Get your account setup well in advance

It is sensible to have your currency broker account open well before you may need to convert money or arrange an international money transfer.

You need to make sure that you have provided relevant ID documents and purchase confirmations so that your broker can go ahead with any transactions as soon as you need to.

ID verification can take a few days, which might mean you miss out on a great rate if you have to wait for them to be completed.

By making sure you have your account in place well ahead of any large upcoming foreign exchange transaction you can mitigate the risk of delays impacting your chance of securing the very best rate for your transaction.

You can apply for an account online and the process takes less than a few minutes to complete, with verification of ID a few days for most brokers.