FOREIGN CURRENCY EXCHANGE - PRIVATE CLIENTS
Please find below a list of Foreign Exchange services for Private Clients. They are specialists in the foreign exchange market and will provide the very best exchange rates – whether buying an overseas property or making regular and one-off international payments. The foreign exchange rates offered are far superior to traditional banks. The companies listed buy and sell foreign currency at an average 1% margin from the interbank spot rate, whereas traditional banks charge a margin as high as 5% plus fees. Foreign exchange specialists offer great rates.
The exchange rates are obviously one of the most important aspects to consider when choosing the right broker. However, you should also look for the 'Margin' also known as 'Spread' (this is the percentage between the interbank spot rate and their listed rate). You should also check the foreign currencies they work with. Always check for what fees are involved and that you know exactly what you are paying for. A lot of companies will have a minimum requirement that is usually somewhere between £1000 and £5000. If you are looking to exchange an amount under this you should think about using a Money Transfer or Remittance Service.
Foreign exchange brokers can transfer funds internationally for customers. As currency exchange is the main focus for foreign exchange brokers they can get customers a rate that is as close to the interbank rate as possible. The closer you can get to the interbank the better and so you can get far better exchange rates and ultimately more for your money with a foreign exchange broker. With one of the services listed below you are not limited to banking hours. It is likely that you will be offered an online account so you can mage all your transactions and payments whenever you want. You can also book future transactions in advance to protect your finances and get the best rates.
The great thing about using a foreign exchange broker is that you will be assigned a dedicated broker who will personally work with you. They will be able to offer you their expertise of the currency market and offer you support and advice whenever you need it. Foreign Exchange Brokers offer a fully automated service that is easy to use and convenient. It is important that you take the time to find the foreign exchange broker that best suits you and your exchange needs. There are many foreign exchange brokers so researching the market for a good deal is paramount. You can use the table below compare different brokers offering services to private clients weighing up the pros and cons of each.
The spread is the amount of pips between the bidding price and the asking price
The spread is what foreign Exchange brokers use to make money on every forex trade placed through their network
Regulated by the Financial Conduct Authority
|HM REV & CUST|
HM REV & CUST
Regulated by Her Majesty's Revenue and Customs
Foreign exchange broker fee
Minimum transfer amount
A secure account in which a bank holds funds for money transfer
Types of transfer available
|1%||0.1% - 1% based on the amount, type of contract||£0.00||£500||27||UK Bank to Foreign Bank or anything else|
|Smart is the only UK foreign exchange that doesn't pay traders any commission. Smart is therefore able to offer good customer service, avoid a conflict of interest, and give bank-beating foreign exchange rates to clients. Smart has been in business for 5 years and have gone from strength to strength delivering excellent service, minimising hassle from money transfers and currency fluctuations; and using currency exchange strategies that banks won't tell you about to save you even more. DETAIL INFORMATION >>||Forward Contracts|
|0.7%||0.1% - 1% depending on volume||£0.00||£1000||31||UK banks to foreign banks, vice versa. foreign bank to foreign bank.|
|Halo Financial has developed a reputation for delivering excellent value and expertise in the provision of foreign exchange services. Halo Financial are entrusted to manage the foreign currency exchange requirements of private individuals and international businesses. Halo Financial provides a cost effective alternative to your bank; providing a far more efficient way to save time and money when transferring foreign currency. Whatever your reason for making an international payment, their industry-leading foreign currency exchange service and exchange rates will save you money. Halo Financial personally oversee every transaction to ensure the process is fast and stress-free. DETAIL INFORMATION >>||Forward Contracts|
|1%||0.3-1% based on volume||£0.00||£1000||76||UK Bank to Foreign Bank or vice versa|
|Moneycorp is a foreign exchange and international payments specialist offering a quick, secure and cost-effective service. If you need to send money as a one-off payment for any reason – such as buying a property abroad, moving abroad, moving back to the UK or planning an overseas wedding – Moneycorp can help. They will monitor the currency markets on your behalf – achieving the best possible rates of foreign exchange, no matter how complex your requirements. Moneycorp offer better rates of exchange than a bank typically up to 3-4% and they offer free information and guidance on the markets, helping you decide on the best time to buy your foreign currency. DETAIL INFORMATION >>||Hedging Service|
|0.7%||Max margin from interbank 0.7%||£0.00||£250||68||TT / CHAPS / BACS|
|TorFX is one of the UK's leading foreign exchange brokers, providing individuals and companies with money saving currency exchange services. TorFX offer competitive currency exchange rates for international money transfers and an unrivalled personal service to private individuals and companies with a foreign currency exchange requirement. Whether you are buying or selling an overseas property, emigrating, repatriating, making/receiving a payment or are involved in any other kind of financial exchange, TorFX can save you money. Whatever the size of your transaction, they will help you get the best exchange rate. TorFX let you fix your exchange rate for up to 2 years. DETAIL INFORMATION >>||Forward Contracts|
|0.7%||0.1% - 0.7% from interbank variable on volume||£0.00||£250||52||UK bank to foreign bank or vice versa|
|World First is the award-winning currency exchange company that makes transferring money overseas faster, cheaper and easier. They offer excellent exchange rates, great customer service and are FCA regulated. They won the 2015 Sunday Times HSBC International Track 200, 2014 European Business Award for Customer Focus and the 2013 Customer Experience Award (Financial Services – Banking and Investment). World First takes the safety and security of your money very seriously. They're FCA authorised and keep all client funds segregated from business funds in line with the regulations. They're totally transparent at every step of the way. DETAIL INFORMATION >>||Online Trading|
|1%||0.7% based on volume||£0.00||£1000||38||UK Bank to Foreign Bank or vice versa|
|Currencies Direct is one of Europe’s largest independent foreign exchange specialists, and was one of the first to recognise the need in the market for an expert secondary foreign exchange provider to traditional bank. When you are making international payments for individuals you can benefit from their expertise in seeking the best possible rate, whether you are sending or receiving foreign currency. Currencies Direct can help to protect you from exchange rate fluctuations and save you time and money on international payments. Whether you need to make a one-off payment immediately or require regular transfers to a bank abroad, they have the service available to meet your needs. DETAIL INFORMATION >>||Forward Contracts|
|1%||0.1% - 1% based on currency, volatility and size||£0.00||£2500||35||Bank Account to Bank Account|
|VFX is a leading money transfer and foreign exchange broker, helping clients transfer their foreign exchange efficiently and safely. Whether a business managing its exposure, an individual buying a home overseas, families emigrating to a new country or simply wanting to transfer your money abroad VFX can help you. VFX will provide you with a level of services that is both personal and transparent throughout, while supporting you with the best technology, competitive exchange rates and peace of mind that your money is safe. Their browser-based online currency platform offers 24 hour, 7 days a week access to buy currency and make an overseas payment. Click for more information. DETAIL INFORMATION >>||Forward Contracts|
Compare Foreign Exchange Brokers
Looking for foreign exchange services? Whatever your currency needs you can get bank beating exchange rates with a foreign exchange broker.
Utilise the expertise of a Foreign Exchange Broker
People use foreign exchange brokers for a number of reasons. It could be that you are buying or selling property abroad, you are looking to emigrate or perhaps you want to import foreign goods such as a car. Whatever you currency exchange needs, with a foreign exchange specialist you will work with teams who will use their extensive experience in the currency markets to execute your requirements in the most efficient and low-cost way possible. With a Foreign Exchange Broker they are on-hand every step of the way. Whether you need to make a one-off payment immediately or require regular transfers to a bank abroad, you will be able to find a service designed to meet your needs.
You will be assigned a personal broker who will devise a tailor made solution to suit your exchange needs. Not only will they be available for any questions you may have but they will offer you professional support throughout the process. Many services also offer great online systems which let you manage all your foreign exchange transactions and payments 24/7. You can use the online service to make single or multiple payments and book transactions for the future. The service offered by foreign exchange brokers is fast and easy to use. Sign up for free today.
Foreign Exchange Brokers can offer the best exchange rates
You will want the best exchange rates so you can get the most for your money. Most people will go to their banks first but it is unlikely that you will get the most competitive exchange rates. Banks also have much larger overheads that they need to compensate for and there can be additional charges which can make your transfers more expensive than they need to be. Foreign Exchange Brokers can offer foreign exchange rates that are better than the banks because they take a smaller margin therefore they can save you money. As currency exchange is their main focus they primarily work on getting clients a rate that is as close to the interbank rate as possible. The closer you can get to the interbank the better because the more you will get for your money.
With currency specialists you are not restricted to banking hours as you are with the banks. Foreign exchange brokers are very fast and you can get same-day payments in most cases. Also unlike the banks you will find there are no commission fees and heavily reduced transfer fees if at all. Brokers take the hassle out of international money transfers. As experts in foreign exchange and international money transfers, they can save you time and money by handling the whole process for you. They can also offer advice whenever you need it.
Protect yourself against fluctuating currency markets
Uncompetitive exchange rates and volatility in the currency markets can be a real problem for people looking to exchange or transfer money. However, there are ways of managing this currency exposure and foreign exchange brokers can often provide tailor made solutions to suit your particular needs. They can also reduce or eliminate transfer fees and offer you protection from negative exchange rate movements. One of the options you will be given to protect yourself against fluctuating rates is to fix exchange rates in case the move against you. Foreign Exchange Brokers can help minimise the risk associated with foreign exchange transactions, provide peace of mind and save you money.
Choosing the right service for you and your currency exchange needs
There are many foreign exchange brokers to choose from so you should take the time to research what is available. Most brokers will be happy to discuss your individual requirements without you having to open an account with them. Use the comparison table above to find a foreign exchange broker. The right service will depend on a variety of aspects including your specific exchange needs. Not only should you look at the exchange rates and whether there are any fees involved but you should find out what transfer methods are available to you and how long transfers will take.
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