FX Information

Published on in Foreign Exchange News by

Click on narrow my search or compare personal money transfer links below and start saving your money.
Personal Money Transfer >>
Business Money Transfer >> 

Foreign Currency Exchange
Please note – this information relates to buying or transferring larger amounts of foreign currency (amounts over £5,000) – see our Travel Money, Travel Currency Card and Travellers Cheques pages for buying Foreign Currency for travel and holiday.

What is a Foreign Currency Exchange Broker?
A Foreign Exchange Broker is a bank that specialises in providing foreign currency to its customers. Because they are specialists in this field, they get excellent exchange rates and pass these on to the customer.

Why Should I use Foreign Currency Exchange Broker instead of my bank?
Banks not only have a number of fees attached to any foreign exchange, but they also have a transfer rate much lower than the Interbank Spot rate – where you lose money when you make the transition from Pounds Sterling into any foreign currency. The brokers in the Foreign Exchange field will not only provide you with a better exchange rate close to the Interbank Spot rate but you also save on expensive service fees and commission charges. By using a Foreign Currency Exchange broker you will get value for money. When buying foreign currency whether for transferring money, buying property, emigrating or for business purposes.

What is the Interbank Spot Rate?
In market terms, these are the rates based on the average interest rates at which banks offer to lend unsecured funds to other banks. these are the best exchange rates available, although these are only available to banks and not to consumers – By using a Foreign Currency Exchange Specialists they buy their currency at this rate; and sell the money on at a rate very close to this to the consumer. This known as the Margin the difference between the Interbank rate and the rate offered to customers.

When should I use a Foreign Currency Exchange Broker?
Anytime you need to exchange or transfer amounts over about £3,000 / £5,000 into foreign currency, you will get more from your exchange rate when using a Foreign Currency Exchange Specialist. Especially is you are buying a property or buying products abroad and need local currency, if you are emigrating abroad and want to move your capital to a foreign bank then you will certainly get the most for your money by booking a rate in advance.

Business – Corporate Clients
Foreign Currency Exchange brokers provide their service for private individuals but also to business clients. This service will save your business money if you are paying suppliers, importing or exporting goods or even paying your staff abroad. Using a money transfer broker is essentially transferring your funds to a broker instead of using your bank but with the benefits of better exchange rates and usually no commission free.

Recent Posts

» «

Comments are closed.

Live Currency Calculators

1 GBP = 1.13774 EUR

1 EUR = 0.8789 GBP

Change Currencies

Free Currency Calculators Mobile App

Best iTunes currency converter mobile app

Free iTunes Mobile AppiTunes currency calculator mobile app for free. Find live currency exchange rates for your iPhone or iPad.

Best Google Play currency converter mobile app

Free Google Play Mobile AppGoogle Play currency calculators mobile app for Android phone. Free on google play getting live interbank exchange rates.

© 2018 Currency Calculators : All Rights Reserved : Google Currency Calculators - Bing Currency Converter- Yahoo Currency Calculators