How to get the best exchange rate
When transferring money overseas, don’t think you will get the best exchange rate from your high street bank. There is an alternative and it will save you money.
Changing and transferring currency can prove to be an expensive and unsatisfactory experience. Not only are you likely to be offered an uncompetitive rate and little guidance but you may find dealing with a call centre less than straightforward. Importantly, you may find the final value of your currency changing for the worse due to market fluctuations. A realistic solution is to use a specialist currency broker.
The proposition is simple: if you need to transfer more than a few thousand pounds then you will normally be better off going to them rather than a bank. This is true in terms of the exchange rate you can get, coupled with the peace of mind and quality of service you would expect from a specialist operation.
“We offer excellent value for money coupled with an unrivalled personal service that speeds client funds through the system.” said James Hickman of broker Caxton FX.
A survey published by a National Sunday Newspaper in February 2008 showed a large range of rates offered by the high street banks.
Transferring €200,000 via Caxton FX would have cost about £830 less than Lloyds and several thousand pounds less than Barclays, HSBC and Nat West. But it isn’t just about cost.
The process can appear complicated and a specialist can reassure clients by explaining each step of the process. “Clients understandably want to know how it all works and how the funds are transferred. As part of the service we make it all very easy to understand.” says Hickman.“With free transfers, no commissions and bank-beating exchange rates, we save you money on your exchange. Additionally, we provide a tailored and personal service with one thing in mind – ensuring that your funds are transferred efficiently and with the minimum of fuss.” “When you call us you get straight through to one of our expert Account Managers. He or she will see your transaction through to completion and take time to explain how it all works. Above all, it is the job of each account manager to ensure that the transfer of your funds is efficient and stress free.”
Previous page
