For many, this will be the first time that you will be executing foreign exchange transactions through your bank account. Many banks charge an exorbitant conversion rate for the transaction. Also, some third-party vendors quote their rates as wholesale rates + 0 spread when in fact, the spreads are embedded in the rates. If you are unaware of the prevailing market rates, it is the likely that you may end up spending an additional 1% to 2% of the amount remitted.
At Collegepond Services, we want to ensure that you do not become a victim of these unscrupulous practices. We have negotiated rates with leading vendors for remittances, forex travel cards, and currency. Our goal is to be transparent; hence, when we do a transaction for a customer, we receive quotes from all our vendors to ensure that you receive the best exchange rate. Once the rate is concluded, we work with you and the vendor to ensure that the transaction is consummated in an expedited manner.
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