. As professionals who work or travel abroad, ex-pats have first-hand experience in forex transactions.
Money makes the world go round. It’s a fact. But it can be challenging to deal with foreign currencies like the dollar, pound sterling or the euro, not to mention all the other global currencies. Everyone seems to want their commission cut, from the bank to money transfer companies, foreign exchange houses and online forex apps. Foreign exchange fees can get expensive but are, unfortunately, a necessary evil to transact in foreign currency.
deVere Foreign Exchange service can provide a simple, safe, and reliable way to save money when trading in all major world currencies by offering favourable foreign exchange rates, sound professional advice, and free international transfers.
Currency exchange has taken the digital leap forward with low-cost forex fees and conversion apps cutting out the more expensive traditional banks. For large complex foreign exchange transactions, contacting a forex broker who can create bespoke solutions for your foreign exchange needs is still the best solution.
Foreign exchange (FX) services are provided through a third-party provider under their regulatory license. deVere Investment facilitates access to FX services but does not hold a direct FX license.
A currency transfer is a currency contract which is simply an agreement to buy or sell currency.
A forward contract is a deal between two parties, to buy or sell a particular currency on an agreed date in the future, at a rate agreed in the present.
The present rate, also known as the forward rate, allows investors to take advantage of favourable exchange rates of up to 2 years before the client actually needs to send or receive the particular currency.
Exchange rates fluctuate constantly and can be difficult to predict, so as well as simply buying at the current rate, deVere Foreign Exchange offers the following order types to help you make the most from your transaction. This is particularly relevant to clients who have a strong view on future exchange rates.
A spot contract enables the client to buy or sell a currency for immediate delivery; it is ideal if you wish to make a fast transfer, and thus benefit from an excellent exchange rate. The “spot” price is the live rate that is available in the interbank currency market.
A limit order is an order that is assigned to the deVere Foreign Exchange trader to buy a currency at a pre-determined market level (i.e. better than the current rate). deVere Foreign Exchange traders will then monitor the order 24/7 and the currency is purchased automatically when the client’s desired target level is achieved.
A stop loss order allows the client to set a minimum rate at which they wish to buy their currency. This would effectively be the worst acceptable exchange rate. Therefore, if the market falls to this rate, the currency will be purchased automatically. This gives the client peace of mind that they are protected from any significant decline in the exchange rate.
This strategy therefore guarantees that the exchange will be made within a certain price range. Orders can be adjusted or cancelled at the client’s instruction at any time prior to being fulfilled.
The identification document must be a picture ID. It must be clear, valid, include date of birth, issue and expiry date, full name, ID number & signature. We accept passports, picture driving licences and government issued ID cards.
Proof of address needs to be in the name of the client and include the client’s first name or initial. It needs to be readable and show an issue date within the last 6 months. PO Box addresses are not acceptable. We also do not accept insurance letters, mobile phone bills or reminders.
deVere Investment Ltd is licensed by the Mauritius Financial Services Commission to conduct investment banking activities. The company is also authorised to facilitate foreign exchange services, an activity looked after by the deVere FX team. deVere Investment Ltd is not responsible for any losses or damages that may arise from your use of our services.
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