Set-up your own online Foreign Currency Exchange Service
With the expansion in world trade, overseas property investment, travel and migration the volumes of foreign currency being exchanged is increasing every day and more and more people are recognising the savings that can be achieved by purchasing online.
Currency exchange is needed for:
- Import and Export transactions
- Overseas property purchases
- Immigration and Emigration
- Education abroad
- Personal imports of cars, boats, antiques etc
- Medical treatment abroad
Foreign currency brokerage is one of the most profitable services offered by the banks. The spreads charged by banks/brokers and therefore their profits are very high. As these spreads are not visible most customers are blissfully unaware of the charges banks make when converting currency and are also unaware that there are alternatives to the banks.
Given this, it might immediately seem there is clearly an opportunity for an individual or business to be an intermediary. However there are two main impediments. One is having the ability to buy at the rates the banks do and the other to be able to provide a secure settlement service.
It has been virtually impossible to buy at the rates the banks do. This is because the currency exchange is only accessible to banks and large financial institutions that trade between themselves. The rates that are traded in this exchange are termed as Inter-bank rates.
The secure infrastructure for settlement of trades costs huge amounts to set up, maintain and operate rendering it unviable for small operations.
Until now!
Now you can have your own Independent Foreign Currency Exchange
Octrad Technologies now opens out this opportunity through its online trading platform, providing full dealing and back office accounting facilities. This can be set up as a standalone business or offered as an additional service within an existing business.