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

What is a Foreign Currency Exchange Specialist?

A Foreign Exchange Specialist 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 a Foreign Currency Exchange Specialist instead of my bank?

The answer is very simple 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 meaning you lose money when you make the transition from Pounds Sterling into any foreign currency. The specialists in the Foreign Exchange field will not only provide you with a superior exchange rate; close to the Interbank Spot rate but also avoid expensive service fees. Simply put using a Foreign Currency Exchange Specialist will give you the most value-for-money method of 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. In simplest terms for you these are the best exchange rates available, though in reality these are only available to certain selected banks. They are not available to consumers though the closet you are to these rates the more beneficial for you. Effectively Foreign Currency Exchange Specialists are banks that buy their currency at this rate; and sell the money on at a rate very close to this to the consumer. This is the Margin in our Comparison table IE the difference between the Interbank rate and the rate offered to customers.

When should I use a Foreign Currency Exchange Specialist?

Anytime you need to exchange or transfer an amount over about 3-5,000 into another currency you should use a Foreign Currency Exchange Specialist. This could be because you are buying a property or other asset abroad and need local currency, or are emigrating abroad and want to move your capital to a foreign bank in the most efficient way possible.

Corporate / Business Clients

Foreign Currency Exchange Specialists provide their service for private individuals but also to business clients. This service will save your company money if you buy products or use staff abroad. The service is essentially the same: benefit from the best exchange rates and buy commission free.


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