Statistics from the international trade industry indicate at least $1 trillion dollars in currency exchange transactions take place on a daily basis, depicting a growth of 40 percent over the last decade. While this number includes government and corporate commerce, small business and private transactions account for more than 30 percent of the financial activity. The increasing demand for these exchanges has led to an upsurge in the number of foreign exchange companies offering their services to the public; however, it has also brought about increased variations in rates and fees charged by those companies. In an effort to ensure consumers receive the best rates available, Which Way To Pay Australia has launched their comparison table of the world's leading foreign exchange companies. —
Mark Maffia of Which Way To Pay Australia explained, "The companies listed on our website are experts in the field of currency exchange, and they are able to offer Australians far better rates than they would be given through a traditional bank. Most banks charge a margin of around 5 percent; not to mention, they add exorbitant fees and pad them to earn a nice commission. The brokers we list take a much smaller margin, so they generally charge an average of 1 percent or less. Customers may visit our website, whichwaytopay.com.au, to compare the various rates of each broker."
According to research, individuals take part in currency exchange for a wide range of reasons, the primary being to send money to assist family members abroad. Another prominent incentive is the purchase of goods from other countries. Multi-national business owners must make use of currency exchange brokers when paying employees and contractors outside their home country. Along these same lines, those owning property or leasing office and warehouse space overseas also face a need to participate in these types of transactions.
Foreign exchange rates fluctuate on a daily basis due to a number of factors. Each country's level of stock market activity influences daily currency value, as does demand for the country's currency. Unemployment rates in the consumer's home country combined with those of the country whose currency is being traded for affect rates as well. Maffia noted transactions made through foreign exchange brokers are best suited for larger sums because most brokers adhere to a minimum transaction amount. Money transfer services are more appropriate for smaller transactions.
Stated Maffia, "It is vital that customers compare brokers before making transactions to ensure they get the lowest rates possible in order to get the most for their money. Our website offers much more than foreign exchange broker comparisons. We provide information on various insurance companies, credit cards, debt management and loans. One of our most popular services is our payday loan provider review, which can also be found at www.whichwaytopay.com.au. We allow people to compare rates, fees, terms, conditions and other relevant aspects on one convenient site, so they can easily find the best rates. Whether they have bad credit and need emergency cash or want to find a less expensive car insurance policy, our website can help."
About Which Way To Pay Australia:
Which Way To Pay Australia is an independent financial comparison and review site providing unbiased information on a range of financial products. They enable customers to find out which companies offer the best value on currency exchange services, loans, cards, insurance and investment trading services online.
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