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CURRENCY EXCHANGE

Welcome to the Currency Exchange area. If you are looking to transfer money abroad then you should compare Foreign Exchange Specialists whose experience in international money transfer is second to none. Whether you are a private individual or looking to perform a corporate money transfer a Foreign Exchange specialists experienced brokers will be able to transfer your money safely and efficiently.

        

Compare Currency Exchange Products

These days there are a number of different ways to buy foreign currency, from traditional Travel Money purchases such as cash and Travellers' Cheques; to the newer Travel FX cards and to larger Foreign Exchange transfers. Generally if you use your normal credit card or traditional banks to make your currency exchange purchases you will potentially incur significant fees and not obtain the best currency exchange rates. Listed below, dependant on your needs, are options offered by Currency Exchange experts and they may offer far better money exchange deals than standard channels for the best foreign exchange rates. You can also send money home using a money transfer remittance service. Remittance services can send your money to a wide range of exotic locations so compare different companies for the best prices. If you are looking for travel money then you can almost always obtain the best exchange rates online. Travel FX cards and Traveller’s Cheques are also available. Compare numerous foreign exchange providers to get the best exchange rates.

Foreign Currency Exchange - Private Clients

For private individuals who want to transfer a large amount of currency (£5,000 and over) abroad, it is certainly worth considering the currency exchange services provided by Commercial Foreign Exchange companies. These institutions specialize in dealing with the best foreign exchange rates available, usually only a small percentage under the Interbank Spot rates. Commercial Foreign Exchange companies offer a superior method of money transfer in comparison to the services of a traditional bank.

You may want to buy a property abroad or you might be emigrating to a new country and so you need to transfer your bank balance abroad in the most economically efficient manner possible. As well as obtaining an exceptional foreign currency exchange rate, there is rarely (sometimes for smaller amounts) any commission attached - unlike traditional banks. There may be a nominal telegraphic currency exchange fee though this is usually under £50 and often merely £15.

The Commercial Foreign Exchange companies make their money because they can buy foreign currency at the Interbank rate – and take a small margin on this when the money is bought by the consumer or business. However the best foreign exchange rate is largely passed on to the client, resulting in big savings on currency exchange from traditional bank transfers.

Foreign Currency Exchange - Corporate Clients

For companies who need a high quality business currency exchange service – whether they need to pay overseas suppliers, import foreign goods, require a platform for exporting and importing foreign currency or simply want to carry out international investment – specialist foreign exchange brokers can execute transfers at an excellent exchange rate, far superior to the rates offered at conventional banks.

Currency exchange specialists can provide a wide range of hedging strategies which expert foreign exchange brokers can discuss with you. These include forward contracts and options – from complex convertible forwards to straightforward vanilla options.

Corporate clients can enjoy fast money transfer speeds and a dedicated service – no call centre in sight – and also request online trading facilities via their account. The best foreign exchange rates are updated frequently and quoted before each transaction.

Money Transfer - Remittance

There are many ways of moving money around. You might need to send money to family and friends overseas, and the best thing to do is to check out the difference in methods for each money transfer operator. For example, some money transfer services allow you to send money online, whereas others employ the method of physically sending and picking up currency from an agent on the high street. Note that providers of Money Transfer have different upper and lower limits on the amount of money you may transfer.

Travel Money

The days of having to buy foreign currency at expensive Bureaux de Change at the airports or at expensive local agencies are gone. The more discerning traveller now has a number of foreign exchange options at their disposal.

You can order your Travel Money online and have it delivered by courier at home or in the office. Just check delivery times to make sure the cash arrives in good time before your departure, though most offer rapid delivery of 2 days or less (some even have next day delivery.) The other option is to pick up the cash at a designated branch.

As well as delivery, any charges and pickup at branch, options you also need to consider are whether the travel money provider will buy back any foreign money you bring home free of charge.

Travel Money FX Currency Cards

Travel FX cards, also called a Cash Passport or Foreign Currency Cards are a great new way of buying money when travelling abroad. It works in the same way as a normal prepaid card i.e. you load money and can top up money onto your card which you then spend as you would a normal credit or debit card.

However, these cards are specifically designed for use abroad so you don't incur a number of significant charges you would when using a standard card on purchases. There is no Foreign exchange fee if you use the card in the same currency in which it was purchased, and with many cards there is no purchase fee and a low ATM fee.

Just as importantly, you will get an exceptional foreign exchange rate when you load the money with funds – almost certainly superior to banks, bureaux de change and the Post Office. Once you have bought the funds; they stay at the level they were purchased / loaded at – so you are not subject to the fluctuations of the currency market.

Additionally if the card is lost or stolen; it can be cancelled, emergency funds ordered to tide you over and a new card delivered.

Travellers Cheques

Some travellers like the security of Travellers Cheques over cash. Travellers cheques can be cancelled if lost or stolen and the funds restored.

These days you can order your Travellers Cheques online and have them delivered by courier to your home or office. Just check delivery times to make sure the cheques arrives in good time for your departure, though most offer rapid delivery of 2 days or less (some even have next day delivery.) The other option is to pick up the cheques at a designated branch.

Remember that although the currency exchange rate you get through the companies we list is generally superior to traditional banks; you will have to incur any local costs and commission when exchanging Cheques for cash.

If you are travelling through a number of countries with different currencies; ; you may want to buy in Pounds Sterling; though of course you will be subject to the fees for the currency conversion as well.

        


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