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Look for:
1. Foreign Currency Trades
2. Payment Terms
3. General Terms and Conditions
4. Limitation of Liability
5. Representation and Warranties
Things to consider before doing business and exchanging money with a new foreign exchange currency supplier:
 Make sure that the account manager you deal with is a trained broker with money market knowledge and global currency market experience.
Some currency exchange companies specialises in foreign exchange only - others are not so specialist.
Corporate imagery can be used by start-up companies to create an established illusion, where they may actually be a couple of blokes in a back room with a computer screne - some companies use the marketing ability
of animals, others of sandy beaches to sell financial products!
How many staff does the currency company employ? Have many staff left recently? How many people will be handling your transaction.
Has the foreign exchange company been established long? check their audited accounts and trading record.
Compare independent quotes from other brokers before you commit to buy or sell currency.
Who recommended the currency exchange dealer to you? Did they have a vested interest in your transaction?
Ask the broker if they have a relationship that allows you to to send payments without the receiving bank making charges.
- some banks may charge an administration or handling fee but an experienced broker will be able to advise you on whether you can avoid this.
Has the foreign exchange company got the authority to be a 'Money Service Business' as issued by Her Majesty’s Revenue and Customs?
Take a deal on a deal by deal basis - just because you got a good deal with your first currency transactions doesn't mean that the dealer will sell you currency cheap the next time! - always get another quote, it is a good idea to have two brokers on the telephone
at the same time so that you can compare rates real time. The comfort zone of building a relationship with an exchange business is a two way thing.
Check with the international money payments section of your bank to see if they can move the money faster or more cheaply.
Can the broker guarantee the speed of the international money transfer?
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