Personal Foreign Exchange Questions

High st banks vs currency brokers

Listed below are common questions which are asked by comsumers looking to transfer money abroad, Just click on the question to find a jargon free answer by compare money transfer. Still not sure send us an email and we will provide an answer.

- <a href="#why_use_a_comparison_site_and_not_bank" rel="nofollow" title="Why should I use a comparison site and not my bank?" target="_blank">Why should I use a comparison site and not my bank?</a>
- <a href="#how_do_you_save_money" rel="nofollow" title="How do you save money?" target="_blank">How do you save money?</a>
- <a href="#am_i_going_to_understand_how_it_works" rel="nofollow" title="If it takes a specialist to get me the best solution, am i going to understand how it works?" target="_blank">If it takes a specialist to get me the best solution, am i going to understand how it works?</a>
- <a href="#when_buying_currency_how_long_does_it_take" rel="nofollow" title="When buying currency is it going to take up much of my time?" target="_blank">When buying currency is it going to take up much of my time?</a>
- <a href="#what_is_the_minimum_amount_i_can_exchange" rel="nofollow" title="What is the minimum amount I can exchange?" target="_blank">What is the minimum amount I can exchange?</a>
- <a href="#How_long_do_transfers_take" rel="nofollow" title="How long do transfers take?" target="_blank">How long do transfers take?</a>
- <a href="#How_much_does_this_cost" rel="nofollow" title="How much does all this cost?" target="_blank">How much does all this cost?</a>
- <a href="#what_about_receiving_bank_charges" rel="nofollow" title="What about receiving bank charges?" target="_blank">What about receiving bank charges?</a>
- <a href="#how_do_i_setup_a_trading_account" rel="nofollow" title="How do I set up a trading account?" target="_blank">How do I set up a trading account?</a>

Why should I use a comparison site and not my bank

Why should I use a comparison site and not my bank?

Our Comparison service on foreign exchange and international payment is a specialist website offering alternatives to using your bank. Staff at your high street bank have neither the expertise nor the breadth of market knowledge necessary to offer you the most competitive exchange rates or to monitor the currency markets on your behalf. Only a foreign exchange specialist can offer you the variety of foreign exchange choices you need.

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How do you save money?

The foreign exchange companies listed will get you better rates of exchange than those offered by the banks and their market knowledge helps you to trade at the right time, in other words, when currency markets are likely to be moving in your benefit rather than against you. It is always the aim of the foreign exchange companies listed to get you more currency for your sterling than your bank.

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If it takes a specialist to get me the best solution, am I going to understand how it works?

The foreign exchange team listed on our comparison website, have experts who will explain all your options in jargon-free terms. The foreign exchange relationship managers make sure you understand how everything works before you make any trading decisions. Plus can provide additional information online and further information for you to read, They do not hide behind technical language but give you the information you need to save you money when doing a currency transfer.

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When buying currency is it going to take up much of my time?

No is the answer. Once you make the decision to open a free account which only a few minutes to open everything else can be dealt with over the telephone. The foreign exchange companies like to save you time as well as money.

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What is the minimum amount that I can exchange?

Depends on the foreign exchange broker you have chosen, this usually ranges from a minimum transaction of £100 to £5,000. The main reason some companies set a higher minimum transaction is due to keeping transfer costs to a minimum or free and also due to ensuring they can offer you a competitive exchange rate.

The minimum amount that you can send on a regular payment basis is set between £100 to £250 as a minimum transfer fees may be incurred on minimum amounts under a Regular Payment Plan.

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How long do transfers take?

This will depend on where in the world you are sending your funds and what foreign exchange service provider you use. As a guideline usually, transfers to Western Europe and the US are made the same day. Funds travelling further East take two days. Your Foreign exchange dealer will inform you of transfer times to specific destinations.

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How much does all this cost?

By using our foreign exchange comparison website you won't have to pay commission and most of the foreign exchange companies will absorb any international transfer charges*. The only cost you will have to pay is a £15 telegraphic transfer fee.

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What about receiving / receipt charges made by my bank abroad?

You won't have to pay commission and we will absorb any international transfer charges.

*When making an international payment, they will always remit the full amount of currency to your beneficiary account. However, due to the Payment Services Regulations 2009, they cannot guarantee that the bank receiving your funds will not then deduct a fee. It is suggested that you contact the beneficiary bank for clarification on potential charges.

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How do I set up a trading account?

All you need to do is complete a Trading Agreement and provide any necessary ID. Once this is done the foreign exchange company will then set up your Trading Facility.

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