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Buy Currency at the best foreign exchange rates!

Currency exchange rate comparison is essential if you have large sums of money to send abroad for a house purchase, emigration or business investment.  Rates on offer from different places can vary so dramatically and these variations can end up costing you vast sums of money.

Even these days, over 70% of people transfer money through their banks unaware of the impact that a poor exchange rate can have on them.  Banks tend to offer terrible rates as they know people will use them regardless due to the peace of mind their strong brands bring.  If only these customers knew that they could be saving themselves tens of thousands of pounds by using an alternative option.

The other options are currency brokers.  They don’t deal with savings, mortgages, loans or other financial products, they simply broker currency. Because they specialise in currency and turn over so much of it, they tend to offer the best currency rates around.

Take for example a company called Moneycorp that tends to offer currency at just 0.7% above what they pay for it.  When you compare this to a bank that will typically charge 3% on a spread, we can see how much many people are losing out on.  On a £100000 transfer, Moneycorp will be making £700, a pretty substantial, but not unfair figure.  A bank on the other hand might take 3, 4 or even 5 thousand pounds from you on a £100,000 transfer – a massive difference, I’m sure even the richest or readers will agree.

If you want to make sure that you not getting ripped off when you send money overseas then check the options you have available to you.  In many cases you can sign up online for an FX brokers services and once you have done this you will be able to get a free quote and compare it to what your bank is offering you.  The difference, I am sure you will find will be stark!  Shop around to buy currency.

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