Are you sending money abroad but not sure who to use? Compare Bank Exchange Rates
Thousands of people and businesses are sending money overseas worldwide which is in the billions where you could have saved money by using a foreign exchange broker. Foreign exchange services offer a unique service where as they get a margin rate that is only available to large corporate companies that transfer millions of pounds. These foreign exchange companies pass this rate over to people like you and me and to small to medium size businesses. Where all of a sudden you are getting currency exchange rates that would never be available to you.
Are you using your bank to send money abroad, are they offering you the best exchange rate?
Banks do have the facility to transfer your money overseas but usually at a cost to the consumer and with delays. On average it can take a typical money transfer 3 to 8 days to get your money to your chosen destination and you will not get the best currency exchange rate. This is due to banks have a two
tiered
system where they offer a retail rate to customers and business and a corporate rate to companies that give them a large percentage of business. Unless you are transferring large amount say like a million then banks will wipe out all transfer charges and offer you a rate that is as close to the margin rate as possible. In some cases banks will offer larger companies the margin rate as an incentive to keep their business and not transfer to another bank.
Can foreign exchange companies beat the bank currency exchange rates?
Foreign exchange companies provide a service to everyone with no discrimination. They offer currency exchange rates that beat the bank currency exchange rates and in most cases will not charge any transfer fees if you are sending over £5000. Based on our research you could losing money everytime you send money abroad in poor exchange rates and transfer fees. Plus with foreign exchange companies they work with you giving you sound financial advice on what is happening to the currency markets and will improve your currency exchange rates if you are doing large multi money transfers.
