Foreign currency – know your exchange rates
Confused by the varying foreign currency exchange rates offered by different brokers? Let us help.
If you need to be dealing in foreign currency, but you find all the exchange rates offered by different brokers too confusing, you're not alone. Many people find it difficult to understand which broker is giving them the best deal on exchange rates, commissions or fees. A better exchange rate might be offset by a high commission charge; so what looks like a great rate in the first instance might not be as good as it seems.
What to look for in foreign currency rates
A broker shouldn't charge a fee and a commission – just one or the other. If you're regularly moving money overseas, or you have foreign currency being paid into your UK account, you need to look at long-term rates in order to make the most of your money. Whilst foreign currency rates fluctuate throughout the course of every day, it is possible to take a long term view and buy currency ahead of when you need it, at more favourable rates. It's also possible to put an upper or lower limit on the exchange rate so that you don't cost yourself money by buying foreign currency at any price. So, rather than looking at the currency itself, it may be wiser to look for a broker that can buy currency in volume, lowering your costs and getting you the best possible deal.
Knowing a foreign currency expert
Not many of us have the name of a foreign currency expert in our address books. If you've never used a large currency broker before, you need to be sure that they have the expertise, experience and the ability to purchase in volume on behalf of you and other clients. Look for a broker that is well-established, that deals in large sums of money and not just holiday cash, and who is well-placed to keep you up-to-date with movements in the foreign currency market, helping you to decide how to organise your transactions.
Foreign Currency Exchange Ltd is a commercial currency brokerage based in the UK. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money by getting a better currency exchange rate than your bank. Foreign Currency Exchange buys currency at wholesale rates and can help you save money with our fast secure service. For more information contact us now, telephone +44 (0) 20 7989 0000 or email info@fcexchange.co.uk.