Foreign exchange transactions are associated with various types of risks. The exchange rates are constantly changing and are extremely difficult to predict as there are number of economic and social factors that affect them. It becomes difficult, as a result, for an average customer to make sense of things while making a foreign exchange payment. We here look at some services that can be provided to them to make foreign exchange payments easier.

Some basic services can be provided by banks and currency companies so that customers do not have to go through a lot of trouble while trying to buy or sell foreign currency.


Learn from the user experience honeycomb when providing forex services to customers

Customer self service

In this age of smartphones and IoT, people and their devices are always connected to the internet. Most service related businesses have already taken this fact into consideration and launched mobile applications and responsive websites so that customers do not actually have to walk into offices to get their work done. Customer facing applications should be multilingual and support all types platforms to provide better service for all customers. Foreign exchange organizations need to employ such applications so that customers can take care of their currency exchange needs by themselves in the comfort of their homes. Providing customer self service will also help foreign exchange organizations generate more revenue.

Account registration

Make account registration easy. Customers are used to getting their work done in fewer clicks. A long registration process may put off many such customers. Online registration can be enabled for customers possessing proper identification with real-time identification scanning. However, there have to be well-defined rules and regulations for online registration so that any malpractices can be avoided and a way for confirmation of identity of the registering user should also be made.

Real-time currency transfers

Once customers are registered, they should be able to make transactions in real-time through the application with all the current rates displayed on their device. They should be able to make payments and clear their exchanges with counter parties in real time without any lag in the services.

Receipt management

As it is already established, foreign exchange can be risky. The customer should hence be taken through different levels of approvals before the transaction is done so that any possibility of an error is completely eradicated. They should also be able to see and maintain a record of all their transactions and account details of multiple bank accounts on the application that foreign exchange organizations provide. This will help them make their currency exchange quickly and in a more secure way.

Foreign exchange has been attracting many traders because of the thrill of risks and rich profits that come with it. It is time that foreign exchange organizations start thinking more about the customers and allow them the kind of service that should have been made possible a long time ago.