For any online gaming business that is engaged in sending and receiving international money transfers, using a specialist FX provider offers a stack of advantages.
Whether the transactions are taking place on a daily basis or just every now and then, working with an expert to do the nitty gritty can be extremely beneficial.
High Street banks certainly don’t have all the answers! If you’ve relied on one or more of them to look after your overseas payment schedule, you may have inadvertently cost yourself a lot of money - incurring unnecessary transfer fees and being on the end of unfavourable exchange rates.
A specialist currency service, on the other hand, will be able to offer a host of benefits to eGaming firms - and you certainly don’t have to be the biggest player in the sector to take advantage. Here’s an overview of what you may have been missing out on, up to this point.
1. Making the most of your money:
Let’s start with the two biggest drains on your finances – exchange rates and fees. With exchange rates, those mainstream banks who provide transfer services, will look no further than the quoted rate and then load this with a fixed percentage – known as the interbank rate – ensuring they make a decent fee on each transaction (at your expense).
In contrast, currency specialists will shop around for you amongst various liquidity providers, to find the most competitive rates. Not only that, you’re highly unlikely to incur any fees. This is because FX specialists handle so many transactions during any 24-hour period that their additional purchasing power creates a margin for them, without you being charged extra for the privilege.
2. Forward planning – managing risk:
Before making a transaction, a dedicated foreign exchange provider will pay close attention to market fluctuations – of which there could be many and often – thereby minimising the financial impact to you. A number of risk management tools will be employed, to negate the effects of market volatility. In short, the service provider will always be keeping a close eye out for future events that might destabilise the markets - in ways that general duty, non- specialist high street banks will be less agile to react to.
One example of how foreign exchange specialists protect client monies is by using forward contracts – whereby they can fix exchange rates for up to two years, protecting against market volatility. Another benefit is that certain providers – like MFX’s partner moneycorp – can take advantage of favourable rate movements and place market orders for you at your preferred rate.
These are just part of the armoury of tools, techniques and products that specialist providers have available for eGaming companies engaged in international money transfer. It’s a target-rich environment.
3. Flexible Service:
With the top international payment providers, you’ll also notice the ease and convenience you’ll have with transactions. A dedicated account manager will be available to handle these payments on your behalf or, as part of the service, you’ll have access to our own secure online account. This will enable you to make transfers yourself – worldwide and regardless of time zone - exactly when they would be required. In short, you’ve got service flexibility, geared to the needs of your business.
4. The personal touch:
Taking on the foreign exchange markets - especially where large sums of money are involved – can be disconcerting. So, having the benefit of an experienced FX exchange account manager, to bring advice and guidance over the best course of action for your payment programme, has to be a big plus point.
Every company will have different priorities. Being able to design a strategy that takes into account the needs of your business and your risk appetite, can really only be made possible through the services of a focussed international currency provider.
The combination of human expertise and great technology that comes with dealing with an FX specialist, should guarantee you always playing the right game whenever you undertake an international money transaction.
About MFX:
MFX is a dedicated foreign exchange brokerage that services internationally focussed eGaming clients operating from licensed jurisdictions globally.
Based in the Isle of Man – a major eGaming jurisdiction in its own right - we have a developed a close understanding of the online gaming industry, working with some of the biggest names in the industry to facilitate rapid and cost-effective cross-border money transfers.
We are proud to be partnered with moneycorp, world leaders in the international payments arena, who offer the most competitive market rates in more than 120 currencies.
If you operate from a recognised eGaming licensed jurisdiction and engage in frequent or occasional international money transactions, we are here to help. Call MFX directly on 01624 694731 or email enquiries@mfx.im
MFX Ltd is a wholly owned subsidiary of the AIM-listed Manx Financial Group. Bank.