Private Clients - Foreign Exchange Brokers
Below is a list of Foreign Exchange Specialists also known as currency brokers. These companies are experts in the foreign exchange market and will almost always offer the very best exchange rates on international money transfer. The exchange rates offered by foreign exchange specialists are far superior to those of traditional banks. The companies listed purchase 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 do not usually charge commission
The exchange rates are one of the most important factors to consider when choosing the right broker. However, you should also consider the 'Margin' which is also known as 'Spread' (this is the percentage between the interbank spot rate and their listed rate). You should also check which foreign currencies a particular broker works with. Always ask what fees are involved so that you know exactly what you are paying for. There may be a minimum amount which is necessary to transfer when using a foreign exchange specialist (around €1000) If you are looking to exchange an amount under this you should think about using a Money Transfer or Remittance Service.
Foreign exchange specialists can transfer funds internationally for private clients. As currency exchange is the main focus for foreign exchange specialists they can get customers a rate that is as close to the interbank rate as possible. Some of the services listed below do not limit you to banking hours. It is likely that you will be offered an online account so you can manage all your transactions and payments whenever and wherever you want. You can also book future transactions in advance to protect your finances and get the best rates.
Foreign exchange specialists offer a personalised service. You will be allocated a dedicated broker who will personally work with you. They will be able to share their expertise and knowledge of the currency market as well as offering 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 specialist who best suits you and your foreign exchange needs. There are many foreign exchange brokers so researching the market for the best company is a good idea. You can use the table below compare different brokers offering services to private clients weighing up the pros and cons of each.
Compare Foreign Exchange Brokers
Get the best foreign exchange rates on international money transfers by using a Foreign Exchange Specialist
How do you get the best rates when transferring money abroad?
There are a lot of different ways of transferring your money abroad. Most people assume that an international wire transfer through your bank is the standard way to transfer money internationally but this is not the case. In fact international money transfer through your bank can actually be one of the most expensive ways of transferring money from one country to another. Banks will charge a fee for transferring your money and they are unlikely to give you a good exchange rate.
The other form of money transfer which is often used is a Remittance service such as Western Union. This is more commonly used for smaller sums of money up to €1000 although they can do more. Traditionally Remittance Services were used by migrant workers to send money home but nowadays they are more commonly used for many different purposes by people around the world. However, the use of a remittance service to transfer money can be proportionally expensive and the real benefit of this sort of service is that you don’t necessarily need a bank account and they can transfer to exotic locations.
If you are looking to get the best exchange rates on international money transfer then you should contact a Foreign Exchange Specialist / currency broker. Foreign Exchange Specialists have a serious level of expertise when it comes to transferring money abroad and dealing with currency. The companies in the list above are international experts in the foreign exchange market. The purpose of a foreign exchange broker is to provide you with the most cost effective way of transferring your money abroad.
What are the main advantages of using a foreign exchange broker?
Foreign Exchange specialists nearly always offer the most competitive exchange rates available, so you are most likely to save money when using this sort of service to transfer money abroad. Most foreign exchange specialists will offer lower transfer fees than many banks. If they don’t it is important to ask why as they are likely to provide savings elsewhere. If a foreign exchange broker can’t offer you better rates than your bank you should contact one that will. Foreign Exchange Specialist can nearly always transfer your money more quickly than many banks so if you are in a hurry this service could certainly benefit you. In general Foreign Exchange Brokers do not charge commission so it is worth using them to transfer your money abroad. A Foreign Exchange Broker can also protect you from adverse currency movements, allowing you to lock in to favourable exchange rates, thereby fixing exchange rates for settlement in the future. Foreign Exchange specialists offer a personalised service so that you can be sure that you will always be able to get hold of someone regarding your money.
What other s services can foreign exchange specialists offer?
Foreign Exchange Specialists offer extra services such as ‘forward Contracts’ whereby you 'fix' an exchange rate so that you aren't affected adversely by currency fluctuations in the future. If this is something you are interested in speak to a broker directly and they will explain how this arrangement is made.
Spot Contracts are also available and with a spot contract you purchase currency 'on the spot', at the exchange rate of the day. However, if you think a spot contract is something you are interested in then it is worth speaking to a foreign exchange specialists for more information.
If you are looking to make regular payments then a regular payment plan is also likely to be useful to you and these can be arranged for up to two years. It is worth looking into these if you want to make regular international money transfers and obtain the best foreign exchange rates.
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